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Knife Capital closes $50 million Series B expansion fund to support African innovation

New Investments

Knife Capital closes $50 million Series B expansion fund to support African innovation

South African-based VC firm Knife Capital has closed its anticipated $50 million African Series B Expansion Fund. 

With the aim of fueling innovation and growth across the continent, Knife Capital’s Series B Expansion Fund has garnered substantial support from investors who are eager to tap into Africa’s burgeoning startup ecosystem.

This fund is designed to provide crucial financial backing to promising startups at a pivotal stage of their growth journey, helping them scale, expand their reach, and solidify their market presence.

A broad range of investors committed to Knife Fund III, including the team itself, the International Finance Corporation (IFC), the Mineworkers Investment Company (MIC), the SA SME Fund, and its new Venture Capital Fund of Funds.

Other investors include Standard Bank, AfricaGrow, Skybound Capital, Fireball Capital, and the Draper-Gain family office in partnership with Rand Merchant Bank.

Known for its proficiency in partnering with and nurturing startups, Knife Capital is poised to accelerate the growth of these ventures, thereby contributing to job creation, economic development, and technological advancement across Africa.

The fund is expected to cater to various sectors, including technology, healthcare, fintech, agri-tech, and more.

By doing so, Knife Capital is not only driving innovation but also contributing to addressing some of the most pressing challenges faced by the continent.

The closing of Knife Capital’s $50 million African Series B Expansion Fund comes at a time when global interest in African innovation and entrepreneurship is on the rise.

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Mobility fintech Moove secures $76 million funding to drive global expansion

New Investments

Mobility fintech Moove secures $76 million funding to drive global expansion

Moove, a leading technology-driven vehicle subscription platform, has raised an $76 million in its latest funding round consisting of $28m in equity from new and existing investors.

The substantial infusion of capital is set to propel Moove’s ambitious global expansion plans and enhance its innovative vehicle subscription offerings.

The funding round was led by Mubadala Investment Company (Mubadala), $10m venture debt from funds and accounts managed by BlackRock, and $38m in previously undisclosed funds raised during the prior twelve months.

This financial endorsement underscores the growing investor confidence in Moove’s disruptive business model and its potential to reshape the automotive industry.

Founded in 2020, Moove has been gaining traction for its unique approach to vehicle ownership, offering customers flexible and hassle-free vehicle subscription services.

Through its platform, customers can subscribe to vehicles on a monthly basis, providing an alternative to traditional ownership or long-term leasing arrangements.

The new funds will play a pivotal role in accelerating Moove’s international footprint.

The company’s expansion strategy aims to tap into various global markets, catering to diverse customer preferences and mobility needs.

The investment will also fuel the development of advanced technology solutions that enhance the user experience and streamline operations.

The success of this funding round not only highlights the attractiveness of Moove’s business model but also reflects the broader trends in the transportation and mobility sector.

As the automotive landscape evolves towards flexible and service-oriented solutions, Moove’s ability to secure significant funding underscores its potential to revolutionize how people access and utilize vehicles.

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Omar has a proven track record of success in the technology industry, having previously worked as the Launch and Expansion EMEA Manager with Uber in the UK, where he set up the operations for UberEATS across EMEA in Dubai, Cape Town, Johannesburg, Riyadh, and 40+ cities in the UK.
He is a graduate of the University of Oregon with a bachelor’s degree in Political Economy.

He is also a member of the Raba Partnership, an organization that provides mentorship and support to early-stage entrepreneurs in Africa.
Omar’s notable accomplishments include successfully raising the largest seed round in Egypt to date for Trella. A passionate entrepreneur with a proven track record, Omar also strongly advocates for using technology to improve people’s lives in Africa.

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Jean’s impact extends beyond the business realm.
He has emerged as a changemaker, inspiring a new generation of entrepreneurs and innovators in his homeland and across Africa.

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With a background in biomedical engineering and project management, she has used her experience and expertise to become a trailblazer in encouraging more girls and women to pursue careers in STEM.
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