This strategic move comes at a time when the country is grappling with rising energy costs and an ongoing electricity crisis, exacerbated by Eskom’s proposed tariff increases, which could rise by up to 43.55% by mid-2025.

In April 2024, Eskom already implemented a 13% price hike, further escalating the pressure on both businesses and consumers.

To combat these rising costs, Grid Africa plans to develop solar energy solutions aimed at reducing dependency on the national grid.

According to Norman Moyo, CEO of Grid Africa, the current energy landscape presents a unique opportunity for businesses to adopt solar energy projects as a cost-saving measure.

“Recent changes in energy security in South Africa present a unique opportunity for businesses to deploy more solar energy projects, providing a buffer against escalating energy prices,” Moyo stated.

He also noted that with the declining costs of solar technology and lithium batteries, Grid Africa can offer more energy-efficient solutions, including peak shaving, which allows clients to avoid costly peak charges.

Founded in 2015, Grid Africa has played a key role in advancing renewable energy solutions across the continent.

The company has successfully developed hybrid energy projects in countries like Zimbabwe, Kenya, and Ivory Coast, showcasing its ability to operate in challenging environments.

Recently, it expanded into Zambia, a country facing frequent power outages, further emphasizing its commitment to providing reliable energy solutions across the region.

AfricInvest will provide $2.5 million in financing, while Proparco, through its Bridge by Digital Africa facility, will contribute EUR 450,000 (approximately $490,278).

This funding aims to enhance access to optical care in Africa, where the World Health Organization (WHO) estimates that 80% of visually impaired individuals do not receive proper treatment.

With this financial boost, Lapaire plans to strengthen its presence in the countries it already serves and expand its operations to new markets, including Senegal, the Democratic Republic of Congo, and Tanzania.

The investment comes just nine months after the startup raised $3 million for its previous expansion efforts across the continent.

Founded in 2018 by Swiss entrepreneur Jérôme Lapaire, the company has established itself as a key player in providing affordable eyewear in West and East Africa.

Lapaire operates over 80 optical stores in countries such as Ivory Coast, Benin, Togo, Mali, Burkina Faso, and Uganda.

It offers free eye tests and flexible payment options to make essential eye care more accessible to low- and middle-income populations.

The need for optical care in Africa is pressing. According to the WHO, one in six blind people globally resides in Africa, alongside 26 million individuals with varying levels of visual impairment.

Despite this, only 14% of those in need of cataract surgery receive treatment, and over 80% of individuals with short-sightedness go untreated.

Jérôme Lapaire highlighted the importance of the financial and technical support from AfricInvest and Proparco in expanding the startup’s optical network, with the goal of improving the lives of one million people by 2026.

Faisal Jiwa, Senior Partner at AfricInvest, expressed pride in supporting Lapaire through the Transform Health Fund, which is dedicated to making healthcare services more accessible and affordable for underserved populations in Africa.

AfricInvest’s Transform Health Fund, which raised $111 million in October 2024, focuses on scaling innovative healthcare models that provide affordable services to vulnerable communities across the continent.

The funding round was led by Blockchain Capital, with participation from notable investors such as Polychain Capital, Third Prime Ventures, Castle Island Ventures, Block, Inc., Galaxy Ventures, Blockchain Coinvestors, Hutt Capital, and Winklevoss Capital.

This latest round brings Yellow Card’s total funding to $88 million.

The company previously raised $15 million in a Series A round in 2021, followed by $40 million in a Series B round in 2023.

The newly acquired funds will be used to further develop Yellow Card’s API and widget products, which act as gateways for international businesses, including Coinbase and Block, to enter African markets.

Additionally, Pan-African companies will benefit from these products by enabling international payments and treasury management using stablecoins.

Yellow Card has also announced its plans to introduce innovative new products, strengthen its team, enhance its systems, and maintain its leadership in regulatory engagement across Africa.

The company has a proven track record of establishing partnerships that strengthen its service offerings.

In January 2024, Yellow Card partnered with Coinbase, a major cryptocurrency exchange based in the United States, to provide easy access to USDC and digital assets across 20 African countries.

This integration allows Coinbase wallet users in Africa to make payments in their local currency via local bank transfers and mobile money, providing a seamless customer experience and streamlined KYC processes.

Founded in Nigeria in 2019, Yellow Card has expanded its operations to 20 countries and has facilitated over $3 billion in transactions across the continent.

The fintech company is recognized as Africa’s largest licensed stablecoin on-ramp/off-ramp, offering businesses secure and cost-effective methods to buy and sell stablecoins like USDT, USDC, and PYUSD through its local currency and Payments API.

In 2022, Yellow Card became the first cryptocurrency company in Africa to be granted a Virtual Asset Service Provider license in Botswana.