Yellow, which finances alternative energy in Malawi and Uganda, has received a $23 million loan to expand. African fintechs receive a transaction and resources.
SA startup Lion’s Head Global Partner, a London-based private investment bank specialising on emerging and frontier countries, especially Africa, led Yellow’s $23 million capital round. The funding will expand the company’s footprint in Malawi and Uganda.
A Look What Yellow Does
Founded in 2017 by Michael Heyink and Maya Stewart, the startup uses an online platform to sell solar kits for African households. Essentially, Yellow leases equipment to persons outside standard electricity distribution networks. The money is reimbursed periodically at a set interest rate in the service agreement.
Yellow has enhanced energy availability for over 400,000 people while also reducing CO2 emissions by 12,000 tons per year by replacing kerosene with clean solar illumination and other devices. In addition, the company has created approximately 800 jobs in the area.
There are still 570 million people in Sub-Saharan Africa who do not have access to power, and meeting the UN Sustainable Development Goal (SDG7) of universal energy access by 2030 will necessitate scaling up highly effective firms.
Yellow solar Yellow solar
Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based lawyer, who has several years of experience working in Africa’s burgeoning tech startup industry. He has closed multi-million dollar deals bordering on venture capital, private equity, intellectual property (trademark, patent or design, etc.), mergers and acquisitions, in countries such as in the Delaware, New York, UK, Singapore, British Virgin Islands, South Africa, Nigeria etc. He’s also a corporate governance and cross-border data privacy and tax expert.
As an award-winning writer and researcher, he is passionate about telling the African startup story, and is one of the continent’s pioneers in this regard. You can book a session and speak with him using the link: https://insightsbyexperts.com/view_expert/charles-rapulu-udoh