Gokada, the on-demand motorcycle taxi app based in Nigeria, has secured Series A funding of $5.3 million to “dominate” the market and expand its driver fleet. The round was led by Rise Capital with participation from Adventure Capital, First MidWest Group, IC Global Partners and several local investors.
Based in Lagos, Gokada’s Android and iOS apps allows users to rent okadas (commercial motorcycles), which the company says have become part of the fabric of everyday life in the heavily-congested city.
Since launching in 2018, Gokada has already acquired 1,000 motorcycles and claims to have completed nearly one million rides, with combined app downloads of close to 200,000.
“Our green Gokada motorcycles have become a regular feature of Lagos’ roads in the 14 months since our official launch,” says co-founder and co-CEO Fahim Saleh. “Gokada was built with the intention of becoming the future of two-wheel transport in West Africa, and we are fast becoming the go-to platform to hail a motorcycle ride in Lagos.
“Today’s announcement allows us to accelerate our growth projections significantly, as we continue to grow our market share and look to introduce more product features and services.”
Gokada plans to use the investment to expand its driver fleet, increase daily rides by 10 fold and acquire local tech talent. In addition, the company will explore new verticals for business growth.
Saleh is joined by Nigerian tech stalwart Ayodeji Adewunmi, director at Rise Capital and the co-founder and former CEO of Jobberman, who is joining Gokada as co-CEO. Former CEO Deji Oduntan will be stepping down from his role at the company as part of the funding round.
Adewumni adds: “It is an incredible time to be joining Gokada on this journey to transform transportation in Nigeria and the rest of Africa. I am truly excited about the promise of Gokada becoming the operating system of how cities function optimally and efficiently across Africa. There is no doubt in my mind that this will become one of the most important companies in Africa.”