Here are the funders of Africa’s mobility startups

From the newsletter

Twelve companies helped African mobility startups raise $39.15 million funding in February 2025. What is interesting is that these investors have nothing major in common besides the fact that it was their first investment in the sector in Africa in at least two years. It shows that the pool of investors in Africa’s mobility ecosystem is deepening. 

• One thing that sticks out in February’s funding rounds is a major shipping agency that led the fundraising for a Togolese ride-hailing firm which ended up raising $30 million in debt and equity. This diversification into venture investment demonstrates that established industry players are seeing opportunities in African startups, broadening investment beyond traditional VC firms.

• Something else that stood out was a South African VC firm that focuses on SMEs and very early-stage companies only within the country. It shows that VC firms are becoming more specialised in their investment strategies, which could provide more value for investees. 

More details

• The leading investor during the month was SAS Shipping Agencies Services, a Turkish company specialising in core shipping agency services such as coordinating and facilitating the movement of vessels, cargo, and crew in and out of ports. The company injected $15 million in debt into Togolese ride-hailing company Gozem.

• The company was also part of a trio of three investors – including Al Mada Ventures, Asia Africa Investment and Consulting – that bought $15 million equity in Gozem during the same funding round.

• Al Mada Ventures is a $110 million venture capital fund investing capital in scalable, sustainable and innovative companies on the African continent and raises its capital from investors in Africa. On the other hand, Asia Africa Investment and Consulting provides a wider range of services, including consulting and investment.

• Seven investors - Norrsken22, Endeavor, Beltone Venture Capital, 4DX Ventures, Raed Ventures, BECO Capital, Breyer Capital – invested $6.75 million in Egypt-founded social e-commerce platform Taager. Now headquartered in Saudi Arabia, Taager enables individuals to start online businesses.

• Madica, a VC company that focuses on African startups across all sectors, invested $0.2 million in Tunisian electric scooter manufacturer Pixii Motors. Madica spun out of Flourish Ventures, a VC founded and funded by French-born Iranian-American billionaire Pierre Omidyar, the founder of eBay.

• Vumela Fund, a VC firm based in South Africa, specifically focuses on investing in high-growth small, medium, and micro enterprises within the country. Vumela lent $0.2 million to  Everlectric, a South African e-mobility company that leases electric commercial vehicles.  

Our take

• In February, we saw mobility startups raising between $0.2 million and $15 million. This shows that there is a large range of investment sizes that can cater to the various needs of African mobility startups that are in different stages of growth.

• While Africa’s mobility startups raised only $39.15 million in February, this cannot be used to make concrete conclusions about the African startup funding landscape. The funding market experiences periodic fluctuations, influenced by global economic trends. 

• A significant portion of startup funding was traditionally concentrated in the four African economies: Kenya, Nigeria, Egypt, and South Africa. But as Togo’s Gozem has shown, this is changing as smaller markets start to attract big-ticket investments. This trend will continue as the startup culture spreads across the continent.