London-based GoCab helps gig workers in emerging markets acquire productive assets. The vehicle leasing and financing platform raised $45 million, including $15 million in equity from climate investor E3 Capital and Janngo Capital, with support from KawiSafi Ventures and Cur8 Capital.
Another $30 million in debt was part of a Shariah-compliant facility structured by Cur8 Capital and other investors to support “access to fair, ethical financing while accelerating the transition to electric mobility,” said GoCab’s Azamat Sultan.
Clean mobility expansion
The startup’s mobile app is a one-stop-shop for gig workers. A digital wallet helps drivers manage their income, maintenance payments and vehicle leasing payments. The app also offers health insurance, a debit card and buy-now, pay-later options for phones and fuel.
GoCab’s co-founders hail from Cameroon and Tajikistan and have scaled the company to Chile, Senegal, Morocco and Côte d’Ivoire, where it launched GoCab Moto last year to finance bikes.
The startup says it has crossed $17 million in annual recurring revenue.
“This investment is fundamentally about livelihoods and climate,” KawiSafi’s Chukwuebuka Amaji told ImpactAlpha. “GoCab plans a progressive, phased deployment of electric vehicles over the next few years, aligned with the build-out of charging infrastructure and improving unit economics in each market, ensuring that electrification is introduced systematically and sustainably rather than prematurely.”
Separately, Kenya-based Rideence Africa, which also provides electric vehicle leasing, inked a $2.4 million assembly deal to have over 150 vehicles on the road this month.
