Malawi’s Yellow Raises $14M to Scale Solar Power and Smartphone Financing Across Africa
Yellow, a pioneering asset financier deeply committed to sustainable energy and digital services, has successfully closed a significant $14 million Series B funding round. This substantial capital infusion is strategically designed to accelerate Yellow’s expansion into key Sub-Saharan African markets, amplifying its reach and impact. The funding round was spearheaded by Convergence Partners, with strong participation from the Energy Entrepreneurs Growth Fund and Platform Investment Partners, reflecting robust investor confidence in Yellow’s innovative model and its potential for widespread social and economic transformation.
Yellow’s Journey: Bridging Energy Gaps and Fostering Digital Inclusion
Founded in 2018 by Mike Heyink and Maya Stewart, Yellow initially set out to tackle the critical electricity access deficit in Malawi, its first operational country. At the time, Malawi was recognized in 2019 as one of the “top-20 access deficit countries” globally, a list that also included nations like Nigeria, Ethiopia, Pakistan, Chad, Angola, and Bangladesh, underscoring the immense challenge and Yellow’s crucial role. The company’s Pay-As-You-Go (PAYG) solar home system model quickly gained traction and demonstrated remarkable success in Malawi. By June 2021, Yellow had already brought clean, reliable power to an impressive 81,919 households, making a tangible difference in daily lives. Building on this foundational success, Yellow has since strategically extended its footprint across the continent. Its operations now span Uganda, Rwanda, Zambia, and Madagascar, showcasing a commitment to regional impact. Beyond its foundational clean energy solutions, Yellow has innovatively broadened its offerings to include financing for essential hardware, such as televisions and smartphones, recognizing the interconnectedness of energy access and digital empowerment in modern African communities.
This latest $14 million investment marks a pivotal moment for Yellow, positioning the company for accelerated growth and deeper market penetration. By continuing to deliver affordable, sustainable energy solutions alongside vital digital services like smartphone financing, Yellow is not merely addressing energy poverty; it is actively empowering underserved populations with enhanced connectivity and access to modern technologies. This strategic expansion is poised to significantly advance Yellow’s overarching mission of transforming lives, boosting economic development, and fostering greater digital inclusion across Sub-Saharan Africa’s vibrant and rapidly evolving landscape.
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