<h1>The Momentum of African Startup Ecosystems In a Snapshot</h1>Data-driven insights that will make you smarter in 5 minutes or less.<h3><img class="image_resized" style="width:100%;" src="/uploads/PHOTO_2024_06_25_13_14_31_8da45214b6.jpg">What’s in It for You?</h3><ul><li>Synthesized Market Analysis:&nbsp;Key data on economic trends and opportunities on a single page.&nbsp;</li><li>Actionable Insights: Understand essential industries and investment landscapes.</li><li>Reliable Information: Curated by our data and research team from trusted sources and industry reports.</li></ul><h3>Ready to Dive In? Download the Factsheet</h3><ul><li><a href="https://latest-api.renewcapital.com/uploads/FINAL_Tanzania_Fact_Sheet_1a0d49728a.pdf" target="_blank" rel="noopener noreferrer">Tanzania's Startup Ecosystem Fact Sheet</a></li><li><a href="https://latest-api.renewcapital.com/uploads/Egypt_s_Startup_Ecosystem_Factsheet_07e3c034a1.pdf">Egypt’s Startup Ecosystem Fact Sheet</a></li><li><a href="https://latest-api.renewcapital.com/uploads/FINAL_Ethiopia_Startup_Ecosystem_Factsheet_bbd213f998.pdf" target="_blank" rel="noopener noreferrer">Ethiopia’s Startup Ecosystem Fact Sheet</a></li><li><a href="https://latest-api.renewcapital.com/uploads/FINAL_Kenya_Factsheet_da115e8c82.pdf">Kenya’s Startup Ecosystem Fact Sheet</a></li><li><a href="https://latest-api.renewcapital.com//uploads/Morocco_Startup_Ecosyestem_Fact_Sheet_006a5a8686.pdf">Morocco’s Startup Ecosystem Fact Sheet</a></li><li><a href="https://latest-api.renewcapital.com/uploads/FINAL_Mozambique_Fact_Sheet_15e04085a9.pdf" target="_blank" rel="noopener noreferrer">Mozambique's Startup Ecosystem Fact Sheet</a></li><li><a href="https://latest-api.renewcapital.com/uploads/Final_edited_Nigeria_Fact_Sheet_39dc514cf5.pdf">Nigeria’s Startup Ecosystem Fact Sheet</a></li><li><a href="https://latest-api.renewcapital.com/uploads/FINAL_Rwanda_Fact_Sheet_e76810f067.pdf" target="_blank" rel="noopener noreferrer">Rwanda’s Ecosystem Fact Sheet</a></li></ul>Check back regularly as we add more ecosystem snapshots!&nbsp;Disclaimer: The information provided in our snapshots is for general informational purposes only and should not be considered investment, legal, tax or accounting advice. Furthermore, nothing in the snapshots is intended to be an individualized recommendation or personalized investment advice. Investment in companies in any of the jurisdictions mentioned or in Africa generally may not be suitable for everyone. Each investor needs to consult with his or her own advisors and review an investment strategy for his or her own particular situation before making any investment decision. The snapshots are compiled from Renew Capital's own research and third party sources which Renew Capital considers reliable; however, the snapshot's accuracy, completeness or reliability cannot be guaranteed. Renew Capital has no responsibility to maintain or update the information in the snapshots. All expressions of opinion in the snapshots are subject to change without notice in reaction to shifting market conditions.

Data-driven insights that will make you smarter in 5 minutes or less.


Ecosystems

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The Momentum of African Startup Ecosystems In a Snapshot

