• Gozem is in talks with the IFC for €21 million to expand in four countries

• Funding would support vehicle financing and the “Drive-to-Buy” model

• The company aims to strengthen its position in the region’s dominant moto-taxi market

Gozem, a mobility and delivery startup operating across West and Central Africa, is in discussions with the International Finance Corporation (IFC) to secure €21 million ($24.5 million) in financing. The funds would be used to grow its vehicle fleet and expand operations in four existing markets: Benin, Cameroon, Togo, and Congo.

Announced on April 27, the proposed package includes an €8 million direct loan from the IFC’s own account, an additional €8 million subordinated loan backed by concessional resources tied to the International Development Association’s 21st replenishment (IDA21), and €5 million expected from other investors.

The financing, still subject to IFC board approval, is designed to scale Gozem’s “Drive-to-Buy” model. The program allows drivers to acquire motorcycles, three-wheelers, or cars through installment payments over 12 to 52 months. Repayments are made directly from earnings generated on the platform, which the company says handled about one million rides per month by the end of 2025.

The deal builds on an ongoing partnership between Gozem and the IFC, which began in 2021 with a €1.9 million investment. In 2022, the startup raised $10 million to finance vehicle purchases for 6,000 drivers in Togo and Benin.

Also active in Gabon, the company, co-founded by Gregory Costamagna and Raphaël Dana, is working to deepen its presence in urban mobility, particularly in the moto-taxi segment that dominates transportation in many African cities.

Gozem estimates that nearly 12 million drivers were active in this segment across West and Central Africa in 2022. Founded in Togo in 2018, the company offers ride-hailing, delivery services, and mobile payments through Gozem Money. It reports more than 30 million completed trips and close to one million users.

Sandrine Gaingne