Yellow, a firm that works to make energy and internet connections in Africa more affordable and reliable, has made a statement about its Series B equity round.
Yellow has partnered with Energy Entrepreneurs Growth Fund (EEGF) through Triple Jump B.V., enabling the company to continue expanding and providing accessible and affordable clean energy and internet connectivity products to hard-to-reach customers across the continent.
Yellow’s founder and CEO, Michael Heyink, was excited about the relationship. He said, “This investment will help Yellow move faster toward its goal of giving some of the world’s hardest-to-reach consumers easy access to affordable clean energy and internet connectivity products.”
Yellow has already served more than 360,000 people in Malawi, Rwanda, Uganda, Zambia, and Madagascar, and its sales have grown by more than 250% each year.
Also, the company’s solar products have helped cut over 500,000 metric tons of CO2 emissions, and Yellow is now doing well in smartphone banking.
This investment will help Yellow keep making good value-for-money goods by attracting customers who want to invest in things that will make their lives better in the long run. Mark van Doesburgh, the deputy head of Triple Jump’s direct investments team, says that this move will help East and Southern Africa get more access to clean energy.
EEGF gives the money in equity, debt, and mezzanine instruments so that growing energy businesses can get custom solutions that meet their changing needs. A fund life of 12 years gives investors and enterprises in developing economies more time to hold on to their investments and get help. Businesses in these areas need to create value for their stakeholders.
Yellow’s unique technology-enabled and system-driven method has already helped many people in Africa. This partnership with EEGF is a big step in Yellow’s journey to give more African people access to cheap energy and the internet.
The fund has a big goal of helping more than five million people, including more than 240 companies run by women and preventing 4.5 million tons of greenhouse gas emissions. EEGF is committed to investing in new ways to solve important global problems.