<h1>Secrets of Nigeria's Momentum&nbsp;</h1>Context for the country’s current state and startup potentialWow! Nigeria is a big surprise for me. We arrived on a holiday weekend for Eid-el-Kabir. We experienced very little of the chaos that most people rant about their visit to Lagos. We arrived at the old terminal and while it is dated, it is fine. The road into the city&nbsp;on the&nbsp;<a href="https://en.wikipedia.org/wiki/Third_Mainland_Bridge">Third Mainland Bridge</a>&nbsp;is in good shape (currently free from construction). We are here to meet founders (<a href="https://venturelab.renewcapital.com/">apply here for Renew Venture Lab)</a>, get time with our team and understand the startup ecosystem.&nbsp;<figure class="image"><img src="/uploads/IMG_1426_2_2f4faebe67.jpg" alt="Skyline of high-rise buildings in Lagos, Nigeria, showcasing the city's modern architecture and urban landscape."></figure>Though in a bit of a downturn, Nigeria continues to be a major player in the global startup ecosystem. With its market potential, impressive capital raises, supportive policies and a mature fintech sector, the country offers fertile ground for innovation and growth.1. Massive Market Potential -&nbsp;Nigeria's population, at 219 million in 2022, is expected to nearly double to 377 million by 2050, making it the 3rd or 4th largest country in the world. Despite a GDP slowdown and challenging economic times, the IMF expects improvement, signaling a positive economic trajectory.2. Leading in Startup Investments -&nbsp;Nigeria has raised the highest amount of capital among African startup ecosystems over the past five years, totaling $4.65B. The country has attracted 29% of Africa's total startup investment since 2019 and Nigeria remains a top destination for venture capital, despite a recent slowdown. Nigeria boasts the third-highest number of startup exits in Africa since 2019, following South Africa and Egypt.3. Supportive Regulatory Environment -&nbsp;Enacted on October 19, 2022, the Nigeria Startup Act fosters a conducive environment for startups with provisions like the National Council for Digital Innovation and Entrepreneurship, a special startup legal designation and various incentives. Nigeria boasts more than 90 accelerators, incubators, coding bootcamps and tech hubs, complemented by the highest number of active angel networks on the continent.4. Maturing Fintech Sector -&nbsp;<ul><li>Fintech Dominance: Nigeria’s fintech sector constitutes one-third of Africa’s fintech market, leading the "Big Four" countries (Nigeria, South Africa, Kenya, and Egypt) with a&nbsp;<a href="https://gfmag.com/features/african-fintech-untapped-potential/#:~:text=Between%202021%20and%202023%2C%20this%20quartet%20often%20called%20the%20%E2%80%9CBig%20Four%E2%80%9D%20was%20home%20to%2077%25%20of%20the%20continent%E2%80%99s%20fintech%20companies%20and%20swallowed%20over%2090%25%20of%20funding.%20Over%20the%20same%20period%2C%20Nigeria%20topped%20all%20the%20charts%20with%20a%2032%25%20market%20share%2C%20over%20%241%20billion%20raised%20in%20venture%20capital%20and%20217%20established%20fintechs">32% market share</a> and over $1B in venture capital raised between 2021 and 2023.</li><li>Success Stories: Notable Nigerian fintech successes include Jumia, Flutterwave, Paystack, Interswitch and OPay, setting a foundation for future growth.</li><li>Second Generation Companies: New businesses are building on the infrastructure established by early successes and failures, enabling quicker launches and broader service offerings.</li></ul>5. Final thoughts…<ul><li>&nbsp;The fear of Nigeria is outdated and overhyped.&nbsp;Don’t be swayed by how outside people talk about Nigeria. Lagos is great. Get on a plane and come see.&nbsp;&nbsp;</li><li>There’s value in maturity. Fintech and the startup ecosystem in Nigeria is maturing. Sectors such as healthcare, agriculture, entertainment, etc. show great potential in Africa’s most populated country.&nbsp;</li></ul>Nigeria’s combination of market potential, investment potential, regulatory support and fintech prowess makes it an exciting hub for startups and investors alike.Go Deeper on Nigeria?<ul><li><a href="https://www.linkedin.com/posts/renew-capital_nigeria-in-12-photos-activity-7209806106326429696-o6fl?utm_source=share&amp;utm_medium=member_desktop">Lagos in 12 photos</a></li><li><a href="https://latest-api.renewcapital.com/uploads/Final_edited_Nigeria_Fact_Sheet_39dc514cf5.pdf">Nigeria’s Startup Ecosystem Factsheet</a></li><li><a href="https://www.google.com/maps/@/data=!3m1!4b1!4m2!11m1!2slcGMqW-Ny-nSfEHk1wn_-0avUL9orA">Lagos Startup Ecosystem Google Map</a></li></ul>

Discover Nigeria’s growing startup scene, its market potential, investment trends and the thriving fintech sector shaping its future.


Nigeria

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Secrets of Nigeria's Momentum 

