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Nigerian Mobility Startup, Moove Secures $20M Financing From BII to Scale Operations in Nigeria

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Moove

Moove, a mobility fintech democratising access to vehicle ownership in Africa has secured US $20 million in a 4-year structured credit investment from British International Investment (BII), the UK government’s Development Finance Institution (DFI), formerly known as CDC Group.

Moove is democratising access to vehicle ownership by providing revenue-based vehicle financing and financial services to mobility entrepreneurs. The mobility fintech is creating sustainable employment opportunities to empower those otherwise excluded from financial services by embedding its alternative credit scoring technology onto ride-hailing, e-logistics and instant delivery platforms, and using proprietary performance and revenue analytics to underwrite vehicle loans.

Since its launch in 2020, Moove has rapidly expanded its operations within Nigeria and has entered into new African markets including Ghana, Kenya, Uganda and South Africa, as well as Europe, Middle East and Asia markets.

According to the mobility company, the collaboration between Moove and BII reflects BII’s focus on mobilising capital to build self-sufficiency and market resilience in Nigeria and improve access to inclusive economic opportunities while helping to catalyse the country’s boundless entrepreneurial ambition.

Investors King gathered that Moove was the first business to qualify for BII’s BOLD (Black Ownership and Leadership Development).

Speaking on the new funding, Ladi Delano, co-founder/ co-CEO at Moove, said, “we’re incredibly proud to welcome onboard a world-class partner such as BII, whose strategic support will play a key role in our mission to build the world’s largest integrated vehicle financing platform for mobility entrepreneurs.

“With our new funding, we’re now in an even stronger position to use our technology and productivity data in creating a more inclusive financing ecosystem, whilst also tackling the unemployment problem affecting over a third of Nigerians by generating the opportunity for more seamless and sustainable employment.”

The CEO of BII, Nick O’Donohoe commented on how BII’s new five-year strategy is driving its investment in the world’s first mobility fintech.

“Investing in the prosperity of Nigeria’s growing population requires innovative new partnerships that can leverage the country’s abundant capabilities and expertise. In Moove, BII has a partner that aligns with our commitment to back dynamic tech-enabled businesses that can help accelerate impact in Nigeria by strengthening the country’s informal transport industry,” he said.

“I am delighted that not only will BII’s investment help to create jobs and provide entrepreneurial self-starters with the means to own their vehicles, but Moove’s clear focus on gender diversity will foster inclusive economic opportunities for women, both within the company’s workforce and among its drivers,” he added.

Nigeria is the BII’s biggest investment market in Africa, with a portfolio of nearly US $570 million, through more than 100 businesses and 43 funds, which collectively support almost 45,000 jobs across the country in 2020.

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Fund Raising

Purple Elephant Ventures Has Raised $1 Million Seed Fund to Modernize Africa’s Travel Sector

Purple Elephant Ventures (PEV) has raised $1 million in pre-seed funding to boost innovation in Africa’s tourism.

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Purple Elephant Ventures

Kenyan-based venture studio with a focus on Tourism, Purple Elephant Ventures (PEV) has raised $1 million in pre-seed funding to boost innovation in Africa’s tourism.

The venture studio seeks to achieve this goal by building creative startups from scratch focused on leveraging technology to scale tourism, as it plans to build about four startups at the intersection of travel, climate, and technology, every year.

Investors who took part in this recent $1 million pre-seed funding round include Klister Credit Corporation, a Canadian investment firm, and The Untours Foundation.

Also Angel investors such as Fede Pirzio-Biroli, founder of Playfair Capital; Ian McCaig, former CEO of lastminute.com and M-Kopa board member, Anthony Rock, president of Rock Impact Capital; Rich Hoops, executive director at Impact Capital; Jim Villanueva, managing director of Global Partnerships Social Venture Fund, and Helena Riese Harstad, co-founder and chair of the Optimizer Foundation.

Speaking on the recent seed raised and the startup mission, Purple Elephant Ventures CEO Ben Peterson said, “I think what’s exciting for the team is all of the possibilities to digitize tourism for a greener future. And one of the great advantages of working in a studio is that we get to play around with new innovative ideas all the time.

“We have what we call ideation sessions, where we have very structured conversations around examining the tourism industry from the perspective of building businesses that will help reduce the carbon footprint of Africa’s tourism industry.”

He further disclosed that despite the uncertainty in the tourism sector during the Covid pandemic period, the Purple Elephant Ventures team did not slow down on its efforts, rather they went on to launch two startups during that period, which are Elephant Bookings, a software service (SaaS) product, and Nomad.Africa, a content-to-commerce magazine.

