Nuru, an energy company based in the Democratic Republic of the Congo (DRC), has raised an initial US$1.5 million in a convertible note financing ahead of the closing of its Series B funding round.
During the financial close, the remaining funds will be invested by a stellar group of international investors.
Nuru, a 2020 startup, installs and manages metrogrids powered by renewable energy in key urban areas of the DRC and aims to offer five million clients top-tier connections.
In order to support Nuru’s US$25 million Series B equity fundraising, Renewable Energy Performance Platform (REPP), Proparco, and E3 Capital have each decided to invest US$500,000 in the company.
“Nuru is happy to have partners like REPP, Proparco, and E3 Capital enabling us to deliver life-changing energy access in an incredibly difficult environment,” says the company. Five million people in DR Congo need reliable, affordable, renewable energy, and REPP, Proparco, and E3 Capital have shown concrete commitments to assisting Nuru in achieving this goal, according to Jonathan Shaw, co-founder and CEO of Nuru.
With a combined installed capacity of 13.7MWp, three nationally vital late-stage development projects in Goma, Kindu, and Bunia will be able to go forward more quickly as a result of the rise.
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Solarise, a Kenyan energy firm, has secured an additional $3 million in funding
Jambo, a Congo-based Web3 app developer, has raised $7.5 million in a seed round.