Togo-based startup Gozem has raised $30 million in a Series B funding round, comprising $15 million in equity and $15 million in debt, to scale its super app ecosystem across West Africa. The funding round, led by SAS Shipping Agencies Services and Al Mada Ventures, will be used to bolster its vehicle financing service and foray into new markets.

Gozem, which launched in 2018 as a ride-hailing service, has since expanded its offerings to include commerce, vehicle financing, and digital banking across Togo, Benin, Gabon, and Cameroon. The company's founders, Gregory Costamagna and Raphael Dana, aim to create a comprehensive ecosystem that supports the financial security and career growth of its drivers.

The startup's ride-hailing service covers motorcycles, three-wheelers, and cars, while its vehicle financing product helps drivers purchase vehicles. Additionally, Gozem's e-commerce business allows workers on its platform to make food and grocery deliveries. According to Costamagna, "Our main client is the professional driver. We build an ecosystem to help drivers earn more money and evolve in their lives. If they're successful, our entire business is successful."

Gozem's vehicle financing model has seen significant growth, with the company now financing around 7,000 vehicles, up from 1,500 in 2021. The startup collaborates with international lenders and the International Finance Corporation (IFC) to provide financing options to its drivers. Instead of requiring upfront deposits, Gozem recoups costs through small deductions from drivers' daily earnings, ensuring that payments remain affordable relative to the driver's average earnings.

The company's approach to vehicle financing is similar to that of Southeast Asian delivery and ride-hail giants Grab and Gojek. Gozem's model has seen traction, with nearly 10,000 registered drivers and over a million users having used its platform so far. The startup expects to triple or quadruple its growth in 2025 with the new capital.

In addition to its core services, Gozem has seen growth in digital ticketing, which is part of its commerce division. The company resells event tickets across its markets, processing over 50,000 tickets in Togo alone for major concerts and events. Gozem also forayed into digital banking (Gozem Money) via the acquisition of Moneex in 2023, allowing users to make mobile payments and processing millions of dollars daily.

The Series B funding round validates Gozem's model, given the mix of industrial and financial services investors joining its cap table. Dana noted that the investment is a testament to the company's growth potential, saying, "It's validation because we have investors operating on the ground in the same markets where we operate."

With this latest funding round, Gozem is poised to continue its expansion across Francophone Africa over the next two years. The company is working to raise an additional $20 million in the coming months to support its growth plans.

The success of Gozem's super app model is a promising development in the African tech ecosystem, where many fintech and mobility platforms have attempted to integrate diverse services under one umbrella but have seen limited success. Gozem's approach, which prioritizes the financial security and career growth of its drivers, may serve as a model for other startups in the region.