The company will seek to raise $50m in equity in a Series B round at the end of this year, Dana says. He is also aiming to secure a $30m debt facility this year. Those plans are separate from the $10m in pre-Series B funding that the company is now trying to raise.
The company, founded by Dana, co-CEO Gregory Costamagna and Emeka Ajene, started in Togo in 2018 as a motorcycle ride-hailing service. It has since expanded across francophone west and central Africa, and expanded its services into transportation, delivery, and cashless payments via a single app. The company also provides asset financing for its drivers under which they can buy their vehicles.
Such “super apps” are well suited to frontier markets where competitive services markets are yet to develop, Dana says. The lack of competition means that “as soon as you have the technology you think about adding more and more
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