<h1>Secrets of Egypt's Momentum&nbsp;</h1>Context for the country’s current state and startup potentialThe past few months have been full of exploration for Matt and I as we’ve traveled around Africa to meet founders and to better understand startup ecosystems on the continent. Today, you find me in Cairo, Egypt. Last week, we were in Casablanca, <a href="https://www.renewcapital.com/newsroom/secrets-of-moroccos-momentum" target="_blank" rel="noopener noreferrer">Morocco</a> and next week, we will be in Lagos, Nigeria.&nbsp;Side note: For those who are interested (and not familiar with the ecosystem), we are hosting a Zoom webinar on “Nigeria’s Startup Scene: How Does it Stack Up?” June 19th, 12:30 PM Eastern.&nbsp;<a href="https://us02web.zoom.us/webinar/register/WN_RfG8ycMnTnOh8tc4QQva6g">Register here</a>.&nbsp;Renew Capital has been exploring Egypt for about a year now, and we are currently sourcing startups for investments as part of Renew Venture Lab (<a href="https://venturelab.renewcapital.com/">apply here</a>). We have so much to learn, but these are some of our key takeaways on Cairo this week and our earlier trip in March.&nbsp;<figure class="image image_resized" style="width:100%;"><img src="/uploads/IMG_7314_832de261f0.JPG" alt="A beautiful photo of Cairo's skyline over the river, featuring modern buildings and historical architecture."></figure>Here are a few things we have learned:&nbsp;<ul><li>A startup leader in MENA - Cairo's startup ecosystem is a leading hub in the MENA region, driven by strong sectors such as fintech, e-commerce and logistics. The e-commerce sector seems to be growing rapidly due to a young population and increasing internet penetration. Cairo’s ecosystem benefits from a supportive environment with various active investors and other stakeholders. Cairo's strategic location and robust talent pool further enhance its appeal as a startup hub​​.</li><li>Cairo is a city of contrast - I’ve worked in frontier and emerging markets for 20 years. But in Cairo the contrast was unique. First, you have&nbsp;ancient and new -&nbsp;You’ll find the Pyramids of Giza 15 minutes from the center of town and then 30 minutes in the other direction you have New Cairo and the New Administrative Capital with giant IT parks, IKEA, beautiful malls, modern restaurants and the tallest building in Africa. The contrasts are almost overwhelming. Next, you have&nbsp;outside versus inside and day versus night&nbsp;- Cairo is dusty and dense and on the outside of buildings and during the day, the old city can look a bit run down. But, when you go inside it’s like a new world. You find beautiful old buildings with great architectural designs and finishing work. It’s clean and beautiful. In Cairo, you have to know where to look. Also, once the sun sets, the buildings are lit up and it’s absolutely breathtaking!</li><li>Cairo is surprisingly affordable - Granted, the currency devalued in March by almost 40%, but even before that, internationals who live here describe Cairo as a very affordable city. A Starbucks run in March for four people - lattes, cappuccinos, juice drinks and snacks ran us about $6.</li><li>Cairo is large! -&nbsp;Cairo is the&nbsp;<a href="https://citymonitor.ai/environment/infrastructure/what-are-the-largest-cities-in-the-middle-east#:~:text=It%20is%20the%20most%20populated%20%E2%80%98metropolitan%E2%80%99%20area%20in%20the%20Middle%20East">largest city</a> in the Arab world with a population of almost&nbsp;<a href="https://www.worldbank.org/en/country/egypt/overview">10 million</a> and the whole urban area being above&nbsp;<a href="https://populationstat.com/egypt/cairo">22 million</a>. Egypt has two of the continent’s <a href="https://africa.businessinsider.com/local/lifestyle/top-10-african-cities-with-the-highest-population/sz3n5pv" target="_blank" rel="noopener noreferrer">largest cities</a>, with the second being Alexandria. As many cities and populations in the developed world age and shrink, Egypt and Cairo are forecasted to grow with nearly 43% of Egyptians living in urban centers.&nbsp;</li><li>Egypt is wealthy, relative to other SSA countries -&nbsp;Cairo had Starbucks, McDonalds, Hardees (Carl’s Juniors), delivery services, Uber, IKEA, Carrefour and everything you could want. We all know this development in South Africa. But, prior to my first visit in March, I didn’t know I would also find it in Cairo. Its&nbsp;<a href="https://data.worldbank.org/indicator/NY.GDP.PCAP.CD#:~:text=6%2C391.3-,Egypt%2C%20Arab%20Rep.,-2022">GDP per capita</a> is more than $4,000, which is one of the wealthier countries in Africa.&nbsp;<a href="https://data.worldbank.org/indicator/NY.GDP.PCAP.CD?locations=A9&amp;most_recent_value_desc=true">10th</a> among the 54 countries on the continent and many believe the&nbsp;<a href="https://english.ahram.org.eg/News/520322.aspx">structural reforms</a> President Abdel Fattah el-Sisi is putting in place will help the country see higher GDP growth in the coming years.&nbsp;</li><li>Egypt (and Africa) may become the focal point of a shift in geopolitical power -&nbsp;​​From an Economist article titled “<a href="https://www.economist.com/middle-east-and-africa/2024/03/13/gulf-countries-are-becoming-major-players-in-africa">Gulf countries are becoming major players in Africa</a>”, “As African leaders seek alternatives to dwindling Chinese loans and Western aid, the Gulf’s rise is reshaping geopolitics on the continent, with effects good and bad.” Cairo - as the epicenter of Africa’s Arab cultural and economic influence - will be one to watch as this geopolitical reshuffle happens. For example, in November 2023 Saudi pledged to invest $25B in Africa by 2030.&nbsp;</li></ul><h2>Go Deeper on Egypt?</h2><ul><li><a href="https://www.linkedin.com/posts/renew-capital_egypt-in-12-photos-activity-7207270407031238657-zxwu?utm_source=share&amp;utm_medium=member_desktop" target="_blank" rel="noopener noreferrer">Cairo in 12 photos</a></li><li><a href="https://www.youtube.com/watch?v=XIbSkaTdvrg" target="_blank" rel="noopener noreferrer">Interview with Matt and Laura</a></li><li><a href="https://latest-api.renewcapital.com/uploads/Egypt_s_Startup_Ecosystem_Factsheet_07e3c034a1.pdf" target="_blank" rel="noopener noreferrer">Egypt Startup Ecosystem Factsheet</a></li><li><a href="https://maps.app.goo.gl/X5JctByrSorhGMUL7">Cairo Startup Ecosystem Google Map</a></li></ul>

Learn about Cairo's fast-growing startup scene, its role in the MENA region, the unique blend of ancient culture and modern growth shaping its business landscape.

