Yellow, an asset financier for solar energy and digital devices in Africa, has raised $14 million in a Series B funding round led by Convergence Partners. The round also saw participation from the Energy Entrepreneurs Growth Fund and follow-on investment from Platform Investment Partners. Yellow, founded in Malawi in 2018, initially focused on bringing solar energy to the country and has since expanded its footprint across Africa, offering electronics like smartphones as well. With the new funding, Yellow aims to deepen its presence in its current markets, launch digital and financial products, and prepare for future debt funding rounds. The company's total funding, including debt and equity, now amounts to $45 million. Yellow claims profitability and has experienced significant growth, reaching over 400,000 customers through its network of 1,100 agents. Its popular products include small and large solar home systems, which users can pay for through monthly installments. The investment in Yellow reflects sustained interest in the off-grid solar sector, which has seen significant funding in recent years.
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