Treepz Announces The Appointment of New Members to Join Its Board of Directors And Support Sustainable Growth

Two women and two men named as board of directors for treepz

Hello, Treepz Community!

I am thrilled to share some exciting news with you. Over the past year, Treepz has been on an incredible journey of growth and transformation. We have worked tirelessly to restructure our business, making it more financially sustainable and aligning it with our mission of reshaping mobility in Africa. And today, I am delighted to announce a major milestone in our journey – the appointment of new members to join the Treepz Board of Directors!

The Path to Sustainability

In late 2022, we set out on a mission to enhance our financial sustainability. We knew that achieving operational profitability was crucial for our long-term success and the delivery of value to our shareholders, partners, and customers. We made some bold moves, and the results have been truly remarkable.

Since then, we have seen our revenues grow by an impressive 77% quarter-over-quarter while reducing our operating expenses by more than 50% within this time. We have also achieved a phenomenal 98% increase in gross margin since the beginning of 2023 while 60% of all our markets have reached adjusted EBITDA breakeven in two consecutive quarters of 2023. These achievements are a testament to the dedication and hard work of our incredible team.

Introducing New Appointments at Treepz Board of Directors

Today, following up on the approval from our shareholders in July 2023, I am honored to introduce four distinguished people who have completed the process to be appointed as members of Treepz Board of Directors. These are a group of accomplished individuals from diverse industries, who will play a pivotal role in guiding Treepz’s strategic decisions and supporting it’s management team. Let me share a little bit about each of them:

Jane Egerton-Idehen – Chair, Treepz Board of Directors

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Jane Egerton-Idehen – Chair, Board of Directors, Treepz

Jane is an accomplished Fortune 500 technology Executive and Angel Investor. She most recently was the Head of Meta’s (Facebook) Sales Division across Africa & the Middle East. Her extensive experience in the telecommunications industry and leadership roles at Avanti, Ericsson, and Nokia Siemens Networks make her a valuable addition to our board. As the new Chair of the Treepz Board of Directors, Jane will take on the responsibility to steer the Board and guide the management team at Treepz to ensure the company continues to grow its positive influence on Africa’s mobility sector while ensuring consistent profitable growth.

Adejare Rasheed Olaoluwa – Board Member

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Adejare Rasheed Olaoluwa, Niche Capital

Rasheed previously served as the Managing Director/CEO of the Bank of Industry, Nigeria’s oldest and leading Development Bank. He has also invested in more than 40 African and North American startups from his fund Niche Capital while authoring a leading book on Africa’s Economic Development forwarded by Tony Elumelu. With over 30 years of experience in banking and financial services, he brings a wealth of strategic management and investment insights to our board.

Ebenezer Arthur – Board Member

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Ebenezer Arthur, Wangara Green Ventures

Ebenezer is the Managing Partner of Wangara Capital Partners and the Managing Director of Wangara Green Ventures. He brings a wealth of experience in impact investing and business acceleration to our board. Ebenezer co-founded Innohub, a West African business accelerator and impact investment platform, and has been a driving force behind sustainable green businesses in Africa.

Laura Venasse – Board Secretary

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Laura Venasse, Partner LaBarge Weinstein

Laura is a Partner at LaBarge Weinstein (Canada’s leading legal firm) specializing in financial services, mergers and acquisitions, and IPOs. With many years of supporting technology startups across North America and Africa, Laura’s expertise in law and business management will provide valuable legal counsel and governance oversight to the board of Treepz.

A Bright Future Ahead

The appointment of the new Board of Directors marks a major milestone for Treepz as we prepare to celebrate 4 years of building across Africa in September 2023. With the diverse expertise and valuable insights from these newly appointed board members, we are confident that we are well-equipped to scale our business even further. Our mission to put to better economic use the 26 million vehicles available in Africa has never been clearer, and we are excited about the endless possibilities that lie ahead. Today we are in 9 cities across 4 countries but over the next year, we plan to double these numbers with the guidance of the board and management of Treepz going forward.

We are committed to delivering sustainable shareholder value, driving positive change, and creating a lasting impact in the African car rental market. Our journey is far from over, and we are eager to embark on this next chapter with our esteemed board members by our side.

As always, I am immensely grateful for the continued support and trust that our shareholders and the community of hosts and guests place in Treepz. Together, we will redefine car rentals in Africa and build a brighter, more sustainable future for mobility on the continent.

Thank you, and let’s keep daring to move across Africa!

Onyeka Akumah | Founder and Chief Executive Officer, Treepz

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