African schools shape continent’s top mobility fundraisers

From the newsletter

The lack of enough skilled mobility professionals has been a major concern in Africa. Yet if the latest funding rounds in the sector are anything to go by, the continent’s schools are now churning out bright entrepreneurs and leaders shaping the sector. More than two-thirds of mobility CEOs that raised money in February schooled in Africa.  

• Africa still lags behind other continents when it comes to adequate skilling of its mobility workforce. Not only does the continent produce these professionals in small numbers, but its finest talents are routinely poached by global automakers.

• It is therefore encouraging to see a growing mix of Africa-schooled mobility leaders attracting significant investment. The combination of local and international education and experience among founders is something that will serve the continent well in the long term.  

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• Pixii Motors, which raised $0.2 million last month, is led by Anis Fekih, who co-founded it with Wafa Dhifi and Imed Mlaweh. He studied at Institut des Hautes Etudes in Tunisia. Pixii manufactures intelligent electric scooters, primarily focused on urban mobility.

• Another Africa-schooled mobility executive that raised significant funding in February is Mohamed Elhorishy, a co-founder and CEO of Egyptian e-commerce platform Taager, which was founded in 2020. He studied at The British University in Egypt. Taager, whose other co-founders include Ahmed Ismail, Abdelrahman Sherief, and Ismail Omar, raised $6.8 million during the month to power its growth.

• Swvl, another Egypt-founded startup, raised $2 million in February. Mostafa Kandil, the company’s co-founder and CEO, studied at The American University in Egypt. He co-founded the transportation company with Mahmoud Nouh and Ahmed Sabbah.

• South Africa’s Everlectric, a startup that sells and leases EVs, and provides charging infrastructure and finance solutions, is led by Ndia Magadagela. She co-founded the company, which raised $0.2 million during the period, with Paul Plummer and Wesley van der Walt. Magadagela went to University of Pretoria, one of the country’s leading universities.  

• Gozem, a Togo-based ride-hailing service that launched in 2017, made headlines last month when it raised $30 million in a Series B funding round — $15 million in equity and $15 million in debt — led by SAS Shipping Agencies Services and Al Mada Ventures.

• The company is one of the few – but growing – number of startups that have chosen to have two CEOs, each tasked with overseeing different aspects of the business. Gregory Costamagana and Raphael Dana, both co-founders, are the co-CEOs of the company. Emeka Ajene, another co-founder, previously served as Gozem’s CEO.

• Costamagana and Dana are the only CEOs in Africa’s mobility sector that raised funding in February who schooled outside the continent. Costamagana attended ESSEC Business School in France, while Dana schooled at Northeastern University in the US.  

Our take

• The electric mobility revolution in Africa requires skilled personnel in both hardware and software aspects of the industry. Countries that move quickly to teach these technical skills to their citizens will be more prepared to attract robust investment especially in design and manufacturing. 

• Mobility professionals, and especially leaders that schooled on the continent should not be satisfied with their education. Learning is constant, and they should strive to also learn from global institutions. This will not only widen their world view but can also help them to create truly global business networks. 

• Companies in the mobility sector should not underestimate the influence of the educational level and backgrounds of their founders and top leaders on their ability to raise funding. Investors, especially in Africa, often view entrepreneurs with higher education levels as more credible and capable.