MALAWI-UGANDA : Yellow obtains $3.3M to distribute its solar kits
Start-up Yellow, specialising in the supply of solar home systems, has just raised $3.3 million from several financial partners including Platform Investment Partners (PIP), Ruby Rock Investment, etc. Yellow will use the funds raised through the sale of shares to distribute its solar home systems to more than 100,000 customers in Malawi and Uganda.
The start-up Yellow can now expand its field of action. The start-up, which specialises in the supply of solar home kits, has just obtained US$3.3 million in a series “A” fund raising from Platform Investment Partners (PIP), an investment and advisory firm operating in Africa; from Ruby Rock Investment, a South African company specialising in transport insurance. Yellow has also received investments from its traditional lenders.
“We are proud to provide capital alongside our partners, including Ruby Rock, to make Yellow one of the leading digital retailers in Africa. We were very impressed with the deployment of the start-up’s Ofeefee software (a digital platform for Africa’s informal traders to express themselves, editor’s note) to solve complex problems in Malawi and Uganda,” says Michael Stannard, CEO of Platform Investment Partners.
The $3.3 million will enable Yellow to expand its customer base in Malawi and Uganda to more than 100,000 additional customers. The start-up also plans to strengthen its teams in the development and operation of solar home systems in Africa.
Founded in 2017 by Michael Heyink and Maya Stewart, the start-up uses an online platform to sell solar kits for African households. In 3 years, Yellow has enabled 30,000 rural African households to access electricity through solar home systems. This solution is made more accessible through the pay-as-you-go system.
Source : afrik21
