Yellow Africa has thrilled the Malawian digital market with solar technology solutions to infiltrate the continental electricity landscape with refined clean energy that could be acquired via financed digital device assets. The solar energy start-up company reported the investment deal it recently acquired from venture capitalists that exist to bankroll potential start-up companies that impact innovation in Africa — especially in Malawi where there is a low electricity supply.
Yellow founder and CEO, Mike Heyink said the reported investment deal is the outcome of the Series B fundraising session the solar energy start-up company closed at $14 million. It is a no-brainer the Malawian solar energy start-up bagged a good deal of business capital to bankroll its operations in the existing market in Africa.
The solar energy start-up company CEO said that “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, growth will be fueled primarily by deepening our expertise in our existing product categories.”
The Series B fundraiser Yellow Africa hosted was led by two juggernaut capitalists in the continent such as the Energy Entrepreneurs Growth Fund, and the Convergence Partners to lead the completion of the $14 million investment deal. The two capitalists offered a significant sum of tokens to support the solar energy start-up company’s impact on the continent’s electricity landscape.
The motive Convergence Partners and the Energy Entrepreneurs Growth Fund had in mind to bankroll Yellow with tangible offerings also geared the likes of Triple Jump and Platform Investment Partners that completed the Series B round. Heyink said that the investment will be used to penetrate the market where its means of energy is sourced including, Malawi and Uganda, with a head office in Cape Town, South Africa.
The solar energy company started up in Malawi and focused on innovating & lead the distributor of pay-as-you-go solar home systems within the origin market. Yellow Africa manages a distributed network of sales agents to serve rural households with optional assets financed products and services via digitized solar technology solutions.
The solar energy start-up company is focused on serving rural households in Malawi and Uganda by distributing solar lamp systems, a consumer retail product that is solar-based and provides electricity to households and workplace paradigms. Yellow Africa manages a large network of agents for the distribution and installation of digitized solar technology that furthers the promotional applications for asset finance on behalf of customers through its proprietary Ofeefee app.
The startup’s small home solar system, comprising a 6W-10W panel, 20-50Wh battery, 4 lights, cellphone charger and radio, remains its most popular product. It also sells solar systems with bigger capacities, and smartphones for users to remotely control the solar technology panel system.