GoCab, an Africa electric transport startup, has raised $45 million in fresh funding to accelerate access to electric vehicles and structured mobility solutions for independent drivers across African cities.
Founded in 2024, the company was created to address a persistent challenge: limited access to affordable vehicles and fair financing for gig-economy workers who rely on transport to earn a living.
Addressing Mobility Challenges in Urban Africa
The Africa electric transport startup focuses on enabling drivers and delivery couriers to access income-generating vehicles through alternative ownership and payment models. Unlike traditional bank loans, GoCab provides structured plans that allow drivers to gradually gain full vehicle ownership.
This approach has allowed the Africa electric transport startup to gain traction in several markets where demand for reliable and cost-efficient urban transport continues to grow.
Details of the $45 Million Funding Round
The equity portion of the round was backed by two leading investment firms, E3 Capital and JANNGO Capital, with additional support from KawiSafi Ventures and Cur8 Capital. Separately, the company arranged debt financing through a Shariah-aligned structure designed to support long-term fleet growth.
How GoCab Will Use the Capital
The capital will fund expansion into new cities, increase the number of electric vehicles in operation, and enhance internal systems for fleet management, credit assessment, and operational risk control. The Africa electric transport startup currently generates over $17 million in annual recurring revenue across five markets.
Founders and Strategic Direction
The company was created by Azamat Sultan and Hendrick Ketchemen, who previously built their careers in international finance. Drawing on their experience in capital markets and emerging economies, they launched GoCab with the goal of channeling capital toward productive mobility assets. Today, the Africa electric transport startup operates with a diverse team of over 120 professionals across five countries.
Investor Perspective on Sustainable Transport
Investors highlight GoCab’s ability to address vehicle shortages, rising operating costs, and environmental pressures simultaneously. By prioritizing electric fleets, the Africa electric transport startup aligns commercial growth with climate-conscious urban development.
Electric Vehicles as a Cost and Climate Solution
Electric mobility sits at the core of GoCab’s model. By reducing fuel and maintenance expenses, the Africa electric transport startup improves driver earnings while lowering urban emissions. Its approach supports cities seeking cleaner and more resilient transport infrastructure.
Outlook for Urban Mobility and Gig Work
As Africa’s gig workforce continues to expand, access to productive assets remains a critical constraint. The Africa electric transport startup addresses this by combining mobility services with structured financing. With continued expansion planned, GoCab is positioned to shape the future of work and transport across the continent.
Conclusion
The $45 million funding milestone marks a major step in GoCab’s growth. By scaling electric mobility and expanding access to fair vehicle financing, the Africa electric transport startup contributes to more inclusive urban transport systems and long-term economic participation for drivers across Africa. For more updates and insights on mobility and electric transport, visit gaaraas.com and join the conversation by sharing your thoughts in the comments below.