Egypt

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Secrets of Egypt's Momentum 

Renew Capital has a presence in 14 African countries. We aim to provide insight into Africa's startup scene, along with the opportunities and challenges it presents through a series of blogs from our in-country team. If you share our passion for developing entrepreneurship in Africa, we invite you to check out our&nbsp;<a href="https://www.renewcapital.com/careers">open roles</a>.&nbsp;<h1>Nicholas Clerk on Supporting Entrepreneurs and Ghana's Unique Culture</h1>Q&amp;A with Renew Capital's Investment Ecosystem Development Manager in GhanaRenew Capital has made a significant leap into Ghana's burgeoning tech sector with its first investment&nbsp;<a href="https://www.renewcapital.com/newsroom/affinity-ghanas-trailblazing-digital-bank-continues-to-expand">Affinity</a>, highlighting its dynamic entrepreneurial landscape. During a recent trip to Ghana, our founder and co-CEO, Laura Davis, explored Accra’s tech scene and shared valuable insights into its&nbsp;<a href="https://www.renewcapital.com/newsroom/ghanas-entrepreneurial-pulse-my-perspective">unique vibrancy</a>.&nbsp;In this Q&amp;A, we feature Nicholas Clerk, Renew Capital's Investment Ecosystem Development Manager in Ghana, to discuss his efforts in nurturing entrepreneurs and spearheading investment and development within Ghana's thriving tech ecosystem.<figure class="image"><img src="/uploads/GIS_2024_dealroom_31e5966a35.jpg" alt="Photo of a Q&amp;A session with Renew Capital's Investment Ecosystem Development Manager in Ghana, discussing insights on investment opportunities and ecosystem development."></figure>Can you briefly explain your background in Ghana's innovation and startup ecosystem? Where did it all start?My adventure in the innovation and startup ecosystem in Ghana kicked off almost a decade ago during my undergrad years. Picture me as a student, knee-deep in coursework, trying to complete my final thesis, when I got my first freelance part-time job with a multinational tech startup looking to expand to West Africa. My job at the time was to analyze the market dynamics in each country and to inform the company’s regional expansion strategy. That sense of drive and responsibility to inform real-world decision-making! I loved it! Little did I know, this would be the spark that ignited my passion for startups.&nbsp;Since then, I’ve gone on to acquire an MBA in finance and worn many hats—finance, accounting, data analysis, project management and management consulting—across some incredible companies. Each role has been a thrilling chapter in my ongoing story, and I couldn’t be more grateful for the ride so far!Ghana is well known for its vibrant people and culture, full of celebration and color, etc. So, what’s the best thing about Ghana for you?For me, the best thing about Ghana is our incredible sense of hospitality and community. Ghanaians are always warm and excited to welcome anybody with a smile! Ghana is a truly unique and special place. From our diverse and yet unusually spicy food, bustling markets, unique music and dance (even though I can’t dance to save my life), serene countryside and stunning fauna and flora. There truly is no place like home.Can you give us a brief background about your role at Renew Capital? What has been the most exciting part for you?At Renew Capital, my role involves a diverse range of tasks aimed at establishing our presence in Ghana's dynamic ecosystem. From engaging with key stakeholders to sourcing investment opportunities and managing projects, every day brings something new and exciting. However, if I had to pick the most thrilling aspect, it would be engaging directly with founders and entrepreneurs. There's something incredibly rewarding about collaborating with them, witnessing their passion and vision, and supporting their journey to create positive change in their communities.&nbsp;What do you see as the biggest opportunities and challenges for startups in Ghana's current landscape?&nbsp;In Ghana, the startup landscape is buzzing with potential. Our young, dynamic population is eager for innovative solutions to pressing problems. The rise of the digital economy offers fertile ground for businesses to flourish.&nbsp;However, access to funding remains a significant challenge. I've witnessed firsthand how promising ventures need help to secure the necessary capital to fuel their growth. Despite innovative ideas, many startups face hurdles first in finding investment opportunities and then being investor-ready in an ecosystem that is fairly nascent in its development.Despite these obstacles, I've also seen the drive and determination of Ghanaian entrepreneurs to succeed. With the development of the Ghanaian ecosystem, fueled by sustainable support from the private sector, I believe Ghanaian startups are poised to transform the continent as a whole and solidify its position as the gateway to Africa!

Q&A with Renew Capital's Investment Ecosystem Development Manager in Ghana

Ghana

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Nicholas Clerk on Supporting Entrepreneurs and Ghana's Unique Culture

