Yellow, a South African startup based on a household system powered by solar energy, raises $750,000 from a group of business entities of angel investors. Local investors of South Africa, as well as offshore investors, participated and contributed a grand total. These investors combined to support people of Uganda and Malawi with solar energy-driven domestic instruments give away.
Yellow is founded in 2017 by Michael Heyink and Maya Khonje-Stewart. Before launching Yellow, Michael Heyink was working with a private fintech firm named Metier based in Johannesburg where he experienced the need and scope of energy-based pieces of equipment in the market and also for the betterment of the public of SA. Considering the economic condition, he started with pay-as-you-go solar power to African households.
Both expanding the business and hiring agents was a tough job, a time-consuming, and expensive process for the founders. Michael Heyink developed a digital technology called Ofeefee; it converts every informal process into an informative way and also lifting the business in remote areas. After the introduction of Ofeefee, it gained significant momentum with extensive business and popularity. Presently, Yellow has 12 employees and 60 agents.
Yellow’s home solar system device is used for recharging smartphones, power light bulbs, and a radio set. Recently, it updated the technology with expansion packs. The first 150 packs will be shipping from Tanzania, which will also use to provide power to television sets by just plugging in the initial Yellow device with the latest expansion packs. The packs will benefit regular customers. The Yellow device is manufactured in China and provided by a supplier in New York.
This solar device costs $150 with a scheme of the amount paid in 24 months. The payable monthly sum is 2.5% to 3%, less than other financiers around, says Michael Heyink. Yellow has competitors around the globe including UK-based BBoxx, Mobisol a Berlin-based, and Kenya’s M-Kopa.
Prior to the latest $750,000 funds, Yellow raised €2-million from Trine, the solar energy investment company, and a $1-million grant from USAID from a Kickstarter program in Malawi.
Your rate 3 stars is recorded
StartupWorld is the destination to learn about new and upcoming startups making waves on the web. Being an entrepreneur is as much hard work as it is fun. No one knows it better than you do. Share your story, send it in and let us showcase it to the world.