Gozem, the Francophone African mobility and fintech platform, has raised $30 million in a Series B funding round to accelerate its expansion and solidify its vehicle financing ecosystem. The funding round consists of an equal split between $15 million in equity and $15 million in debt, with investments led by SAS Shipping Agencies Services and the Casablanca-based VC firm Al Mada Ventures.
The fresh capital injection is earmarked primarily for strengthening Gozem’s vehicle financing vertical, which provides motorcycles, three-wheelers, and cars to professional drivers through structured payment plans. By acquiring vehicles with a mix of debt and equity and allowing drivers to pay in installments through deductions from daily earnings, Gozem lowers the barrier to vehicle ownership for thousands of drivers. The company aims to finance an increasing number of vehicles while ensuring affordability relative to driver earnings.
Beyond vehicle financing, Gozem plans to use a portion of the funds to scale its super-app ecosystem, which integrates ride-hailing, e-commerce, and financial services. Expansion into new markets within Francophone Africa is also a key focus, with the company targeting a presence in additional countries over the next two years. To support this, Gozem is in discussions to raise an additional $20 million in capital.
Why Investors Are Betting on Gozem
The investment from SAS Shipping Agencies Services, part of MSC Group, and Al Mada Ventures, the venture arm of financial conglomerate Al Mada, underscores confidence in Gozem’s integrated approach to mobility and financial services. Several compelling factors likely influenced their decision:
- Proven Revenue Model in Vehicle Financing: Gozem’s ability to finance around 7,000 vehicles since its initial $5 million Series A round in 2021 demonstrates strong demand and a scalable model. By partnering with international lenders and the International Finance Corporation (IFC), the company has established credibility in asset-backed financing, reducing risk for investors.
- Strategic Alignment with Industrial Investors: SAS Shipping Agencies Services, a major player in Africa’s logistics and transport infrastructure, aligns with Gozem’s focus on mobility solutions. For Morocco’s Al Mada Ventures, investing in a high-growth super-app in Francophone Africa fits its broader financial services strategy.
- Underserved Market Opportunity: Ride-hailing and vehicle financing remain largely underdeveloped in West and Central Africa, particularly in French-speaking countries. Gozem’s expansion strategy fills a critical gap, offering investors exposure to a high-growth but underpenetrated segment.
- Super-App Potential in Africa: While previous attempts at building super-apps in Africa, such as SoftBank-backed Opay, have struggled, Gozem’s model resembles Southeast Asian success stories like Grab and Gojek. The company’s ability to integrate multiple services — ride-hailing, digital banking, e-commerce, and ticketing — positions it as a regional leader.
- Strong User Growth and Market Traction: With nearly 10,000 registered drivers and over a million users, Gozem’s platform has demonstrated strong adoption. Monthly active users number in the hundreds of thousands, and its digital banking arm, Gozem Money, processes millions of dollars in mobile payments daily.
A Look at Gozem
Founded in 2018 by Gregory Costamagna and Raphael Dana, Gozem started as a ride-hailing service in Togo before evolving into a multi-vertical super-app operating in Togo, Benin, Gabon, and Cameroon. The company’s core mission revolves around providing financial security and career mobility to professional drivers while expanding its ecosystem to include e-commerce and digital financial services.
Gozem’s vehicle financing model enables drivers to upgrade from motorcycles to three-wheelers and eventually to cars, fostering economic empowerment. The company’s success hinges on its ability to make vehicle ownership accessible while ensuring that repayments remain sustainable.
Beyond mobility, Gozem has diversified its offerings through strategic acquisitions. In 2023, the company acquired Moneex, launching Gozem Money — a digital banking service facilitating mobile payments. It has also entered the event ticketing space, processing over 50,000 tickets in Togo alone.
With a run-rate gross merchandise value (GMV) of $50 million before its Series B, Gozem projects tripling or quadrupling its growth in 2025 with the new funding. As it expands into new markets, the company aims to reinforce its position as a leading super-app in Francophone Africa, leveraging a unique mix of fintech, mobility, and commerce solutions.