GOZEM NETS $ 30M to increase vehicle credit, digital banking in Francophone Africa

Since its inauguration as a ride-ho iling gender service in Togo in 2018, Inferior The French speaker has continuously expanded in West Africa, integrating various services as it sought to become a super-app. The company now offers ride-hauling, commerce, vehicle financing and digital banking in Togo, Benin, Gabon and Cameron.

Now, to scales its ecosystem, Gozem has raised $ 30 million in a round of funds of Series B – $ 15 million and $ 15 million in equity led by SAS shipping agencies services and Al Mada Ventures. The company will promote its vehicle financing service and use funds in new markets.

According to the founders of the startup Gregory Costmagna And Rafael DanaGoasem separates itself from other ride-hauling and vehicle financing platforms ensuring that its drivers are financially protected and can cause career growth opportunities.

Gozem’s ride-hinging service covers motorcycles, three-wheelers and cars, while its vehicle financing product is to help its drivers buy vehicles. It allows workers to deliver food and groceries as part of its e-CE Mars business on its platform.

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

When We covered the Million 5 million series of Gozem in 2021He had just run his vehicle financing model, partnered with local banks and deployed 1,500 vehicles that year. Since then, the company has collaborated with International Lender and International Finance Corporation (IFC) and now provides money to about 7,000 vehicles.

To attract drivers to its platform, the company buys vehicles using a combination of Debt and Equity, and drivers can pay in installments for these vehicles. Instead of the requirement of the front deposits, the Goasem receives the recovery of costs by the small deduction of the drivers’ daily earnings. Insolent Mountainous, If And Maximum Also offer vehicle financing products to drivers in different markets.

Gozem said its program ensures that payment is cheaper than the driver’s average earnings.

“We explain to all our drivers that this is a long -term journey,” Costmagna said. “We give money to their motorcycles, (but after that they (three-wheeler), then a car, can eventually become the full vehicle owners.”

The founders said that a significant portion of Goa is Vert of Gozem’s vehicle financing. In the next two years, the company is working to collect more than $ 20 million in the next month to support its expansion in Francophone Africa.

Super-app play

Many fintack and mobility platforms have tried to integrate various services under one super application, but the model has not always been successful. Sub-Saharan in Africa, for example, have tried to develop in super apps like Softbank-Beckd ExposeHave a little success.

Goasem, however, thanks for the same approach as Southeast Asian Delivery and Ride-Hail Giants Grab and Gojack. Some of its rivals, such as Bond-Explained Yasir And MMaghreb has also invented similar models for equal success in Africa in the field and Egypt.

Currently, the company has about 10,000 registered drivers, and over one million users have used its platform so far. He says its monthly users are numbered hundreds of thousands.

In addition to its main services, Gozame has seen a slight growth in digital ticketing, which is part of its commerce department. The company has reconstructed event tickets in its markets, and says it has processed more than 50,000 tickets in Togs alone for big concerts and events.

The company also set up by digital banking (Gozem Money) Monex editing In 2023. The service, currently living in Togo, allows users to pay mobile, and according to the company, processes millions of dollars every day.

Before this latest Series B, Gozem recorded a Million 50 million run-rate gross merchandise value in its three product verticals. Dana said the company expects its growth in 2025 with a new capital or quadrilateral.

He noted that Series B’s funds validate the model of the round Gozem, looking at the combination of industrial dysfunction and financial services joining its cap table. SAS Shipping agencies are part of the MSc Group, one of the largest container terminal operators in Africa, while El Meda Ventures is a Pan-African Financial Services Conglomerate’s adventure.

“That is the belief because we have the same markets where we operate on the ground in the same markets.”