African startups turn to debt as equity powder dries up
IN 2022, when funding from venture capitalists began to dry up in Africa, Treepz, a shared mobility startup, was faced with a difficult decision… throw in the towel or grow the business without new investors. As part of their decision to keep going, they changed their core business model. “Towards the end of 2022, we knew the funding draught would happen in Africa. We slowed down on the bus stop to bus stop business and amplified our corporate and car rental segments because their margins were a lot better,” explained Treepz Co-Founder & CEO Onyeka Akumah in an interview. The…