Purple Elephant Ventures seeks to enable startups in the tourism sector raise enough capital to facilitate sustainability, as well as have an online presence to aid global scale.

Founded in 2020, the company’s mission is To build a portfolio of innovative companies that unlock the unrivaled economic power of tourism to protect and grow Africa’s natural capital.

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Spleet Startup Raises $2.6 Million Seed Fund to Expand Its Property Management Products

Spleet, a Nigerian prop-tech startup that offers access to premium residential solutions, announced that it has raised a $2.6 million seed fund to scale its property management product.

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Spleet CEO Tola Adesanmi and COO Daniella Ajala

Spleet, a Nigerian prop-tech startup that offers access to premium residential solutions, announced that it has raised a $2.6 million seed fund to scale its property management product.

According to the company, it disclosed that the funds raised will be used to expand its product offerings for landlords, real estate brokers, and tenants across Nigeria and to explore other markets in Africa.

It also plans to expand its product offerings to include ‘Collect’, a service that automatically receives rent payments on behalf of landlords, as well as ‘Verify’ a tool that enables landlords and real estate agents to vet and carry out adequate background checks on tenants before offering lease agreements, and Rent Now Pay Later a no collateral affordable-interest rate rental loan product. 

The seed round was led by Mac Venture Capital as well as several other investors such as Noemis Ventures, Plug and Play Ventures, Assembly Fund, Ajim Capital, Francis Fund, and other angel investors including Proptech operators; Eduardo Campos and Paulo Buchicher of Yuca, Maajed Chaaaraoui ofinsurami.

Speaking on the recent fund raised, the CEO of Spleet, Akintola Adesanmi said “This funding would go into deepening our product offerings for Landlords, real estate agents and tenants across Nigeria and testing out new markets.”

“The housing crisis is an enormous problem that impacts us at a global scale, and Africa is no exception,” said Marlon Nichols, co-founder and managing general partner at MaC Venture Capital.

“In countries like Nigeria, the requirement for tenants to provide 12 to 24 months of rent payment in advance creates a barrier for large parts of the population in accessing the rental market and essentially renders them homeless.

“MaC is proud to partner with Spleet as it continues to bring forward a comprehensive solution that effectively serves both sides of the housing market and makes true deposits to combating homelessness.”

Since its launch in 2018, the proptech startup has handled millions of dollars in rent, sheltered more than 1000 tenants, and signed up more than 35 private and corporate landlords.

It should be recalled that on March 15, 2022, Investors King reported that Spleet raised $625,000 in an oversubscribed pre-seed round led by MetaProp VC.

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Venture Capital Firm Algebra Ventures Announce First Close of $100M Second Fund

Algebra Ventures has announced that it has secured the first close of $100 million and expects to reach a final close by the end of the first quarter (Q1) of 2023.

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Egypt’s leading tech venture capital firm Algebra Ventures has announced that it has secured the first close of $100 million and expects to reach a final close by the end of the first quarter (Q1) of 2023.

Last year in April, Algebra ventures secured a $90 million fund for startups in Egypt with an allocation for investments in the wider Middle East and Africa region. It was the sequel to it’s first $54 million fund invested in 21 startups across Egypt and the Middle East. 

When the Venture capital firm predicted that it would attain its very first close in Q3 2021, it however had to wait an entire year to achieve that. Nonetheless, the delay afforded Algebra Ventures adequate time to exceed what it initially earmarked for the fund.

The firm recently disclosed in a statement that it has finalized a $100 million first close and expects to reach its final close by the end of Q1 2023. 

Speaking of the recent funds raised the managing partners of Algebra ventures Tarek Assaad and Karim Hussein said, “Our second fund will pursue opportunities in various sectors by partnering with high-potential founders to address specific market gaps in these sectors.

“We haven’t made any investments in sub-Saharan Africa yet, but continue to build relationships in these markets,” added Hussein via email about the company’s prospective investments in neighboring markets”.

“We have seen ups and downs before and have been working closely with our portfolio companies to ensure that they have a solid financial position in this new environment.

“We continue to support our companies with strategic advice, funding, operational issues, and other matters as the need arises.”

Algebra Ventures is reportedly one of the few companies to have recently reached the first or final close of a large fund targeting the Middle East.

The Ventures capital firm reaching its first close at a larger size than its intended second fund is a colossal achievement. It highlights a decisive vote of confidence from investors in the company’s first fund.

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