Francophone Africa moto-taxi service Gozem secures $30mn Series B funding

Sub-Saharan Francophone Africa moto-taxi service, e-commerce, and financial services provider, Gozem, has recently announced the successful acquisition of $30 million in Series B funding. This funding, composed of both equity and debt, is intended to bolster the company's logistics and financial services offerings in Francophone Africa, as well as to facilitate expansion efforts throughout West and Central Africa. Jean-Martial Moulaud, the Chief Operating Officer at Gozem, shed light on the company's strategic deployment of this considerable investment during a recent interview with CNBC Africa. Moulaud disclosed that the capital infusion would be divided with 50% allocated towards debt for procuring new vehicles and the remaining 50% earmarked for entering new markets within the region. Among the notable new markets on Gozem's radar are Congo-Brazzaville, Senegal, and Cote d'Ivoire, among others. The company's expansion strategy encompasses a focus on championing their drivers' success, ensuring elevated earnings and career advancement opportunities within the organization. Gozem aims to cultivate a robust ecosystem by empowering its drivers, enhancing service quality, and thereby propelling overall business growth. The successful integration of a diverse array of services, including ride-hailing, digital banking, e-commerce, and event ticketing, into a singular super app has been a notable achievement for Gozem. Moulaud credited the company's emphasis on championing their drivers' welfare and facilitating access to financing for fostering this achievement. As Gozem sets its sights on entering new markets in West and Central Africa, the company is poised to introduce its comprehensive service portfolio across these regions. Adapting their offerings to suit the specific market preferences and habits, Gozem anticipates deploying its versatile suite of services across different countries effectively. Of particular significance is Gozem's innovative approach to debt collection from drivers, collecting a fraction of the debt on each trip to minimize financial burdens on the drivers while optimizing collection efficiency for the company. Addressing the competitive landscape in the ride-hailing and vehicle financing markets across Africa, Gozem underscores its differentiation through the unwavering focus on championing its drivers and fostering financial inclusion for informal sector workers. With a sizable funding injection and strategic market positioning, Gozem envisions substantial growth opportunities in the region. The company's recent partnership with Armada Ventures, a pan-African venture fund backed solely by African capital, signals a step towards harnessing more local investments to spur the growth of promising startups across the continent. Reflecting on the inherent growth prospects within the ride-hailing and vehicle financing markets in Central and West Africa, Gozem remains optimistic about its trajectory and positioned to capitalize on the burgeoning opportunities in the sector. By fortifying its operational footprint, nurturing strategic partnerships, and honing its service offerings, Gozem is poised to chart a transformative growth trajectory in the competitive African market landscape.