GoCab raises USD $45m to grow African gig mobility

GoCab has raised USD $45 million in a funding package consisting of $15 million in equity and $30 million in debt. The capital will be used to scale its mobility financing model for gig-economy drivers across Africa and other emerging markets.

The equity round was co-led by E3 Capital and Janngo Capital, with participation from KawiSafi Ventures and Cur8 Capital. Alongside the equity investment, GoCab has secured more than $30 million in debt commitments from Cur8 Capital and other parties. This debt forms part of a wider $60 million Shariah-compliant debt facility currently under structuring.

Operating a drive-to-own model, GoCab extends credit to gig-economy workers for vehicles including cars, bikes, and motorbikes. The company's digital platform also provides delivery couriers with motorbike financing and buy-now-pay-later (BNPL) options for mobile phones.

Scale plans

GoCab said it now generates more than USD $17 million in annual recurring revenue after 18 months of operations across five markets. It expects to reach USD $50 million by the end of 2026 and USD $100 million in 2027.

The company also set out operational targets over the next 24 months. It is aiming for 10,000 active vehicles and USD $100 million in annual recurring revenue within that period.

GoCab said it will use the new capital to scale in its core African markets and expand into additional cities across and outside the continent. It also said it plans to increase the share of electric vehicles in its fleet.

The company described plans for AI-driven tools in several operational areas. These include credit scoring, fleet optimisation, and risk management.

Founders and footprint

GoCab was founded by Azamat Sultan and Hendrick Ketchemen. The company said both founders come from investment banking, with experience in structured finance and emerging markets.

GoCab said it employs more than 120 people across five countries, representing 18 nationalities.

The company positioned the business around vehicle access and ethical financing for gig-economy workers. It said that many workers remain excluded from traditional financial systems across the region and that limited access to financing restricts vehicle ownership.

GoCab framed electric mobility as a key part of its strategy. It said a larger electric vehicle fleet would reduce emissions and lower operating costs for drivers.

Investor views

The investors pointed to transport affordability, vehicle availability and electrification as central themes behind the round.

"For us, GoCab is about restoring dignity and opportunity through ownership," said Azamat Sultan, Co-Founder and Executive Chairman of GoCab. "Across Africa, millions of people are locked out of both mobility and finance. We saw how capital was flowing everywhere except to the people who actually needed it to work. This round allows us to scale responsibly expanding access to fair, ethical financing while accelerating the transition to electric mobility, lowering carbon emissions, and building a more inclusive and sustainable future in close alignment with our investors."

"Transforming lives and improving the daily reality of thousands of families is the mission we have set for ourselves. We believe that capital can and must become a powerful force for transformation across Africa and emerging markets," said Ketchemen.

One context point cited by the company is the size of the global gig workforce. It said there are more than 400 million gig workers globally, with many based in Africa.

"The shortage of vehicles and the high cost of transportation remain two of the most pressing challenges across Africa. GoCab is addressing both head-on through a data- and technology-driven platform that expands access to mobility while improving efficiency at scale. Its rapidly growing EV fleet lowers costs for riders and drivers alike, while significantly reducing emissions. We are proud to support GoCab as it builds the leading pan-African mobility platform for the future," said Vladimir Dugin, Managing Partner at E3 Capital.

"We are proud to lead GoCab's $15 million equity round, catalysing over $30 million in debt financing. We were impressed by their vision, their world-class team, and the quality of their execution. With this funding, GoCab now has the scale to deploy thousands of productive vehicles, each supporting a full-time income. With a clear operational roadmap toward 10,000 active assets and $100 million in recurring revenue, GoCab illustrates how ethical financing can translate into tens of thousands of decent jobs, household resilience, and sustainable growth at scale," said Fatoumata Bâ, Founder and Executive Chair of Janngo Capital.

"GoCab is building critical infrastructure for climate-smart mobility and the future of work in emerging markets. The combination of disciplined execution, strong unit economics, and a clear impact thesis makes GoCab a compelling platform for sustainable growth," said Marcus Watson, Partner, KawiSafi Ventures.

GoCab said it expects its next phase to centre on fleet growth, new city launches, and the continued structuring of the larger Shariah-compliant debt facility.