Gozem, a ride-hailing service that originated in Togo in 2018, has rapidly expanded its operations across French-speaking West Africa, aiming to establish itself as a super app offering a variety of services. The company now provides ride-hailing, commerce, vehicle financing, and digital banking in Togo, Benin, Gabon, and Cameroon.
To fuel its growth and scale its ecosystem, Gozem recently secured $30 million in a Series B funding round, with $15 million in equity and $15 million in debt. The funding was led by SAS Shipping Agencies Services and Al Mada Ventures, with plans to enhance its vehicle financing service and venture into new markets.
Founders Gregory Costamagna and Raphael Dana emphasized that Gozem prioritizes the financial security and career advancement of its drivers, distinguishing itself from other ride-hailing and vehicle financing platforms. The company’s ride-hailing service encompasses motorcycles, three-wheelers, and cars, while its vehicle financing program assists drivers in purchasing vehicles. Additionally, Gozem allows platform workers to make food and grocery deliveries as part of its e-commerce segment.
Gozem’s approach involves acquiring vehicles through a combination of debt and equity to attract drivers to its platform. Drivers can then pay for these vehicles in installments, with costs recovered through small deductions from their daily earnings. The company ensures that payments remain affordable relative to the driver’s average earnings, with a focus on long-term growth and ownership.
With a significant portion of the raised debt allocated to its vehicle financing vertical, Gozem is also aiming to raise an additional $20 million to support its expansion across Francophone Africa in the next two years.
The company’s super app model has gained traction, drawing parallels to successful Southeast Asian giants like Grab and Gojek. Gozem boasts nearly 10,000 registered drivers and has served over a million users, with monthly users numbering in the hundreds of thousands.
In addition to its core services, Gozem has ventured into digital ticketing and digital banking through the acquisition of Moneex in 2023. The company’s digital banking service, Gozem Money, enables users to make mobile payments and processes millions of dollars daily in Togo.
Prior to the Series B funding round, Gozem achieved a run-rate gross merchandise value of $50 million across its product verticals. With the new capital infusion, the company anticipates tripling or quadrupling its growth in 2025. The involvement of industrial and financial services investors like SAS Shipping Agencies Services and Al Mada Ventures validates Gozem’s model, positioning it for further success in its target markets. The world is facing a crisis like never before. The COVID-19 pandemic has brought the entire globe to a standstill, with millions of lives lost and economies shattered. As countries scramble to contain the spread of the virus and find a cure, the impact of the pandemic on society is becoming increasingly evident.
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