<h1>Are You Pitching Investors Right?</h1>Key Insights for Successful Fundraising for African Startups&nbsp;Tune into "<a href="https://soundcloud.com/renewcapital/journeys-in-african-ventures-podcast-ep1-show-me-the-money?si=1571babc0e034c5fbed30d7a42a73225&amp;utm_source=clipboard&amp;utm_medium=text&amp;utm_campaign=social_sharing">Journeys in African Ventures</a>" where we explore the vibrant world of African entrepreneurship. In this episode, host Matthew Davis and guest Rishabh Lawania, CEO of Badili, dive into the challenges and triumphs of attracting global investment to Africa. Discover Rishabh's unique insights and strategies in navigating the funding landscape for African startups. A must-listen for anyone interested in growing and scaling their business in Africa.<div class="raw-html-embed"><iframe width="100%" height="166" scrolling="no" frameborder="no" allow="autoplay" src="https://w.soundcloud.com/player/?url=https%3A//api.soundcloud.com/tracks/1759319829&amp;color=%23ff5500&amp;auto_play=false&amp;hide_related=false&amp;show_comments=true&amp;show_user=true&amp;show_reposts=false&amp;show_teaser=true"></iframe><div style="font-size: 10px; color: #cccccc;line-break: anywhere;word-break: normal;overflow: hidden;white-space: nowrap;text-overflow: ellipsis; font-family: Interstate,Lucida Grande,Lucida Sans Unicode,Lucida Sans,Garuda,Verdana,Tahoma,sans-serif;font-weight: 100;"><a href="https://soundcloud.com/renewcapital" title="Investing On The Frontier" target="_blank" style="color: #cccccc; text-decoration: none;">Investing On The Frontier</a> · <a href="https://soundcloud.com/renewcapital/journeys-in-african-ventures-podcast-ep1-show-me-the-money" title="Journeys In African Ventures Podcast EP1: &quot;Show Me the Money&quot;" target="_blank" style="color: #cccccc; text-decoration: none;">Journeys In African Ventures Podcast EP1: "Show Me the Money"</a></div></div>&nbsp;Key Highlights:<ul><li>Rishabh's Transformative Journey: From India to Africa, trace the path of a visionary entrepreneur shaping the future of tech startups.</li><li>Behind the Scenes of Fundraising: Explore the unspoken challenges and simple strategies for raising capital in the vibrant yet complex African market.</li><li>Narrative as a Catalyst: Learn how storytelling transcends data, creating a powerful connection with investors and paving the way for success.</li><li>Investor Wisdom Unveiled:&nbsp;Gain exclusive insights from Renew Capital Co-CEO Matt Davis as he reveals what investors really seek in startups and the people behind them.</li></ul>Don't miss out on this journey of entrepreneurial discovery and growth.&nbsp;<a href="https://soundcloud.com/renewcapital/journeys-in-african-ventures-podcast-ep1-show-me-the-money?si=1571babc0e034c5fbed30d7a42a73225&amp;utm_source=clipboard&amp;utm_medium=text&amp;utm_campaign=social_sharing">Click to listen</a> and unlock the secrets to raising capital and growing a company in Africa.&nbsp;&nbsp;

A must-listen for anyone interested in growing and scaling their business in Africa.

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Are You Pitching Investors Right?

<h1>Press Release: Renew Capital Achieves Investment Milestone, Launches Next Pan-African Tech Fund</h1>Investing in asset-light, tech-enabled businesses across Africa<a href="https://latest-api.renewcapital.com/uploads/2024_02_13_FINAL_RVL_Fund_1_Press_Release_2dedaae469.pdf" target="_blank" rel="noopener noreferrer">Download the full press release</a>DENVER, USA and NAIROBI, Kenya, February 13, 2024&nbsp;—&nbsp;Amidst a surge of new funds in Africa’s thriving tech sector,&nbsp;<a href="https://www.renewcapital.com/">Renew Capital</a> 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.<figure class="image"><img src="/uploads/PORTRAIT_758539e469.png" alt="A photo of the Renew Capital staff, African portfolio founders and Global Affairs Canada representatives celebrate the launch of the Next Pan-African Tech Fund at the Canadian Embassy in Nairobi, Kenya."></figure>“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 launches the Next Pan-African Tech Fund, investing in asset-light, tech-enabled startups across Africa to drive innovation and economic growth.

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Press Release: Renew Capital Achieves Investment Milestone, Launches Next Pan-African Tech Fund

<h1>Press Release: Bosso Africa Secures Funding to Digitize Africa's Construction Supply Chain</h1>Zambian company is enhancing affordability and efficiency in the procurement of building supplies<a href="https://latest-api.renewcapital.com/uploads/2024_02_02_FINAL_Bosso_Africa_Press_Release_16b40f27d6.pdf" target="_blank" rel="noopener noreferrer">Download the full press release&nbsp;</a>LUSAKA, Zambia, February 2, 2024 - The lack of affordable housing for millions of people in Africa is a pressing issue, but <a href="https://www.linkedin.com/company/bosso/">Bosso Africa</a> is seeking to change that. The Zambia-based company provides an all-in-one user-friendly online marketplace that streamlines the sourcing of building materials for hardware stores, construction companies and individual builders.&nbsp;<figure class="image"><img src="/uploads/IMG_0256_2e03f35cce.jpg" alt="Grouo photo of Bosso team with founder in Lusaka, Zambia, digitizing construction supply chains to improve affordability and efficiency in Africa's building sector."></figure>By partnering with financial institutions, Bosso is working to further access to finance, providing customers with opportunities for various financing options, including stock advances using the “buy now pay later” (BNPL) credit approach, mortgages and the "save now, build later" (SNBL) approach."The challenges and potential within Africa's construction industry are immense and this presents a significant opportunity,” said Bosso’s CEO <a href="https://www.linkedin.com/in/chisepo-chirwa-b1062b2b/?originalSubdomain=zm">Chisepo Chirwa</a>. “Bosso’s mission is to make affordable building materials universally accessible through our e-commerce platform, providing a faster, more cost-effective and efficient solution."Through strategic collaborations with manufacturers, Bosso Africa offers a diverse product range and improves transparency and efficiency for users in the construction supply chain which ultimately reduces transaction costs.&nbsp;“Most African governments are currently pushing for affordable housing for their citizens. Affordable housing however starts with the provision of affordable housing materials,” says Renew Capital’s investment and project manager for Zambia, <a href="https://www.linkedin.com/in/calvin-chitangala-42b77512b/">Calvin Chitangala</a>. “Bosso's innovative platform improves the sourcing of building materials in Africa and we are delighted to support them in their journey.” *Ecosystem activation, pipeline development and capacity-building support provided to Renew Capital portfolio companies is generously supported by Global Affairs Canada.

