• GoCab raised $45 million in equity and debt to expand electric and inclusive mobility solutions in Africa.

• The funding round combined $15 million in equity and $30 million in debt led by E3 Capital and Janngo Capital.

• GoCab reported more than $17 million in annual recurring revenue across five African markets after 18 months of operations.

In a statement released on Tuesday, February 3, mobility and vehicle financing fintech GoCab announced the closing of a $45 million funding round. The transaction included $15 million in equity and $30 million in debt and aimed to accelerate the rollout of electric and inclusive mobility solutions across multiple African markets.

E3 Capital and Janngo Capital led the funding round alongside KawiSafi Ventures and Cur8 Capital. The company said it would use the funds to strengthen operations in existing markets, enter new high-growth cities and increase the share of electric vehicles in its fleet. GoCab also plans to deploy artificial intelligence-based tools for credit scoring, fleet optimization and risk management.

“In Africa, millions of people remain excluded from both mobility and financing. This funding round allows us to scale while expanding access to ethical financing and accelerating the transition to electric mobility,” said Azamat Sultan, co-founder and executive chairman of GoCab.

Azamat Sultan and Hendrick Ketchemen founded GoCab in 2024 after careers in investment banking focused on structured finance and emerging markets. The company set out to address limited access to financing and vehicle ownership for platform economy workers. GoCab offers a model that allows drivers and delivery workers to generate stable income while gradually acquiring ownership of their vehicles.

After 18 months of operations, GoCab operates in five African markets and reports more than $17 million in annual recurring revenue. The company employs more than 120 people representing 18 nationalities. GoCab supports several thousand drivers and aims to help structure more sustainable urban mobility systems.

As Africa’s platform workforce continues to grow while remaining largely excluded from traditional financial systems, GoCab aims to position itself as a key player in sustainable mobility. Over the medium term, the company targets the deployment of 10,000 operational vehicles and $100 million in annual recurring revenue by combining ethical financing, technology and energy transition.

This article was initially published in French by Samira Njoya

Adapted in English by Ange J.A de BERRY QUENUM