Nuru, a solar energy startup in the Democratic Republic of Congo (DRC), has raised $40 million in Series B equity funding to expand its operations and provide electricity to more people in the country. The funding round was led by the International Finance Corporation (IFC) and included participation from several other investors. Nuru plans to use the funds to build three mini-grids in eastern DRC, with a total generation capacity of 13.7 megawatts. These mini-grids combine solar power and batteries to provide reliable and renewable energy to communities, helping to improve climate resilience and sustainable development in the region. Nuru aims to eventually provide 24-hour electricity for five million people in DRC, and it is planning to raise additional project finance of $28 million by the end of July. The company has already built mini-grids in four other cities in eastern DRC, and it sees the expansion of renewable energy as an opportunity to address the lack of energy access in the country. Nuru was founded in 2015 and has been at the forefront of providing mini-grid solutions in the region. It plans to raise a Series C round of $90 million later this year as part of its goal to secure $300 million in total funding by September 2024.

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