Bosso Africa secures funding from Renew Capital to digitize construction supply chains, enhancing affordability and efficiency in Africa's building sector.

Zambia

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Press Release: Bosso Africa Secures Funding to Digitize Africa's Construction Supply Chain

<h1>Love And Tough Love: Our Take On 8 African Startup Ecosystems</h1>Our bird’s eye summary on the heels of our investment tourRenew Capital, along with a growing network of angel investors from around the world, have spent over a decade immersing ourselves in the vibrant cultures and entrepreneurial spirit of Africa. We initially focused on Ethiopia - not easy, but rich in culture and packed with potential - and have recently expanded across the continent into 9 countries. We’ve had wins, losses, and an amazing investment experience…and we’re just getting started.&nbsp;&nbsp;Each day we see new signs of growth. Laura and I recently embarked on a six-week investment trip across East and Southern Africa, including a visit to Ghana in West Africa. We engaged with more than 100 founders with the aim of selecting the best deals for our upcoming Renew Venture Lab Fund, which is a feeder fund to our venture capital fund. What we observed was a brilliant, diverse and energetic blend of talent, culture and progress. Africa is without a doubt changing and developing, much faster than most of the world may even be aware of. I hope this brief recap sheds light on this potential and inspires some of you to get on a plane and join us for an unforgettable investment experience.&nbsp;<div class="raw-html-embed"><style>
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</div><h3>A short manifesto&nbsp;</h3>I believe (and hope) that in the next ten years, the West’s perspective of Africa will undergo a radical paradigm shift, resulting in the redirecting of billions of dollars given each year in the form of aid and charity to investments in Africa’s burgeoning startup ecosystem.&nbsp;There has not been one discussion I have had in the last 5 years where I heard an African advocate for more charity or aid. The continent seeks partners that believe in their potential and will invest in their future. And that future is being written in the code of startups and the strategies of relentless entrepreneurs.&nbsp;At Renew Capital, we're working with a global network of investors who are not just observers; they are actively participating in this transformation. And the founders we are backing are embracing their new role as the ambassadors of Africa’s future.&nbsp;Africa is not just rising – it's thriving, innovating, and redefining possibilities.Now, let's delve into the highlights of our visits to various countries, shedding light on their entrepreneurial spirit and investment potential.<h3>Addis Ababa, Ethiopia: Awakening the Sleeping Giant (our home)</h3>Please note that I’m biased in my analysis of Ethiopia. It’s our Africa home and I have a deep place in my heart for this great country. I also have some tough love for her; earned through holding our ground during a civil war and losing a number of investments in that season.&nbsp;Ethiopia, historically considered a dormant tech market, is experiencing a surge in fintech interest. The introduction of&nbsp;<a href="https://www.renewcapital.com/newsroom/m-pesa-launches-in-ethiopia">M-PESA</a> sets the stage for exponential growth, with innovative partnerships and government initiatives fostering a conducive environment. Renew Capital, present in Ethiopia for 12 years, believes in the awakening of this market. That said, we’re moving with caution. While the capital markets are opening up, it takes time for the motivations of leaders to work their way down to the rank-and-file bureaucrat who approves or rejects your investment license. We’re ready to fight for every approval - Ethiopia is a sleeping giant and its tech scene is 20 years behind others, but when it decides to move it will be huge.&nbsp;<h3>Accra, Ghana: A Rising Star in Fintech?</h3>Ghana is gaining attention as an emerging destination in the African fintech landscape. Comparisons to stable Rwanda and entrepreneurial Uganda create a market balancing stability with innovation. Ghana's focus on financial inclusion and cross-sector collaborations indicates a promising future. We're excited to make an investment there, soon!<a href="https://www.mckinsey.com/industries/financial-services/our-insights/fintech-in-africa-the-end-of-the-beginning#:~:text=Ghana%20and%20francophone%20West%20Africa%20are%20expected%20to%20show%20the%20fastest%20growth%2C%20at%2015%20percent%20and%2013%20percent%20per%20annum%20respectively%2C%20until%202025.">15% per annum</a>: Ghana is the fastest-growing fintech market in Africa.&nbsp;<h3>Dar es Salaam, Tanzania: Kickstarting the Ecosystem</h3>In some ways, Dar es Salaam reminds me of Addis - starting up and ripe with potential. But we need to get movement to go from potential energy to kinetic energy, and that’s going to require some big, focused pushing.&nbsp;When we were there the ecosystem seemed close-knit and small. There was a youthful energy to the meet-ups we hosted and attended. It seems the government is supporting tech and innovation, so, while our pipeline was thin, we are eager to roll up our sleeves and start working “in and on” the ecosystem. I give it another 12 to 24 months and we’ll start seeing an impressive pipeline of deals coming out of Tanzania.