Yellow raises $14m to expand alternative power. 2 other stories and a trivia

This line-up of stories will help you discover the latest happenings around the tech world, today.

1. Yellow raises $14m to expand alternative power

 

Yellow, a tech startup focused on off-grid solar asset finance in Africa, has raised $14 million in its Series B funding round. 

This latest investment brings Yellow’s total capital raised to an impressive $45 million. 

The round saw participation from new investors such as Convergence Partners and the Energy Entrepreneurs Growth Fund, managed by Triple Jump, as well as follow-on investment from Platform Investment Partners.

The electrification of off-grid populations in Africa has been a long-standing challenge, but Yellow’s success demonstrates that profitable business models can be achieved in this sector. 

Despite entering the market in 2018 when interest in startups in the field was declining, Yellow overcame early setbacks and quickly iterated its model.

Yellow addresses the challenge of providing credit to the unbanked and underserved population by drawing inspiration from informal community lending practices. 

Through real-time digital incentives and behavioral economics, the company has decentralized credit decisions and achieved impressive repayment rates among customers previously considered uncreditworthy.

The funds raised from the Series B round will be used to enhance Yellow’s product offerings, improve operational capabilities, and reach more underserved communities. 

 

TECH TRIVIA: Which part of an email message might include a virus or other malware?

1. Header
2. Attachment
3. CC field
4. Message body

Answer: see end of post

2. SVC Injects $30 Million into Bedaya Fund II

 

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In a significant move to bolster the growth of Saudi Arabia’s venture capital ecosystem, Saudi Venture Capital (SVC) has announced a substantial investment of $30 million in Bedaya Fund II. 

Managed by renowned investment firm Shorooq Partners, the fund primarily focuses on providing crucial support to early-stage startups across multiple sectors.

The momentous subscription agreement was formalized during a signing ceremony attended by prominent figures in the industry. 

Dr. Nabeel Koshak, CEO and Board Member at SVC, along with Mahmoud Adi, Founding Partner at Shorooq Partners, affixed their signatures to the agreement. Esteemed guests included Yousef Al-Benyan, the Chairman of the SME Bank, and Abdulrahman Mansour, acting CEO of the SME Bank.

Expressing his views on the investment, Dr. Koshak remarked, “Shorooq Partners’ Bedaya Fund II investment aligns perfectly with SVC’s Investment in Funds Program, which aims to bolster the entire venture capital landscape in Saudi Arabia. 

Mahmoud Adi, in turn, expressed his gratitude for SVC’s strategic partnership with Bedaya Fund II, marking a continuation of their successful collaboration in Bedaya Fund I. 

Adi emphasized the growing confidence in Saudi Arabia’s flourishing startup ecosystem and highlighted Bedaya Fund II’s pivotal role in supporting the growth and innovation of early-stage startups. 

With Shorooq Partners’ unwavering commitment to Saudi Arabia’s tech sector and its leading position in the Middle East, Adi expressed his enthusiasm for the cooperative efforts with SVC to further develop the kingdom’s technology and venture capital landscape.

3. InstaShop acquires GroCart B2B wholesale marketplace

 

InstaShop, an online marketplace for supermarkets, pharmacies, pet shops, and other businesses in the Middle East, has announced its acquisition of GroCart, a B2B wholesale marketplace renowned for its exceptional customer experience and extensive product selection. 

The startup made the announcement in a statement seen by Ripples Nigeria on Tuesday, June 20, 2023.

The strategic move underscores InstaShop’s commitment to expanding its market reach and enhancing convenience for both customers and businesses.

GroCart specializes in streamlining retail supply chain logistics for FMCG (Fast-Moving Consumer Goods) retailers through its user-friendly web platform. 

With a remarkable track record of facilitating over 15,000 successful orders and forming partnerships with more than 200 leading suppliers, GroCart offers a wide range of over 5,000 products in the UAE. 

The company aims to leverage its expertise to extend its smart B2B operations across the MENA region, focusing on countries with a significant concentration of small shops, including Egypt.

By acquiring GroCart, InstaShop solidifies its position as the go-to platform for businesses in the region seeking to optimize operations and boost their bottom line. 

The acquisition represents a significant milestone for InstaShop, as it opens doors for expansion into the lucrative Traditional Trade & HORECA (Hotel, Restaurant, and Café) business segments. 

John Tsioris, Founder and CEO of InstaShop, expressed enthusiasm about the acquisition, stating, “We recognize the evolving needs of businesses in today’s dynamic market, and we are thrilled to announce our acquisition of GroCart. 

“By leveraging our extensive network and cutting-edge technology, we aim to revolutionize the way companies shop, ensuring efficiency, cost-effectiveness, and a seamless experience. This alliance allows us to forge new partnerships and unlock innovative solutions for businesses, empowering them to thrive in the digital economy.”

 

Trivia Answer: Attachment

An attachment, or email attachment, is a file sent with an email message. It may be an image, video, text document, or any other type of file.

To protect against viruses and malware, many mail servers will not accept executable file types, such as .EXE or .PIF files as they can contain virus.

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