Moove raises fresh $8M funding from Absa CIB. 2 other stories and a trivia

This line-up of stories will help you discover the latest happenings around the tech world, today

1. Moove raises fresh $8M funding from Absa CIB

Moove, a mobility fintech startup, has announced securing a substantial investment of $8 million from Absa Corporate and Investment Banking (CIB). 

The infusion brought the total funding received by Moove from Absa to $28 million, following a previous financing facility of $20 million announced in June 2022 for Moove’s operations in South Africa. 

The objective of this fresh funding was to bolster Moove’s expansion of its vehicle fleet in Ghana, thereby contributing to its mission of democratizing vehicle ownership and creating employment opportunities within gig economies across the globe.

While the investors’ decision to invest in Moove can be attributed to several pivotal factors, the investment aligned with Absa’s strategic focus on harnessing innovative technologies to empower individuals and contribute to economic development in Africa. 

By supporting Moove’s mission to offer affordable, high-quality vehicles and employment opportunities, Absa aimed to foster economic growth and address the challenges faced by gig economy drivers in Ghana and South Africa.

Notably, the investment reflected the urgent need to tackle the vehicle financing predicament in emerging markets, particularly in Africa. 

Moove was founded in 2020 by Ladi Delano and Jide Odunsi. 

The startup’s primary markets encompassed Ghana and South Africa, where it actively expanded its operations.

Tech Trivia: Where does a computer save the contents of its system memory when it enters a hibernation state?

1. An external USB flash drive
2. A mounted network disk
3. An online cloud storage service
4. Its internal HDD or SSD

Answer: see end of post

2. DRC-based solar startup, Nuru, closes $40B in series B funding

Nuru, an energy company based in the Democratic Republic of Congo (DRC), has closed a $40 million in equity funding as it pursues its goal of providing 24-hour power to five million people in the country.

Established in 2015, Nuru, previously known as Kivu Green Energy, deploys and operates renewable energy-powered metrogrids in strategic urban zones of the DRC. 

In 2017, it constructed the country’s inaugural mini-grid.

Nuru unveiled a 1.3-megawatt facility in the city of Goma in 2020, establishing it as the largest mini-grid in sub-Saharan Africa without reliance on a national grid connection.

The $40 million Series B round for Nuru was led by prominent investors, including the International Finance Corporation (IFC), the Global Energy Alliance for People and Planet (GEAPP), the Renewable Energy Performance Platform (REPP), Proparco, E3 Capital, Voltalia, the Schmidt Family Foundation, GAIA Impact Fund, and the Joseph Family Foundation.

While the IFC’s equity investment also included financing from the Finland-IFC Blended Finance for Climate Programme, the company has set its sights on securing an additional $28 million in project finance by the end of July.

The funds will be utilized to construct three mini-grids in various parts of eastern DRC, specifically in Goma, Kindu, and Bunia.

“We are delighted to partner with this dynamic consortium of investors who are eager to support our vision of expanding energy access and transforming the lives of five million individuals in the DRC. The completion of the Series B funding marks a significant milestone in Nuru’s journey and underscores the viability of the metrogrid model within the distributed energy sector in Africa,” stated Jonathan Shaw, the co-founder and CEO.

3. HRtech startup, alfii, secures $2.5M in Pre-Seed round

alfii, a tech startup based in Dubai, has announced securing $2.5 million in pre-seed funding to expand its team and further develop its fintech-powered HR automation platform.

The funding round was spearheaded by Preface Ventures, a venture capital firm based in the United States that focuses on infrastructure enterprise companies. 

Participating in the round were Kayan Ventures, a UAE-based venture capital firm, Aditum Ventures, Wayfinders, and a group of local and regional angel investors.

Launched in Dubai in November 2022 by Yousef Albarqawi, Becky Jefferies, and Dina Mohammad-Laity, alfii was established with the aim of assisting growing businesses in managing their HR workload and liberating them from time-consuming administrative tasks, ultimately enhancing the employee experience.

With aspirations of creating the most comprehensive and robust HR and payroll solution in the region, the funding will be utilized to continue the development and enhancement of alfii’s fintech-powered software platform.

“We aim to build the next generation of this product class, and we are developing it entirely in-house, which means we need to attract world-class talent to fuel our business growth and better serve our customers,” said Yousef Albarqawi, CEO and Co-founder of alfii.

“Data interoperability remains a challenge throughout the HR stack, and in developing regions like MENA, these challenges are further compounded by local and regulatory infrastructure,” explained Farooq Abbasi, General Partner of Preface Ventures.

“With alfii’s comprehensive software suite, companies will gain improved understanding and management of their human capital resources, while enhancing the employee experience through features like digital-to-cash remittances and benefits selection. We are thrilled to invest in a solution developed by successful, mission-driven tech entrepreneurs.

Trivia answer: Internal HDD or SSD

When you select Hibernate, the computer saves the current state of the system from the computer’s RAM to the hard disk, then shuts down. 

When the computer is restarted, instead of going through the typical boot sequence, the previously saved state is automatically loaded into the RAM.

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