January 17th, 2024
Treepz, Africa’s premier shared mobility platform and one of our esteemed portfolio companies, has reported a stellar performance for the year 2023. In our exploration of Treepz’s journey, as illuminated by the ‘2023 Year in Review Report,’ we delve into the company’s exceptional growth and transformative influence on the transportation landscape.
A Year of Triumph over Challenges: Undoubtedly, the preceding year presented formidable challenges to the transportation industry, particularly in Africa. The confluence of frequent petrol price hikes, escalating vehicle maintenance costs, and hyperinflation, particularly in Nigeria, significantly influenced the mobility dynamics.
“Despite these challenges, we navigated through complexities and concluded the calendar year stronger than ever before,” shared Onyeka Akumah, CEO, and co-founder of Treepz, during a recent media interaction.
Treepz’s Platform: Meeting Diverse Needs Globally: What commenced as a visionary initiative to address transportation challenges in Lagos, Nigeria, has organically evolved into a global phenomenon. Today, Treepz caters to the diverse transportation needs of over four million customers across six countries and three continents.
Akumah emphasizes the platform’s remarkable scalability and effectiveness in meeting global user needs, exemplified by the strategic expansion into East Africa, particularly with the launch of Treepz in Kenya. This move aimed to enhance accessibility and tailor transportation solutions to diverse commitments.
Corporate Governance Excellence and Sustained Growth: Treepz attributes its sustained growth to a robust Corporate Governance Culture (CGC), characterized by a set of rules and practices that align with the interests of all stakeholders. In 2023, the company fortified its foundation by appointing seasoned professionals to the board of directors, fostering ethical business practices and ensuring financial viability.
Financial Milestones and Self-Sustainability: In 2023, Treepz achieved significant financial milestones, reaching the break-even point in revenues for both Nigeria and Kenya. Akumah underscores this accomplishment as a pivotal step towards achieving a 100% self-sustaining position for Treepz in 70% of its markets. The platform also generated over $1.2 million in earnings for hosts, contributing to global economic empowerment.
Usage Statistics and Global Expansion: Treepz facilitated an impressive 1,296,611 passenger trips in 2023, seamlessly connecting people across cities. The addition of six new cities to the platform expanded Treepz’s presence to 16 cities worldwide. The marketplace welcomed 668 new vehicles within eight months, providing a diverse array of transportation options for the user base.
Beyond Transportation: A Holistic Impact: Treepz’s impact extends beyond mere commuting, actively contributing to environmental sustainability. In 2023, the platform successfully reduced 922,124 kg of carbon emissions, aligning its efforts with global initiatives to combat climate change. Additionally, Treepz played a pivotal role in supporting businesses by ensuring the safe daily commutes of 5,127 employees.
In Conclusion: Treepz continues to be a transformative force, not just in the realm of transportation but in various aspects of users’ lives. The company’s unwavering commitment is paving the way for a sustainable and connected future. As we look ahead, Treepz stands poised to further redefine shared mobility globally, transcending challenges and fostering positive change.
ODBA champion visionary founders who leverage technology to craft extraordinary success stories. Our portfolio boasts investments in 17 technology companies spanning 10 countries, generating more than 1,500 direct jobs and serving a vast community of over six million users and customers. We take immense pride in the profound impact our portfolio companies have already achieved across the continent and eagerly anticipate future contributions to the transformative landscape of Africa.