{UAH} Nigerian company acquires Ugandan bus firm
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9:19 AM |
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Nigerian company acquires Ugandan bus firm
Treepz has announced its acquisition of a similar Ugandan bus company, Ugabus, in a bid to digitise the public transportation system and provide safer, reliable and comfortable commute options across Africa.
Speaking on the acquisition deal, the Chief Executive Officer and Co-founder of Treepz, Onyeka Akumah, said the firm was excited to complete the deal.
A statement quoted him as saying, "Everyone at Treepz is excited to welcome the team at Ugabus to the Treepz Family. This has been in the works for sometimes, along with our deal that happened in Ghana a few months ago, and so, we are really happy about closing the deal successfully. East Africa is an exciting target for Treepz and from Uganda, we would work with this new team led by Ronald in Uganda to explore our growth plans across the neighbouring countries as we aim towards building the largest shared mobility platform in sub-saharan Africa."
The Chief Executive Officer and Founder, Ugabus, Ronald Hakiza, was quoted as saying, "Joining Treepz to power the growth of this business and executing the vision in East Africa has been a dream for us at Ugabus.×
We have known and respected the exploits of the founding team led by Onyeka Akumah and today, we are very happy that we would be pioneering the business growth of Treepz in East Africa starting with Uganda."
The statement added that Treepz had raised an additional $1.5m in seed funding with new investors coming on board.
The company has now closed its seed round at $2.8m which opened in August 2021.
The new investors joining the round include Dubai-based venture capitalists including Blanford Capital and Jonomi Capital.
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