GoCab has raised $45 million in funding. This capital will fuel expansion into new African cities. The company aims to increase its electric vehicle fleet. GoCab, a mobility-focused fintech platform enabling gig-economy workers to access vehicles through ethical financing, has raised $45 million in a mixed equity and debt financing round.
The funding comprises $15 million in equity and $30 million in debt. The equity round was co-led by E3 Capital and Janngo Capital, with participation from KawiSafi Ventures and Cur8 Capital.
“Across Africa, millions of people are locked out of both mobility and finance. 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 sustainable future in close alignment with our investors,” said Azamat Sultan, Co-Founder and Executive Chairman of GoCab.
The fresh capital will be used to scale operations in core African markets, expand into new high-growth cities, increase the proportion of electric vehicles (EVs) in its fleet, and deploy AI-driven tools for credit scoring, fleet optimisation, and risk management.
In parallel, GoCab has secured over $30 million in debt commitments as part of a broader $60 million Shariah-compliant debt facility currently under structuring.
“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,” said Vladimir Dugin, Managing Partner at E3 Capital.
Founded in 2024 by Sultan and Hendrick Ketchemen, GoCab was built to address limited access to vehicle ownership and fair financing for Africa’s growing gig workforce.
The platform enables drivers and delivery couriers to earn stable incomes while progressively gaining ownership of their vehicles.
As of last year, the company had established a strong presence across multiple African markets, supporting thousands of drivers and contributing to cleaner urban mobility systems.
GoCab currently employs more than 120 people across five countries. The company reports over $17 million in annual recurring revenue (ARR) across five markets after 18 months of operations, and is targeting $50 million in ARR by the end of 2026 and $100 million in 2027.
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