&nbsp;I would have liked to see a bit more innovation and more traction from the companies that pitched to us. That said, we’ll definitely be coming back to a few of them (awesome founders), soon.&nbsp;<h3>Lusaka, Zambia: Discipline and Stability are Good for Growth</h3>Lusaka mirrors Rwanda's disciplined setup, offering stability and potential for growth. Investments in tech infrastructure and educational initiatives to bridge the skills gap contribute to a conducive environment for tech companies. It was hard for me to get a strong read on the ecosystem, so we’ll need to spend more time getting our heads around how the cultural environment impacts its investment potential. Oddly I would say of all the places, Zambia was the most polished culture I have engaged with. I found myself looking for some grit, but there were a few founders there that I liked. I was also impressed with the budding angel investment ecosystem; I see co-investment potential on the horizon. I also didn’t feel like the Zambian startups were trying to punch above their weight class - which was nice. They seemed realistic about valuations and their heads weren’t too big, which was a welcome refresher from some countries we visited.&nbsp;<h3>Kampala, Uganda: Dynamic Private Sector Amid Political Transitions</h3>Uganda was the first place I started to do my work in Africa years ago. And its private sector culture has remained a unique blend of chaos and growth. Uganda's laissez-faire strategy is working. But everyone seems worried about the upcoming leadership transition - so we’ll keep an eye on that. But I loved the energy of Uganda and there are some sharp founders doing great work there.<h3>Kigali, Rwanda: Investments and Excitement Bearing Fruit</h3>Rwanda radiates hope for the future. The country is positioning itself as a regional launchpad for startups. International collaborations, outside universities, and a government keen on fostering innovation make Kigali a hub for cross-border startup innovation. “Yeah, but it’s small…” is a true and cliche thing to say. But like Seattle weather, we know there is a lot of sun, and we just hope not too many people find out about it before we get a head start. Rwanda, we're ready!&nbsp;<h3>Nairobi, Kenya: Awesome but Pricey Amid Economic Concerns</h3>Nairobi stands out with sophisticated founders pitching innovative ideas, but (currently) expensive valuations. It’s November 2023, not 2022. Plus, the country is having macroeconomic challenges. All that to say, the talent and maturity of the pipeline in Nairobi is exceptional. I loved it. They have a rapidly evolving fintech ecosystem but we’re navigating it carefully. There is some&nbsp;soft money still sloshing around buying companies at prices that would make you shake your head. The strategic founders will readjust quickly, and position their current raise in a way that enables a faster raise in 12-18 months once the dust settles.&nbsp;&nbsp;<h3>Maputo, Mozambique: A Great Afro-European Vibe and Emerging Tech Scene</h3>Maputo, with its Afro-European fusion, faces some structural challenges but exhibits immense entrepreneurial resilience and potential. Financial inclusion initiatives and international investments in natural gas provide optimism for economic growth. A lot going on with the government "sandbox" initiative. Most companies were too early, but a few...could break out. We are excited to hopefully make our first investments there soon!In conclusion, we're very excited and were amazed by how much diversity and growth potential we saw! Now, it's time to make the hard decisions about who to back and how to come back to.As we continue to expand into some of these untouched and potential-rich markets, we will continue to share our insights with the larger community. We’re driven by a broader mission to change the way the world engages Africa, from giving to investing. It won’t be easy - transitioning and learning to invest. But fortune favors the brave! If you’re looking for an unforgettable experience or you’d like to share your own stories, please don’t hesitate to reach out!&nbsp;Renew Capital aims to back the founders leading Africa's startup revolution. We're gearing up to make significant investments in ventures across 10 countries and 8 sectors. We work with a global network of investors who believe in Africa's immense potential and the power of the private sector to drive innovation and economic development. If you are an accredited investor and would like to learn more, take 2 minutes to&nbsp;<a href="https://www.renewcapital.com/apply">apply to Renew Capital Angels™</a>&nbsp; to schedule a meeting with our team.This blog is intended for informational purposes only and does not constitute investment advice or a recommendation to you, or an offer to sell or solicitation to buy any security. Investments with Renew Capital are speculative in nature and involve a high degree of risk. The Renew Capital Angels invest in companies located and doing business in sub-Saharan Africa. Investors should understand and be willing and able to handle the risks of investing in such frontier markets, which are more significant than the risks associated with investing in securities of U.S. companies or in other developed countries and include the risk of total loss of an investor’s entire investment.

