Startup Lagos

10-Mar-2025

Startup Raises

Gozem Raises $30M to Expand Vehicle Financing and Digital Banking in Francophone Africa 3 months ago

Gozem, the leading super app in Francophone Africa, has successfully secured $30 million in Series B funding aimed at enhancing its vehicle financing and digital banking services across the region. This latest investment, which combines equity and debt, was spearheaded by SAS Shipping Agencies Services Sàrl, a subsidiary of MSC Mediterranean Shipping Company SA, alongside Al Mada Ventures.

The newly acquired funds will enable Gozem to offer more affordable vehicle financing options to drivers, facilitating vehicle ownership and improving livelihoods in the process. With plans to expand into new markets following this funding, Gozem is well-positioned to accelerate its growth trajectory and diversify its service offerings through partnerships with major investors such as MSC Group and Al Mada Ventures.

Founded in 2018 in Togo, Gozem originally operated as a motorcycle-taxi service and has rapidly transformed into a multifaceted super app that now operates in Togo, Benin, Gabon, and Cameroon. The platform has broadened its scope to provide a range of services, including ride-hailing for motorcycles, tricycles, and cars, as well as food and grocery deliveries.

With the new capital injection, Gozem is set to finance a greater number of vehicles for its driver-partners, enhance customer experiences, and strengthen its fintech ecosystem. The startup has also expanded its capabilities, allowing users to perform various financial transactions such as bill payments, purchases both within and outside the Gozem ecosystem, and peer-to-peer money transfers. This growth has been accelerated by Gozem's 2023 acquisition of Moneex, a Beninese fintech startup specializing in electronic payments, propelling its entry into West Africa's financial market.

Vehicle financing plays a pivotal role in Gozem's strategy to empower its driver-partners. In collaboration with the International Finance Corporation (IFC), the company secured a $10 million investment in 2022 specifically to provide affordable vehicle financing in Togo and Benin. This initiative led to the leasing of nearly 1,500 vehicles within the first eight months of its vehicle leasing program, with ambitious plans to lease over 200,000 vehicles in the next three years.

The recent $30 million funding round highlights investor confidence in Gozem's mission and growth potential. Omar Laalej, Managing Director at Al Mada Ventures, praised Gozem's inclusive and user-friendly super app model, conveying enthusiasm for the company's forthcoming expansion plans.

As Gozem continues to broaden its services and geographic reach, the startup remains steadfast in its commitment to leveraging technology to offer simple, safe, and reliable solutions tailored to the specific challenges facing the African market. The infusion of new capital and strategic partnerships positions Gozem to further solidify its status as a frontrunner in Africa's super app landscape, driving innovation and financial inclusion across the continent.

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