Gozem secures $30M funding boost from Al Mada Ventures to expand mobility and financial services in Africa
The Togolese startup Gozem has raised $30 million in a strategic funding round led by Al Mada Ventures, in collaboration with MSC Mediterranean Shipping Company. This investment brings Gozem’s total financing to $45 million since its inception in 2018, marking a significant step in the company’s mission to transform mobility and delivery services across West and Central Africa.
Gozem, launched in 2018 as a motorcycle taxi service, has since evolved into a comprehensive digital platform offering a wide range of services. These include transportation, delivery, vehicle financing, and digital banking solutions. With this latest funding, the company aims to strengthen its presence in key markets such as Benin, Gabon, and Cameroon while expanding its suite of financial services.
Al Mada Ventures, established in December 2023, stands out as a 100% Africa-focused venture capital fund. Unlike many funds reliant on foreign capital, Al Mada Ventures exclusively utilizes African resources, fostering financial autonomy for the continent. With a capital base of $110 million, the fund targets startups in seed and Series A stages, providing investments ranging from $500,000 to $6 million to support technological innovation and growth across Africa.
Gozem has emerged as a key player in Francophone Africa’s mobility sector, particularly with its vehicle financing solutions and digital banking services. In June 2022, the startup secured $10 million from the International Finance Corporation (IFC) to help acquire new vehicles for 6,000 drivers in Togo and Benin. This new funding round is expected to further expand Gozem’s service network and enhance its all-in-one application, which offers diverse solutions for both consumers and businesses in the region.
The potential for Gozem’s growth is immense, given the region’s informal economy, where nearly 12 million motorcycle taxis operate. This rapidly expanding market provides a substantial opportunity for the startup to solidify its position as a leading player in transportation and financial services across Africa.
By supporting Gozem, Al Mada Ventures underscores the potential for Africa to create its own tech unicorns. Through its fully African-funded approach, the venture capital firm is playing a pivotal role in nurturing a self-sufficient tech ecosystem that addresses local business needs and promotes sustainable, long-term growth.
This strategic partnership equips Gozem with the resources to accelerate its development, improve access to financial services, and make a greater impact on Africa’s mobility sector. It also highlights the growing significance of African-led investment in startups, a vital component of the continent’s economic future.
