This funding will allow the company to expand its inventory of solar home systems, providing energy access to 182,000 people, including 145,000 who will receive electricity for the first time.

The investment will be released in two phases. The first tranche of $1 million will be disbursed in US dollars, with repayments made in Malawian Kwacha. To mitigate hedging costs, a subsidy from the TCX EU Market Creation Facility will support this.

The second tranche will be both disbursed and repaid in US dollars. This structure helps Yellow Malawi manage foreign exchange risks and sustain its growth.

Maya Khonje-Stewart, Co-Founder of Yellow Malawi, highlighted the importance of the partnership with Acumen in helping the company achieve its goal of providing clean, affordable, and reliable energy to more Malawians.

“Acumen’s Hardest-to-Reach initiative understands the local context and has designed financing that not only meets our needs but also furthers our mission of expanding energy access,” she stated.

Malawi faces significant energy challenges, with only 11% of its population connected to electricity. While 42% of urban residents have access to power, only 4% of rural households are electrified.

Yellow Malawi, founded in 2018 by Mike Heyink and Maya Stewart, provides solar home systems and mobile phones to rural and off-grid customers in Malawi.

The company has already served over 530,000 customers with energy solutions and 62,000 people with smartphones.

In 2023, Yellow Malawi secured $14 million in Series B funding to support its expansion into Rwanda, Uganda, Zambia, and Madagascar, as well as to launch digital and financial products.

Acumen’s Hardest-to-Reach initiative, a $250 million program, aims to promote clean energy in underserved markets across 16 African countries, including Malawi.

Alongside its investment in Yellow Malawi, Acumen’s H2R initiative has also invested $1.25 million in RDG Collective, a Zambian solar energy distributor.

This investment will provide energy access to 66,000 people and supply 180 small businesses with solar generators, contributing to local economic growth.

With these strategic investments, Acumen’s H2R initiative continues to advance its mission of bringing clean energy to some of the most underserved regions in Africa.

This initiative, known as the Next Narrative Africa Fund, is set to invest in film projects across the continent with budgets ranging between $1 million and $5 million per project.

The fund plans to offer both equity investments and grants to filmmakers.

Over the next four years, the fund aims to raise and deploy its full $40 million, with a target of securing an initial close in the first quarter of 2025 and a final close by the end of the fourth quarter of the same year. Initial investments are expected to begin in 2025.

This fund represents a significant opportunity for African filmmakers as interest in the continent’s film and audiovisual industries continues to grow.

Nigeria’s Nollywood and South Africa’s film sectors have been leading the charge, attracting global attention and delivering impressive returns for investors.

For example, some Nollywood investors have reportedly seen returns up to three times their initial investments.

Since 2016, major streaming platforms like Netflix have invested approximately $178 million in African film content.

The Next Narrative Africa Fund will focus on supporting commercially viable projects with international appeal, with a particular emphasis on films that address themes such as gender and racial equity, democracy, governance, climate, health, and inclusive economic growth.

Projects must be primarily produced in Africa to qualify for investment.

“We’re excited to support creatives who aspire to not only entertain but also inspire and reshape the global narrative around Africa and people of African descent,” said Akunna Cook, CEO and Founder of Next Narrative Africa.

An advisory board composed of entertainment executives, filmmakers, film distributors, and narrative change experts will guide the fund’s investments.

Notable members of the board include Darcy Heusel from Neon, Areej Noor of Statement Films, Dominic Buchanan of Home Team, and Chin Okeke from Misan Partners.

In addition to financing films, the fund will also invest in the broader film and TV infrastructure across Africa.

The awards were presented at the Africa Venture Finance Programme, a week-long event hosted at Oxford University’s Saïd Business School.

This was the third edition of the programme, which is designed to support VC fund managers who focus on early and growth-stage technology companies in Africa.

Hosted by Boost Africa and AfricaGrow, the event brought together 41 leading fund managers representing 31 African VC funds.

First Circle Capital’s all-female team won the “Most Promising Fund Manager” award for their work investing in early-stage fintech founders.

SpeedInvest was recognized with the “Best Deal” award for their investment in Nigeria-based Moove, a fast-growing company offering vehicle financing and supply chain solutions.

Lastly, Keet van Zyl, founding partner of South Africa’s Knife Capital, received the “Lifetime Achievement Award” in recognition of his contributions to the venture ecosystem and his leadership in the industry.

The award winners were selected from a shortlist by their peers, with a final decision made by a panel of judges that included limited partners.

The week-long event attracted participation from notable funds such as Partech, AfricInvest, TLcom Capital, and Norrsken22.

It provided a platform for investors to exchange ideas and discuss solutions tailored to Africa’s unique challenges, fostering growth in the continent’s tech venture capital sector.

Over half of the attendees were women, signaling progress in gender inclusivity within VC leadership.

Speaking about the event, European Investment Bank (EIB) vice-president Ambroise Fayolle stated, “We are proud of Boost Africa’s role in supporting a vibrant and resilient VC ecosystem in Africa and helping African entrepreneurs transform their ideas into successful businesses. The EIB remains committed to financing new technology and ideas that will address global challenges.”