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Love And Tough Love: Our Take On 8 African Startup Ecosystems

Laura Davis, Co-CEO of Renew Capital, visited Accra for the first time in over 12 years. She shares her experience of one of Africa's bustling metropolises and what has changed since her last visit. We’re hiring in Ghana! Apply for our Investment Ecosystem Development Manager role&nbsp;<a href="https://renewcapital.bamboohr.com/careers/58">here</a>.&nbsp;<h1>Ghana's Entrepreneurial Pulse: My Perspective</h1>Rediscovering Ghana's lively capital city and entrepreneurial landscape&nbsp;Ghana.&nbsp;It was my second time to visit (the last time was more than 12 years ago), and after a few days, I finally started to get a decent feel for the capital, Accra. It’s a sprawling region of 5.4 million according to&nbsp;<a href="https://www.statsghana.gov.gh/regionalpopulation.php?population=MTM0NTk2MjQzOS4yMDE1&amp;&amp;Greater%20Accra&amp;regid=3">Ghana Statistical Service</a> and somehow without much of a bell curve shaping the skyline.&nbsp;The city’s business center seems to have shifted&nbsp;over the years, according to some, from the original city center near the chaotic Makola Market neighborhood to the Airport neighborhood and increasingly towards an area called Cantonments/Labone.<ul><li>Perhaps it's not really that different from many other African capitals where there are various pockets of modernity and innovation, but generally the density of such elements seems to be low.&nbsp;</li></ul><figure class="image"><img src="/uploads/Accra_eed3a4bf74.png" alt="Highlights from an ecotourism trip in Accra, Ghana, showcasing the vibrant startup ecosystem, local culture, and key attractions like Makola Market and Independence Arch."></figure><figure class="image"><img></figure>Our four-year-old Brooklyn says the difference between Ghana and Ethiopia where we’ve been living for almost 12 years, is the lady head porters (called kayayei locally) carrying everything imaginable with unparalleled strength and grace in the sweltering weather. And she currently loves talking about her disappointment with the trash she encountered on the beaches we visited. But of course, there are lots of other things to mention, both good and challenging from my perspective.&nbsp;<ul><li>The start-up scene is fragmented and nascent - There are definitely&nbsp;good things happening in pockets around the city, and good energy, but it’s not a compact ecosystem and there’s a fair amount of congestion and traffic in between these pockets of start-up energy.</li><li>There are lots of eager donors&nbsp;- But not too many massive entrepreneurial successes to point to yet. At least not that many that I heard of.&nbsp;</li><li>The Impact Hub Ghana has a great vibe.&nbsp;It’s located in the Osu neighborhood and has attracted several international companies like Glovo to HQ there.</li><li>The government is prioritizing entrepreneurship&nbsp;with various efforts underway to provide a legal framework for startups and support through various organizations such as the Venture Capital Trust Fund and the&nbsp;<a href="https://neip.gov.gh/">National Entrepreneurship and Innovation Programme (NEIP)</a>, among others.&nbsp;</li></ul>If you have the pleasure of a visit to Accra, Ghana, here are a few tourist recommendations that will give you a sense of the country's great history and vibe<ul><li>The Green Butterfly Market opens every first and third Saturday of the month at the Department of Parks and Gardens and features food and products from local artisans.&nbsp;</li><li>The Ghana National Mosque Complex hosts an impressive replica of Turkey’s Blue Mosque, a gift from the people of Turkey.</li><li>The West Hills Mall,&nbsp;supposedly one of the biggest malls in Accra was honestly a bit low on energy but could be interesting for anyone who wants to take a short drive (on a Sunday) outside the city center.</li><li>Makola Market&nbsp;- Beautiful, colorful, amazing chaos. My takeaway - this country has hustle! Need I say more?&nbsp;</li><li>Independence Arch is a beautiful piece of art that’s part of the&nbsp;<a href="https://visitghana.com/attractions/independence-square-1/">Independence Square</a> which memorializes Ghana’s independence struggle.&nbsp;</li><li>Osu Castle&nbsp;and the fishing villages nearby. Its history as a slave outpost among many others like it in Ghana is beyond hard to swallow, but also part of the story that must be acknowledged.&nbsp;</li><li>Oxford Street&nbsp;- Of course, there’s an “I Love Accra” sign that makes for great pictures, but also the street captures the dynamic hustle of the city’s residents and has plenty of shops and restaurants to enjoy.</li></ul>&nbsp;<div class="raw-html-embed"><div style="text-align: center;">
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</div></div>&nbsp;Overall, looking forward I wish for more success stories in Accra. I see its great potential, and I believe there’s a future for Renew Capital and our Angels in beautiful Ghana. If you are interested in a role with us, we are currently inviting passionate and qualified candidates to apply to join our team as an&nbsp;<a href="https://renewcapital.bamboohr.com/careers/58">Investment Ecosystem Development Manager</a> in Ghana.&nbsp;

If you have the pleasure of a visit to Accra, Ghana, here are a few tourist recommendations that will give you a sense of the country's great history and vibe