Al Mada Ventures is making a bold move in Africa’s tech landscape by investing in Gozem, a fast-growing Togolese startup transforming mobility and delivery services across Central and West Africa. Just a year after its launch, Al Mada Ventures is ramping up its strategy, joining forces with MSC Mediterranean Shipping Company in a $30 million funding round for Gozem. This investment reinforces the fund’s commitment to supporting innovative African companies poised for significant growth.
Since its inception in 2018, Gozem has undergone a remarkable transformation. What started as a simple motorcycle taxi service has evolved into a full-fledged digital platform offering transportation, delivery, vehicle financing, and digital banking services. With this latest funding round, the company has now secured a total of $45 million, strengthening its ambition to expand its regional footprint.
Launched in December 2023, Al Mada Ventures is positioning itself as a catalyst for Africa’s tech sector. With a capital base of $110 million, the fund focuses on early-stage startups, investing between $500,000 and $6 million per company, with follow-up investments of up to $10 million for the most promising ventures.
What sets Al Mada Ventures apart is its uniquely African approach. Unlike many venture capital funds on the continent that rely on foreign investors, Al Mada Ventures is entirely backed by African capital. This strategy not only fosters financial independence but also nurtures homegrown success stories, reinforcing the continent’s economic resilience.
Since its launch, the fund has already backed high-potential startups, including Susu, a Franco-Ivorian insurtech company providing health coverage solutions in Francophone Africa.
With this new investment, Gozem aims to accelerate its expansion across Central and West Africa. The company plans to enhance its financial services, introduce new vehicle financing solutions, and further strengthen its impact in the transportation sector. Already operating in Benin, Gabon, and Cameroon, Gozem is looking to broaden its reach and drive the digitalization of mobility markets. In 2022, the startup secured $10 million from the International Finance Corporation (IFC) to finance vehicles for 6,000 drivers in Togo and Benin.
In a region where an estimated 12 million motorcycle taxis operate within the informal economy, the opportunity for disruption is immense. With Al Mada Ventures’ backing, Gozem is well-positioned to become a dominant force in both transportation and financial services in Francophone Africa.
By partnering with Gozem, Al Mada Ventures is sending a strong signal: Africa has the potential to build its own tech giants. With funding that is 100% African, the fund is playing a pivotal role in shaping a self-sustaining and thriving tech ecosystem. This momentum could significantly reshape the entrepreneurial landscape across the continent.
