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HomeTravel StartupsNigerian MaaS startup Treepz closes $2.8M seed round to fund East African...

Nigerian MaaS startup Treepz closes $2.8M seed round to fund East African expansion – TechCrunch

Nigeria-based mobility-as-a-service platform Treepz (formerly Plentywaka) has acquired Ugabus, a Ugandan bus company that aggregates inter-city bus operators. While the terms of the deal were not disclosed, Onyeka Akumah, CEO and co-founder of Treepz, told TechCrunch that the acquisition was funded with a recent $1.5 million raise that acted as an extension to a previous seed round.

The seed extension, which came from new investors including Japan-based Uncovered Fund, Dubai-based Blanford Capital and Jonomi Capital, and Egypt-based Jedar Capital, adds onto an August raise of $1.3 million, funding Treepz used to purchase Stabus, a Ghanian bus company, to expand across the continent. Treepz is closing the seed round at $2.8 million.

The acquisition, which will see Treepz fully acquire all of Ugabus’ operations and staff, marks Treepz’s first entry into the East African market. Ugabus, which will be renamed Treepz Uganda on December 1, currently has 70% of all the…

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