Yellow has raised $14 million in a series B funding round. Yellow is an asset financier for solar energy and digital products in Africa.
Convergence Partners led the funding round, which also included participation from Triple Jump’s Energy Entrepreneurs Growth Fund and Platform Investment Partners’ follow-on investment.
With this latest round, Yellow has now secured a total of $45 million in debt and equity funding.
Mike Heyink and Maya Stewart established Yellow in Malawi in 2018 with the goal of introducing solar energy to the nation.
“The newly injected capital is being used to leverage more debt finance to reach more customers with financed smartphones and solar systems. While the business will broaden its product offering to include other mobile financial services, Heyink, founder and CEO of Yellow, noted that growth will be fueled primarily by deepening our expertise in our existing product categories.”
The business claims that it has penetrated and reached over 400,000 consumers in its five countries thanks to its network of 1,100 agents, who find and submit asset finance applications on behalf of customers through its own Ofeefee app.
“It’s incredibly exciting to see the early stages of sustained growth in Africa. The team at Yellow is thrilled to be on the multi-decade journey with the African consumer, to a better life. We have a front-row seat to witness millions of people prospering as a result of joining the digital global economy for the first time,” said Heyink.
With the additional funding, Yellow intends to expand its presence in its current markets, including Malawi, Rwanda, Uganda, Zambia, and Madagascar, provide financial and digital goods soon, and get ready for additional debt funding rounds to accelerate its growth.
Read more on Tech Gist Africa:
KarmSolar, an Egyptian solar power manufacturer, has secured $3 million in debt funding
Solarise, a Kenyan energy firm, has secured an additional $3 million in funding
Sun King, a solar energy company in Africa and Asia, raises its Series D funding to $330 million
