Browsing: moove

• 121 African startups secured $466M, marking a 27 per cent drop from the previous quarter; women-led startups got 6.5 per cent of the capital.
• About 87 per cent of startup funding in the three months to March went to entities in Nigeria, Kenya, Egypt, and South Africa.
• Gender imbalance persists as only 6.5 per cent of the financing went to female-led startups in Africa.

The big four economies of Nigeria, South Africa, Kenya, and Egypt continue to attract the highest share of funding going to startups in Africa, even as the ecosystem suffered a 27 per cent drop in financing to $466 million in the three months to March 2024.

The latest analysis from Africa: The Big Deal shows that 87 per cent of startup funding in the three months to March went to upcoming entities in Nigeria, Kenya, Egypt and South Africa.

Attracting $160 million, Nigeria’s economy accounted for …

• Moove has raised US$30 million to increase its fleet of electric vehicles in the MENA region. The money came from a debut Sukuk offering
• Moove will use the funding to add up to 2,000 EVs in United Arab Emirates over the next year
• Moove predicts that this fleet of EVs will reduce carbon dioxide emissions by nearly 5,000 metric tonnes annually

Moove, a mobility fintech company in Nigeria, has raised US$30 million to increase its fleet of electric vehicles in the MENA region. The money came from a debut sukuk offering that Franklin Templeton Investments (ME) Ltd coordinated.

The successful closing of the company’s first sukuk will give Moove access to the vast pool of Islamic investors who are especially keen on making socially and environmentally responsible investments. It will also undoubtedly open up new financing options for Moove’s ambitious expansion plans.

As a sukuk al- istisna, a Shari’ah-compliant contract …