Convergence Partners has led the USD 14mn series B round for Yellow alongside Energy Entrepreneurs Growth Fund (managed by Triple Jump) and Platform Investment Partners, which provided follow-on capital.
The PAYG financing company for off-grid solar home systems was founded in 2018 by Mike Heyink and Maya Stewart in Malawi and has since grown across Africa.
Separately, Convergence recently spun out its first permanent capital vehicle, Convergence Partners Investments, which has been rebranded as Solcon Capital.
Yellow completes $14mn series B round
Kubik, an upcycling startup that turns plastic waste that is hard to recycle into building materials, has raised USD 3.34mn for its seed round from Plug and Play, GIIG Africa Fund, Satgana, Unruly Capital, Andav Capital, Kazana Fund, Princeton Alumni Angels, Savannah Fund, African Renaissance Partners and Bestseller Foundation.
The company will use the funds to increase production in Ethiopia before entering into other African countries.
Kubik was founded in 2021 by Kidus Asfaw and Penda Marre also has a presence in Kenya.