Treepz picked to feature in 2023 VC4A Venture Showcase, names new board members

Treepz, Africa’s car-sharing and rental marketplace in Africa, has announced its selection as one of the top 12 startups to participate in the highly esteemed 2023 VC4A Venture Showcase Africa. The remarkable accomplishment solidifies Treepz’s position among the promising startups chosen from a competitive pool of nearly 1,000 applicants.

The 2023 VC4A Venture Showcase Africa is renowned for celebrating and promoting exceptional startups that exhibit innovation, scalability, and potential for substantial impact on the continent. Treepz’s inclusion in this prestigious showcase is a testament to its commitment to revolutionizing the future of mobility in Africa while contributing to sustainable transportation solutions.

(TOP: The Treepz founders).

“We are thrilled and honoured to be among the select few chosen for the 2023 VC4A Venture Showcase Africa,” said Onyeka Akumah, the founder and CEO of Treepz. “This recognition reaffirms our dedication to providing convenient and eco-friendly mobility solutions across the African continent.”

“Treepz is primed to leverage the program, forging valuable partnerships and attracting world-leading investors to raise series A-funding, which will enable to continue investing in technologies and people to make car rentals a convenient and enjoyable experience in Africa, one rental at a time”, Onyeka explained.

Treepz’s selection for the showcase underscores its rapid growth and impactful presence in the African startup landscape. With a user-centric approach, cutting-edge technology, and a focus on sustainability, Treepz has redefined the car-sharing and rental experience, making it accessible to a wider audience and contributing to reduced carbon emissions.

In conjunction with this remarkable achievement, Treepz is pleased to announce the appointment of new board members who will play a pivotal role in guiding the company toward sustained financial growth and innovation. The newly appointed board members bring a wealth of expertise in various fields, including technology, transportation, and business development. Their insights will be instrumental in shaping Treepz’s strategic direction as it continues to evolve and expand.

The path to sustainability

In late 2022, we set out on a mission to enhance our financial sustainability. We knew that achieving operational profitability was crucial for our long-term success and the delivery of value to our shareholders, partners, and customers. We made some bold moves, and the results have been truly remarkable.

Since then, we have seen our revenues grow by an impressive 77% quarter-over-quarter while reducing our operating expenses by more than 50% within this time. We have also achieved a phenomenal 98% increase in gross margin since the beginning of 2023 while 60% of all our markets have reached adjusted EBITDA breakeven in two consecutive quarters of 2023. These achievements are a testament to the dedication and hard work of our incredible team.

Introducing new board appointments at Treepz

Following up on the approval from its shareholders in July 2023, the firm has introduced four distinguished people who have completed the process to be appointed as members of Treepz Board of Directors. These are a group of accomplished individuals from diverse industries, who will play a pivotal role in guiding Treepz’s strategic decisions and supporting its management team. Let me share a little bit about each of them:

Jane Egerton-Idehen – Chair, Treepz Board of Directors

Jane is an accomplished Fortune 500 technology Executive and Angel Investor. She most recently was the Head of Meta’s (Facebook) Sales Division across Africa & the Middle East. Her extensive experience in the telecommunications industry and leadership roles at Avanti, Ericsson, and Nokia Siemens Networks make her a valuable addition to our board. As the new Chair of the Treepz Board of Directors, Jane will take on the responsibility to steer the Board and guide the management team at Treepz to ensure the company continues to grow its positive influence on Africa’s mobility sector while ensuring consistent profitable growth.

Adejare Rasheed Olaoluwa – Board Member

Rasheed previously served as the MD and CEO of the Bank of Industry, Nigeria’s oldest and leading development bank. He has also invested in more than 40 African and North American startups from his fund Niche Capital while authoring a leading book on Africa’s Economic Development forwarded by Tony Elumelu. With over 30 years of experience in banking and financial services, he brings a wealth of strategic management and investment insights to our board.

Ebenezer Arthur – Board Member

Ebenezer is the Managing Partner of Wangara Capital Partners and the MD of Wangara Green Ventures. He brings a wealth of experience in impact investing and business acceleration to our board. Ebenezer co-founded Innohub, a West African business accelerator and impact investment platform, and has been a driving force behind sustainable green businesses in Africa.

Laura Venasse – Board Secretary

Laura is a Partner at LaBarge Weinstein (Canada’s leading legal firm) specializing in financial services, mergers and acquisitions, and IPOs. With many years of supporting technology startups across North America and Africa, Laura’s expertise in law and business management will provide valuable legal counsel and governance oversight to the board of Treepz.

A bright future ahead

The appointment of the new Board of Directors marks a major milestone for Treepz as it prepares to celebrate 4 years of building across Africa in September 2023.

“With the diverse expertise and valuable insights from these newly appointed board members, we are confident that we are well-equipped to scale our business even further. Our mission to put to better economic use the 26 million vehicles available in Africa has never been clearer, and we are excited about the endless possibilities that lie ahead. Today we are in 9 cities across 4 countries but over the next year, we plan to double these numbers with the guidance of the board and management of Treepz going forward… We are committed to delivering sustainable shareholder value, driving positive change, and creating a lasting impact in the African car rental market. Our journey is far from over, and we are eager to embark on this next chapter with our esteemed board members by our side,” commented Onyeka Akumah, the founder and CEO, Treepz.

Treepz is the largest online car rental marketplace in Africa, connecting car owners with consumers and businesses to provide affordable and convenient transportation solutions. With a focus on sustainability and innovation, Treepz is putting Africa’s 26 million cars to better use on the continent, one rental at a time.



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