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Press Release: Renew Capital Achieves Investment Milestone, Launches Next Pan-African Tech Fund
By Renew Capital Marketing and Communications Team | Tue Feb 13 2024
Investing in asset-light, tech-enabled businesses across Africa
DENVER, USA and NAIROBI, KENYA, February 13, 2024 — Amidst a surge of new funds in Africa’s thriving tech sector, Renew Capital has emerged as a distinctive player. With a dual purpose of generating returns for investors and founders, and rebranding Africa’s global image from a place of giving to a place of investing, Renew Capital is making significant strides. Founded by Matt and Laura Davis, who transitioned from their lives in Washington, D.C. to Africa's investment landscape in 2012, Renew Capital is a seasoned player in the continent's venture capital industry.
“In 2012, we were among the first investment firms in Ethiopia. Much of our early work involved educating the market about what an investment firm does,” says Matt Davis, co-CEO of Renew Capital. Now operating in 14 countries, Renew Capital aims to be one of Africa's leading investment firms by 2025.
“We began investing into individual deals through the Renew Capital Angels Network, now comprising more than 200 families mainly from the U.S. and Canada,” adds Laura Davis, co-CEO. “We are grateful to have members of the Renew Capital Angels visiting Kenya this week on an EconTourism trip. This visit underscores our commitment to directly engaging with and understanding the ecosystems where we invest, fostering deeper connections between our investors and the African entrepreneurial ecosystem.”
In 2023, the firm launched the Renew Venture Lab Fund series, focusing on early-stage tech and tech-enabled companies. With a "founder first" approach, Renew Capital prioritizes the character and vision of founders. “We believe in founders with integrity, intelligence, grit and vision who can lead their countries forward,” explains Matt.
Renew Venture Lab Fund 1 was designed to support startups at the forefront of innovation with scalable and sustainable business models, focusing on asset-light companies for a resilient and adaptable portfolio. Some of the companies that Renew Capital has invested in with Renew Venture Lab Fund 1 include Opareta, a Ugandan startup enhancing the efficiency of mobile money operations with a comprehensive digital platform; Mpost, which is transforming postal services with its technology; Octavia Carbon, leading in carbon capture and sustainability efforts; Scale, making strides in logistics; Sawa Energy, making renewable energy solutions more accessible in East Africa; Bosso, addressing the critical need for affordable housing in Zambia through its online marketplace for building materials and financing solutions; Tappi, a Kenyan innovation enabling SMEs to rapidly establish their online presence and access digital advertising and Level Africa, a regulated fintech innovator streamlining the investment process.
Following the closing and deployment of capital from Renew Venture Lab Fund 1, Renew Capital is now launching Renew Venture Lab Fund 2 (RVL2). This fund is designed to invest in up to 50 tech startups across Africa, offering training and support to founders and their teams. The most successful companies in RVL2 will be eligible for larger investments from Renew Capital Fund 1, the firm’s growth-stage investment fund.
“At Renew Capital, we aim to back exceptional founders who will shape Africa’s economic future,” Matt concludes.
Renew Capital is an Africa-focused impact investment firm that backs innovative companies with high-growth potential. Renew Capital manages investments made on behalf of the Renew Capital Angels, a global network of angel investors, foundations and family offices who seek financial returns and sustainable social impact. For the latest on investing in Africa, subscribe and follow us at our social links below.
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