GoCab lands $45M for African EV mobility

Mobility fintech GoCab has closed a $45 million funding round to fuel its expansion of electric vehicle fleets and financial inclusion services across Africa. The investment comprises $15 million in equity and $30 million in debt, signaling strong investor confidence in the company's model.

Scaling Electric Mobility and Financial Inclusion

Founded in 2024 by former investment bankers Azamat Sultan and Hendrick Ketchemen, GoCab aims to provide ethical financing and vehicle ownership opportunities for gig economy workers on the continent. The company leverages a combination of mobility, technology, and finance to help drivers generate stable incomes while progressively owning their vehicles.

The latest GoCab funding round was co-led by E3 Capital and JANNGO Capital, with participation from KawiSafi Ventures and Cur8 Capital for the equity portion. Cur8 Capital also contributed to the debt facility, which is part of a larger $60 million Shariah-compliant debt facility under structuring.

Accelerating Growth with AI and EVs

This capital infusion will enable GoCab to scale its operations in existing African markets and enter new high-growth cities. A significant portion will be dedicated to increasing the share of electric vehicles within its fleet, supporting cleaner electric mobility in Africa. The company also plans to deploy AI-driven solutions for credit scoring, fleet optimization, and risk management.

GoCab reported over $17 million in Annual Recurring Revenue (ARR) after just 18 months, with targets of $50 million by the end of 2026 and $100 million in 2027. The company currently employs over 120 people across five countries.

Investor Confidence in Impact and Scalability

Investors highlighted GoCab's strategic positioning at the intersection of financial inclusion, climate-smart mobility, and the future of work. Vladimir Dugin of E3 Capital noted GoCab's data- and technology-driven approach to addressing transportation challenges and reducing emissions. Fatoumata Bâ of Janngo Capital emphasized the potential for the funding to deploy thousands of productive vehicles, supporting jobs and household resilience.

Marcus Watson of KawiSafi Ventures added that GoCab is building critical infrastructure for emerging markets, combining disciplined execution with strong unit economics and a clear impact thesis.