Gozem, a super app in Francophone Africa, has secured $30 million in Series B funding to bolster its vehicle financing and digital banking services across the region.
This investment, a combination of equity and debt, was led by SAS Shipping Agencies Services Sàrl, a subsidiary of MSC Mediterranean Shipping Company SA, and Al Mada Ventures.
The funds will enable Gozem to provide more affordable vehicle financing options to drivers, facilitating ownership and improving livelihoods. The company plans to move into new markets following the latest funding. Collaborations with major investors like MSC Group and Al Mada Ventures will support Gozem’s growth and service diversification.
Launched in 2018 in Togo, Gozem began as a motorcycle-taxi service and has since evolved into a multifaceted super app operating in Togo, Benin, Gabon, and Cameroon. The platform now offers diverse services, including ride-hailing for motorcycles, tricycles, and cars, as well as food and grocery deliveries.
With this new funding, Gozem aims to finance more vehicles for its drivers, enhance customer experiences, and strengthen its fintech ecosystem.
Moreover, the startup enables users to perform various financial transactions, such as bill payments, purchases within and outside the Gozem ecosystem, and peer-to-peer money transfers. This move follows Gozem’s 2023 acquisition of Moneex, a Beninese fintech startup specializing in electronic payments, which has accelerated its entry into West Africa’s financial market.
Vehicle financing has been a cornerstone of Gozem’s strategy to empower its driver-partners. In 2022, the company partnered with the International Finance Corporation (IFC), securing a $10 million investment to provide affordable vehicle financing in Togo and Benin.
This initiative has enabled Gozem to lease close to 1,500 vehicles in the first eight months of its vehicle leasing program, with plans to lease over 200,000 vehicles in the next three years.
The recent $30 million funding round underscores investor confidence in Gozem’s mission and growth trajectory. Omar Laalej, Managing Director at Al Mada Ventures, praised Gozem’s inclusive and user-friendly super app model, expressing excitement to support the company’s expansion plans.As Gozem continues to expand its services and geographic footprint, it remains focused on leveraging technology to provide simple, safe, and reliable solutions tailored to the unique challenges of the African market. The infusion of new capital and strategic partnerships positions Gozem to further solidify its status as Africa’s leading super app, driving innovation and financial inclusion across the continent.
