Francophone African super app Gozem grabs $5M to expand and offer more services – TechCrunch

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GozemThe company confirmed to TechCrunch that a super app offering a variety of services, including Francophone Africa’s transportation, e-commerce and financial services, has raised $ 5 million in Series A funding...

The Togolese and Singapore-based companies have received investments from AAIC, Thunes (TransferTo), Momentum Ventures (SMRT), Innoport Ventures (Schulte Group), CMC Ventures (National Express) and Liil Ventures (Mobility ADO)...

This follows the $ 7 million raised in previous seed rounds through three tranches from investors such as US companies Plug and Play Ventures, Launch Africa, BANSEA and Virtual Network... In total, multi-vertical applications have raised over $ 12 million.

Gozem Founded by Gregory Costa Magna, Rafael Dana When Emmeka Agen.. The startup launched its business in Togo in 2018 as a motorcycle ride hailing service.

In plans to duplicate the Grab and Gojek models in Southeast Asia, Gojek has expanded its transportation sector to cross taxi and tricycle services. Many Togo and Benin cities..

When the pandemic occurred, the platform stopped moving geographically and became vertical. It introduced e-commerce and logistics play, allowing merchants to list the inventory of products they want and deliver them through their drivers...

The company then launched an asset financing option for drivers, adopting a lease-to-own model for vehicles and related equipment...

In a phone call with the founder, Chairman Costa Magna said the three industries would work together to increase the disposable income of drivers... Gozem’s premise is to create a win-win situation where drivers will be the next middle-class population of Francophone Africa while the SuperAppli plan is in effect. perfectly..

“So people [merchants, suppliers, companies] I find a lot of interest in working with them [riders]After that, we work hard and provide a variety of services to our customer base, “he said...

“Doing this will increase disposable income by increasing delivery travel by increasing passengers, adding merchants to the platform, and finding companies that want to use delivery services... It also reduces operating costs through asset lending, as there are no formal alternatives and are generally informal and costly... “

Since launching the lease model, Gozem has provided drivers with up to 1,500 vehicles. Costa Magna said in a statement that the money would help Gozem increase that figure to more than 200,000 by 2025.

Image credit: Gozem

With Gozem located in 13 cities, traveling to Gabon and Cameroon with more than 800,000 registered users and completing more than 5 million trips, the founder said the company provided digital banking services and to its users. He states that he is looking to lend...

This is a model previously adopted by other SuperAppli companies across Africa, such as Nigeria. OPay (Since then, SuperAppli has shelved plans to strengthen its financial services sector) SafeBoda Recently.Other players like focusing on North Africa Yasir We are also considering providing banking and payment services.

Gozem plans to use its existing network of marketplace users (drivers and merchants) as agents in all the cities it operates. In this way, individual users can exchange cash for mobile money via the Gozem app.

“”In my opinion There are great differentiators. Generally speaking, our competitors are telephone companies that offer mobile money services, and sometimes even stand-alone digital wallets, “says Costa Magna... “What we are trying to offer is an integrated wallet solution. It contains In a suite of various services. Therefore, this is the main difference in the market.

Francophone Africa wins the first unicorn FinTech Startup WaveFrancophone Africa mainly sheds some light on the opportunities that are abundant in the market. left From the turmoil of technology and startups that dominate other African regions, especially Nigeria, Kenya, South Africa and Egypt.. They told me that was exactly why the founders started Gozem in the first place.

“Almost 95% of the funding and attention is always directed to four or five countries in Africa … Nigeria, Ghana, Kenya, South Africa, Egypt,” Dana said. “But in general, Francophone Africa is left a little on the side of all the important traction. This is where Francophone’s big opportunity is seen as a great market.”

And established a company in Singapore Previous Gozem, Dana and Costamagna have joined Ajene to add his field African expertise to a team with extensive knowledge of the Southeast Asian market...

Three years later, Gozem now has 250 staff in four markets. The company plans to use Series A funding to expand to Francophone countries in Africa, including the Democratic Republic of the Congo, Senegal and Côte d’Ivoire... The company is also looking to improve its asset lending model, completely Start financial services.

“Where we are active on the continent It’s a kind Some may call it Africa’s second-tier market. But we have the opportunity and believe in the model we are pursuing.this is For real Wide berth with less competition, as discussed in all industries. We operate in 4 countries, Be embedded Throughout the region over the next year, “Agen said.

Francophone African super app Gozem grabs $5M to expand and offer more services – TechCrunch Source link Francophone African super app Gozem grabs $5M to expand and offer more services – TechCrunch

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