DRC Solar Startup Nuru Raises USD 40 M Series B

Nuru, a startup based in the Democratic Republic of Congo (DRC) that focuses on solar energy, has successfully raised USD 40 M in equity funding for its Series B round. he funding was led by various organizations including the 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. The IFC’s equity investment also includes financing from the Finland-IFC Blended Finance for Climate Program. Nuru aims to secure an additional USD 28 M in project finance by the end of July. AltRaise served as the exclusive financial advisor for Nuru during the Series B transaction and accompanying project finance.

Nuru deploys and operates renewable energy powered metrogrids in strategic urban zones of the DRC, and seeks to provide five million clients with world-class connectivity. Nuru’s utility-scale solar mini-grids are designed to provide reliable and renewable energy 24/7 to the communities where they are installed. The funding will be utilized to develop three mini-grids in various parts of eastern DRC, specifically in Goma, Kindu, and the largest in Bunia.