Treepz, recognized as the largest car-sharing and rental marketplace in Africa, proudly announces its distinguished selection as one of the elite 12 startups for participation in the esteemed 2023 VC4A Venture Showcase Africa. This significant milestone underscores Treepz’s position among the select group of promising startups chosen from an extensive pool of nearly 1,000 applicants.
Renowned for its celebration and endorsement of outstanding startups demonstrating innovation, scalability, and potential for substantial impact on the continent, the 2023 VC4A Venture Showcase Africa has chosen to include Treepz in its prestigious lineup. This accomplishment serves as a testament to Treepz’s resolute commitment to reshaping the future of mobility in Africa while contributing to sustainable transportation solutions.
Onyeka Akumah, Treepz’s Founder and CEO, expressed enthusiasm and gratitude regarding this achievement, stating, “The 2023 VC4A Venture Showcase Africa’s recognition is a source of delight and honor for us. It solidifies our unwavering dedication to providing accessible and environmentally conscious mobility solutions throughout Africa.”
Akumah further elaborated, “This opportunity positions Treepz to harness the program’s potential, establishing valuable partnerships and attracting preeminent investors to secure series A funding. This funding will empower us to perpetuate investments in both technology and human resources, thereby elevating car rentals into a convenient and enjoyable African experience, one rental at a time.”
Treepz’s inclusion in the showcase not only underscores its rapid expansion and impactful presence in Africa’s startup ecosystem but also highlights its user-centric approach, cutting-edge technological advancements, and emphasis on sustainability. By redefining the car-sharing and rental landscape, Treepz has extended accessibility to a broader audience while actively contributing to the reduction of carbon emissions.
Concurrently, in conjunction with this remarkable achievement, Treepz proudly announces the appointment of new board members. These distinguished individuals will play a pivotal role in steering the company toward sustained financial growth and innovation. With expertise spanning various domains such as technology, transportation, and business development, the newly appointed board members are poised to provide invaluable insights that will guide Treepz’s strategic trajectory as it continues to evolve and expand.
A Journey Towards Sustainability
In late 2022, we embarked on a mission to enhance our financial sustainability. Recognizing the pivotal importance of achieving operational profitability for our long-term success and our commitment to shareholders, partners, and customers, we embarked on a series of strategic initiatives. The results of these bold endeavors have been nothing short of remarkable.
Since then, our revenues have demonstrated an impressive 77% quarter-over-quarter growth, all while significantly reducing our operating expenses by more than 50% within this period. Moreover, the start of 2023 marked an exceptional 98% increase in gross margin, and an impressive 60% of our markets achieved adjusted EBITDA breakeven in two consecutive quarters. These achievements stand as a testament to the unwavering dedication and hard work of our exceptional team.