Nuru, an energy company based in the Democratic Republic of the Congo (DRC), has raised the first $1.5 million of its Series B funding round through a convertible note.
A stellar group of international investors will invest the remaining funds during the financial close.
Nuru is a 2020 startup that installs and manages metro grids powered by renewable energy in key urban areas of the DRC. Their goal is to provide top-tier connections to five million customers.
Renewable Energy Performance Platform (REPP), Proparco, and E3 Capital have invested US$500,000 in Nuru to help the company raise its US$25 million Series B equity round.
The company says that Nuru is glad to have partners like REPP, Proparco, and E3 Capital that give people access to energy that can change their lives in a tough environment. Jonathan Shaw, co-founder, and CEO of Nuru, say that REPP, Proparco, and E3 Capital have made concrete plans to help Nuru reach this goal. This is because 5 million people in DR Congo need reliable, affordable, and renewable energy.
With a total installed capacity of 13.7MWp, the rise will help three important late-stage development projects in Goma, Kindu, and Bunia move forward faster.