This fresh injection of capital comes on the heels of Arnergy’s $9 million Series A round in 2019, backed by All On, Breakthrough Energy Ventures, ElectriFI, and Norfund.

Founded in 2013 by Femi Adeyemo and Kunle Odebunmi, Arnergy provides businesses and homes with clean and reliable energy through solar power systems and other renewable energy solutions.

They currently operate across all 36 states of Nigeria, collaborating with mini-grid developers to expand their reach.

“This recent funding is not just about raising capital,” explains CEO Adeyemo.

“We’re strategically waiting for specific market triggers like the removal of fuel subsidies, grid parity with on-grid prices, and stabilizing diesel costs before launching our Series B round, expected to close within this quarter.”

Adeyemo emphasizes Arnergy’s commitment to capital efficiency and highlights the company’s shift towards offering more leasing options, recognizing the growing demand for solar solutions due to their increasing economic viability.

Nigeria’s unreliable grid system, with power output dropping to 93.5% in late 2023, has fueled the demand for off-grid alternatives.

In fact, Nigeria led the West African solar market in Q2 2022, accounting for 78% of all sales, with a staggering 450% increase in solar product sales observed between 2017 and 2022.

This latest funding empowers Arnergy to capitalize on the surging demand for renewable energy solutions in Nigeria and contribute to a cleaner, more sustainable future for the country.

This marks the firm’s second funding round focused on tackling climate change challenges and expands its portfolio to 19 companies operating in eight countries.

The nine recipients hail from diverse African countries: Tanzania (Mazao Hub, Medikea), Nigeria (Earthbond, Zebra Cropbank, Scrapays), Kenya (Keep It Cool), Egypt (NoorNation), South Africa (Thola), and Senegal (Tolbi). They represent various sectors tackling critical climate issues in agriculture, healthcare, energy access, and waste management.

“These models directly empower farmers, healthcare providers, waste workers, and small and medium businesses to adapt to the changing climate and drive positive economic growth,” said Maelis Carraro, Managing Partner at Catalyst Fund.

This investment comes amidst growing concerns about the impact of climate change on Africa, with over 110 million people directly affected by weather, climate, and water-related hazards in 2022 alone.

Recognizing this urgency, Catalyst Fund aims to support ventures providing innovative solutions for vulnerable communities.

“With these new investments, we aim to continue diversifying our portfolio across models, sectors, and geographies,” added Maxime Bayen, Operating Partner at the Catalyst Fund.

This investment builds upon Catalyst Fund’s earlier efforts in 2023 when they deployed $2 million to ten startups addressing climate challenges.

The organization is actively seeking to raise $40 million to further expand its reach and empower even more African climate tech ventures.

This investment will propel Moove’s expansion in India, where it aims to solidify its presence and venture into new cities like Delhi, Pune, and Kolkata.

Moove entered the Indian market in 2023 and has established itself in Bengaluru, Mumbai, and Hyderabad.

The company boasts impressive traction, with its financed vehicles completing over 4.2 million trips in India alone.

A significant portion of these vehicles operate on the Uber platform, having facilitated over 30 million rides. To further scale its reach, Moove plans to grow its fleet to over 5,000 cars.

“With the robust support of Stride Ventures, we stand on the cusp of transforming vehicle ownership nationwide, propelling our mission forward,” said Binod Mishra, Moove’s Regional Managing Director, highlighting the impact Moove has already made and its ambitious future plans.

This $10 million investment adds to Moove’s recent global funding success, having raised $76 million in total.

Founded in 2020, Moove utilizes alternative credit scoring and productivity data to offer vehicle financing solutions for transportation entrepreneurs in ride-hailing, logistics, and other mobility sectors.