Gozem nets $30M to expand vehicle financing, digital banking in Francophone Africa

Since launching it in 2018 as a ride-hilling service in Togo, Desire French-speaking has been continuously expanded across West Africa, it has integrated broad services for trying to become a super-app. The company now provides ride-hilling, trade, vehicle financing and digital banking across Togo, Benin, Gabon and Cameroon.

Now, for the scale of its ecosystem, Million has collected $ 30 million in a series B funding round – Gride $ 15m led by SAS Shipping Agency Services and Al Maada Venture and $ 15m on Debt. The company will use funds to strengthen its vehicle finishing service and encourage the new market.

According to the founder of the startup Gregory And Raffle wingsGozem separated from other ride-helling and vehicles financing platforms that Gozem could have financially protected and access to career growth opportunities.

Gozem’s ride-hilling service covers a motorcycle, three-wheeled and cars, while its vehicle financing product is aimed at helping its drivers to buy vehicles. It also allowed the workers on its platform to provide food and grocery as part of the e-commerce business.

“Our main client is a professional driver,” Costamagana told TechCrunch. “We create a ecosystem to help drivers make more money and develop their lives. If they are successful our whole business is successful ”” “

When We have covered the $ 5 million series in Gozem in 2021It barely driven the model of its vehicle financing, partnersing with local banks and established more than 1,500 vehicles that year. Since then, the company has cooperated with the International ND Director and International Finance Corporation (IFC) and now has funded about 000,6 vehicles.

In order to attract drivers to its platform, the company buy vehicles using debt ovity and equity and drivers can pay for this vehicle. Instead of the requirement of advance deposits, Gozem recovers the cost of drivers through small discounts from daily earnings. Uber-backed Moove, Asak And Maximum Also provides drivers to different markets to finance products.

Gojim says its program confirm that the driver’s average income is affordable.

“We explain to all our drivers that this is a long -term journey,” said Costamagana. “We fund their motorcycle, [but then they can upgrade to a [three-wheeler]Then a car, finally becoming the owner of the whole car ””

The founders said that a significant portion of the raised Debt was ready for vertical financing of Gozem’s vehicles. The company is also working to collect $ 20 million in next months to support Franceophone Africa over the next two years.

Super-app play

Many fintech and mobility platforms have tried to integrate different services under a super app, but the model has not always been successful. For example, in sub-Saharan Africa, money applications trying to develop on super applications like softbank-backed UnimaginableSaw a little success.

Gozem, however, thanks to the traction for a similar approach to the Southeast Asian Delivery and Ride-Hail Giants Grabs and Gozek. Some of the rivals, as Bond-backed yasir And Mnt-halanSimilar models of Africa across the Maghreb region and Egypt have also searched for some success.

Currently, the company has about 10,000 registered drivers and more than one million users have still used its platform. It says that the number of monthly users is several thousand.

In addition to its main services, Gozem has seen some growth of digital tickets, which is part of its trade department. The company re -sells event tickets in its markets and says it has processed more than 50,000 tickets in Togo alone for large concerts and events.

The company also spreads through digital banking (Gozem Money) Mono acquisition In 2023. The service currently lives in Togo, allows users to pay mobile and according to the agency, processing several million dollars a day.

Prior to this latest series wedding, Gozem has recorded $ 50 million in the run-rate gross merchandise value across his three products. Dana says the company is expecting a tribal or quarter in 2021 with the new capital.

He mentioned that the Series B funding round legitimized Gozem’s model, in a mix of industrial and financial services in investors to join the cap table. SAS Shipping Agency Services is part of the MSc Group, one of the largest container terminal operators in Africa, while Al-Madar Pan-African financial services are Al-Mother’s zealous arms.

“It’s validation because our investors are working on the ground in the same markets in the markets we operate,” said Dana.