Tech in Africa
Treepz, a Nigeria mobility-as-a-service, has acquired Ugandan bus company Ugabus, an inter-city bus aggregator. According to TechCrunch, the acquisition was part of a $1.5M extension to a previous seed raise.
The investment was provided by the Uncovered Fund (Japan-based), Blanford Capital and Jonomi Capital,(Dubai-based), and Egypt’s Jedar Capital.
This adds to the $1.3 million Treepz previously raised to acquire Ghana’s Stabus as part of its continent-wide expansion. This closes the seed round at $2.8 million.
As part of this acquisition, Treepz will fully acquire Ugabus’ operations and staff marking its first entry into East Africa’s market. On the first of December, Ugabus change its name to Treepz Uganda. The company currently has over 70% of the country’s bus operators on its platform which includes over 50,000 customers that use the service between Uganda cities. The Uganda launch offers both intercity and corporate services. Thus far, Intracity trips are the bulk of Treepz business especially daily users earning an average of $2 to $3 daily.
Back in Lagos Nigeria, Treepz hometown, the startup has a three-pronged business model ‘Daily Treepz’ an Uber minivan, and buses. Travel Treepz, an intercity bus service acting as an aggregator of other bus services, and the recent corporate bookings transportation services.
With the main goal to expand across Africa, Nigeria-based Mobility-as-a-Service platform @TreepzHQ, has acquired Ugabus to keep conducting major transport activities on behalf of travellers with in the country for many years to come.
#UgabusNowTreepz pic.twitter.com/544ZIhaTKe— TRYPHINE😍😘 (@Tryphine01) November 23, 2021
