Nigerian mobility fintech, Moove, closes $76m funding. 2 other stories and a trivia

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

 

1. Nigerian Mobility Fintech Moove closes $76m funding 

 

Nigerian mobility fintech company, Moove, has announced an infusion of $76 million in funding to bolster its global expansion efforts. 

Known as Uber’s largest vehicle supply partner in the EMEA region, Moove is revolutionizing vehicle ownership in Africa by extending revenue-based vehicle financing options to mobility entrepreneurs.

The brainchild of British-born Nigerians Ladi Delano and Jide Odunsi, Moove’s innovative approach entails integrating its alternative credit scoring technology into ride-hailing, e-logistics, and instant delivery platforms. 

The startup allows Moove to leverage proprietary performance and revenue analytics, effectively underwriting loans for drivers who have historically been excluded from traditional financial services.

This infusion of capital includes $28 million in equity from both new and existing investors, spearheaded by the Mubadala Investment Company. 

Moove’s latest funding round symbolises the accelerating evolution in fintech and mobility sectors across emerging markets.

 

Tech Trivia: What do Unix and Linux computers use the Samba software for?

1.Connect to network folders shared by Windows computers

2.Locate and repair file system errors

3.Automatically download and install software updates

4.Create a remote desktop connection to another computer

Answer: see end of post

 

2. GEM Capital Ventures launches $50 Million Fund

 

GEM Capital, a pioneering venture capital firm with a distinct focus on the gaming industry, has launched a $50 million fund aimed at catalyzing investment opportunities across various regions. 

Positioned in Cyprus and the UAE, GEM Capital has emerged as a formidable player in gaming investment. 

READ ALSO:Egypt’s Fawry secures license to finance businesses. 2 other stories and a trivia

This new fund underscores their commitment to nurturing innovation, entrepreneurial ventures, and strategic growth within the dynamic gaming sector.

The newly launched fund, boasting an impressive $50 million valuation, is strategically tailored to infuse capital into the burgeoning gaming ecosystems of Cyprus, Eastern Europe, and the Middle East/North Africa (MENA) region. 

GEM Capital’s industry expertise is further demonstrated by its substantial investment portfolio, encompassing various facets of the gaming spectrum. 

With a track record of over 20 investment deals since 2019, the firm has forged strategic partnerships with visionary entities that have since become influential players in the gaming landscape. 

Collaborations with entities like Weappy, Unfrozen, Mundfish, and Deus Craft underscore GEM Capital’s agility in identifying innovative potential across diverse niches within the gaming sphere.

GEM Capital’s strategic entry into the North African gaming market exemplifies the growing recognition of the gaming sector’s economic potential. 

 

3. Iraq lifts ban on Telegram App following security assurance

 

The Iraq Telecom Ministry has announced the lifting of the ban imposed on the Telegram app. 

This decision comes after the company responded to pressing security concerns and undertook necessary measures to address regulatory requirements.

The initial ban was prompted by reports of data leakage involving official state institutions and citizens. 

Telegram, widely used in Iraq not only for texting but also for content sharing and news updates, faced a temporary prohibition due to these security apprehensions.

The Iraq Telecom Ministry’s reconsideration of the ban was catalyzed by the company’s proactive engagement with security authorities. 

Telegram’s ownership cooperated by revealing the entities responsible for the data leaks, a crucial step towards alleviating security concerns.

Iraq’s decision to lift the ban on the Telegram app underscores the balancing act between digital freedoms and national security concerns. 

Telegram’s ability to swiftly respond to security demands showcases its willingness to cooperate with authorities, ensuring that sensitive data remains protected. 

Trivia answer: Connect to network 

Samba implements the SMB protocol for both sides of the client-server model. It allows non-Windows clients to access network shares created on Windows servers while also allowing non-Windows servers to create SMB network shares. 

Unix and Linux users can use Samba to mount network shares as part of the computer’s file structure, or they may also use software utilities to access network shares like they would access an FTP server.

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