This line-up of stories will help you discover the latest happenings around the tech world, today.
1. CrossBoundary Access signs $10M investment for expansion
CrossBoundary Access has signed a new partnership with Mobile Power to expand its business across Nigeria.
The partnership, valued at $10 million, is expected to help the company introduce Mobile Power’s MOPO Hubs to Nigeria.
This initiative aims to provide clean energy access to approximately 300,000 individuals through an innovative battery service.
To enter into the partnership, CrossBoundary Access committed an initial $2.25 million, with the potential to expand their investment to $10 million.
CrossBoundary Access will oversee the financing, development, and ownership of the projects, while Mobile Power will ensure the delivery of clean and dependable electricity to local residents.
MOPO Hubs, powered by solar energy, offer customers access to energy without upfront costs, leveraging secure pay-per-use MOPO batteries distributed by local Mobile Power agents.
Tech Trivia: Which of the following is a term for a software update that fixes bugs and security vulnerabilities?
A. Mod
B. Hack
C. Cron
D. Patch
Check below for answer
2. Sanari Capital secures R1.25 Billion Investment Boost
Sanari Capital, a women-led private equity firm, has secured a R1.25 billion (~$65 million) investment to boost its venture.
The startup disclosed this in a press release seen by Ripples Nigeria on Friday, October 6, 2023.
According to the release, the aim of the fund is to reach a final close of up to $100 million.
The raiser saw two financial heavyweights, the Public Investment Corporation (PIC) – the largest asset manager in Africa, and Alexforbes Investments – South Africa’s leading provider of multi-manager investment portfolios.
Samantha Pokroy, CEO of Sanari Capital, expressed her enthusiasm, saying: “We are delighted to have raised capital from such highly regarded financial institutions, both of which share our commitment to achieving a balance between financial and socio-economic benefits.
“This funding will play a pivotal role in addressing structural economic imbalances, promoting transformation, fostering economic growth, creating jobs, and delivering both environmental and financial returns.”
This new injection of capital is expected to equip Sanari Capital finance to invest in larger businesses, furthering their engagement with founder-run, owner-managed, and family-owned enterprises across the mid-market.
3. Merak Capital invests $30M in Saudi HR Tech Platform, Jisr
Jisr, a Saudi-based platform specializing in the digitization of human resources operations, has closed a $30 million investment round led by Merak Capital, a prominent investment firm focusing on technology opportunities across various stages and industries.
Abdullah Altamami, Partner and CEO of Merak Capital, stated this in a press release seen by Ripples Nigeria on Friday.
This investment stands as the largest Series A funding round ever secured by a Software as a Service (SaaS) company in the Middle East.
This substantial investment underscores the high level of confidence Merak Capital has in Jisr’s growth trajectory, as well as its commitment to advancing modern HR technology, expanding its product portfolio, and aiding organizations in optimizing their human capital.
Founded in 2016, Jisr currently supports over 3,000 clients with 350,000 registered employees, spanning 16 different sectors. The company operates from its offices in Riyadh and Hadhramaut.
Speaking on the development, Abdullah Altamami, Partner and CEO of Merak Capital, said: “We at Merak Capital are delighted to invest 112.5 million Saudi Riyal (30 million US dollars) in Jisr, which is one of the largest SaaS companies that has truly evolved within the Kingdom of Saudi Arabia.
“Today, Jisr serves over 3,000 clients and manages payroll transactions exceeding 10 billion Riyals across various industries, including government, semi-government, or private sectors.”
Trivia Answer: Patch
A patch is a software update issued by a program’s developer to fix problems users and testers find in a program.
A patch typically fixes bugs and security vulnerabilities, although some patches may add new features or modify existing features. Most programs receive multiple patches and other updates over their lifetimes.
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