<h1>Press Release: BulkBox - Solving Supply Chain Challenges for Africa’s SMEs</h1>Renew Capital invests in Bulkbox, a tech-enabled platform that provides Africa’s businesses with fast and reliable access to business supplies at competitive prices.<a href="https://latest-api.renewcapital.com/uploads/FINAL_Bulk_Box_Press_Release_4e3bfc5e52.pdf">Download Full Press Release</a>NAIROBI, Kenya, December 19, 2024&nbsp;– BulkBox is addressing critical supply chain challenges faced by small and medium-sized enterprises (SMEs) in Kenya using a convenient and easy-to-navigate online platform. The company provides SMEs with reliable access to a wide range of essential supplies at wholesale prices, empowering them to operate efficiently and profitably.The platform is simplifying procurement for businesses of all types, including restaurants, retailers and offices, providing them with the resources they need to thrive in a competitive marketplace.&nbsp;“BulkBox is helping small businesses get the supplies they need quickly and at fair prices,” said Ahmed Wurie, Co-founder and CEO of BulkBox. “We deliver products the same day and also provide manufacturers with local hubs to make last-mile deliveries easier and more affordable.”BulkBox addresses a key challenge in Kenya, where approximately 400,000 micro, small, and medium enterprises fail within their first year. BulkBox’s comprehensive platform ensures SMEs can access the products they need quickly and affordably while benefiting from tools that enhance operational efficiency.“BulkBox is solving a major challenge for SMEs in Kenya by improving access to affordable and reliable supplies,” said&nbsp;<a href="https://www.linkedin.com/in/lucas381/">Lucas Robinson</a>, consulting principal at Renew Capital. “Their B2B e-commerce platform, combined with capacity building support, equips businesses with the tools they need to grow and succeed.”With a strong value proposition of fast delivery, competitive pricing and capacity-building tools, BulkBox is well-positioned to help SMEs grow and succeed in Kenya’s competitive market.&nbsp;Support to Renew Capital portfolio companies is provided in partnership with Global Affairs Canada.About Bulkbox&nbsp;BulkBox is tackling supply chain challenges for small and medium-sized enterprises (SMEs) in Kenya through a convenient, user-friendly online platform that streamlines access to essential supplies.

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BulkBox is tackling supply chain challenges for small and medium-sized enterprises (SMEs) in Kenya through a convenient, user-friendly online platform that streamlines access to essential supplies.


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Renew Capital, an early-stage venture capital firm in Africa invests in Bulkbox, a tech-enabled platform that provides Africa’s businesses with fast and reliable access to business supplies at competitive prices.

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Press Release: BulkBox - Solving Supply Chain Challenges for Africa’s SMEs

<h1>Secrets of Kenya’s Momentum</h1>What a tenuous week to be in Nairobi. But this market is so much more than the current sad and complicated news coming out of Kenya related to taxes and youth demonstrations opposing the Finance Bill.&nbsp;Renew Capital has been a player in the Kenyan startup ecosystem for a few years now, with a great team of seven people. Stop by ABC Place, Waiyaki Way, 10th floor to visit our office and meet with the team. If you are an entrepreneur looking for financing for your asset-light, tech-enabled business check out the&nbsp;<a href="https://venturelab.renewcapital.com/">Renew Venture Lab and apply</a>.&nbsp;<figure class="image"><img src="/uploads/Whats_App_Image_2024_06_27_at_3_02_07_PM_3_f04d7feb7b.jpg" alt="Beautiful skyline view from the 10th floor of ABC Place, Waiyaki Way, Nairobi, showcasing high-rise buildings and lush green forested surroundings."></figure>Matt and I have flown down to Africa’s Silicon Savannah (Nairobi) from our home in Addis a number of times over the past 24 months, and every time it feels different. From bustling coworking spaces to a thriving entrepreneurial ecosystem, Nairobi is alive with a diverse set of increasingly mature founders who are tackling real-world problems with unique solutions. There are many examples to point to both successes and failures. And we have learned to appreciate how little we (and our Western investors) know about why this ecosystem is thriving.&nbsp;For one, I think M-Pesa is just a fascinating story. It started in Kenya as a way to help Microfinance Institutions (MFIs) get paid by customers who were in remote parts of Kenya who learned to use airtime minutes to trade things of value and blossomed into a revolutionary financing tool that has transformed the world.&nbsp;And we see new innovations emerging. This week we have seen many impressive entrepreneurs present their ideas and a few have that revolutionary feel to them.&nbsp;Here are some of our insights on the strength and potential of the Kenya ecosystem:<ul><li>The ecosystem is young and vibrant. The energy of the founders, their youthful zeal and their fresh ideas are unique to the other markets we have traveled to.&nbsp;</li><li>There is a large diversity of startups - we’re seeing edtech, fintech, healthtech, logitech, etc. The spectrum is larger here. And the founders are from all corners of Kenya and the world!&nbsp;</li><li>The industry is built on legends, like M-PESA. And the government is also more comfortable with innovation than what we’ve seen in other markets.&nbsp;</li><li>Nairobi is international - The UN, tourism and other factors have created an exceptional service industry and a very welcoming place for international investors to come in and out of.</li></ul>The startup ecosystem in Kenya is characterized by several features and trends:<ul><li>There’s a good amount of money here: Kenya has emerged as a leader in startup funding in Africa, raising $800 million in 2023 alone, which accounted for 28% of the total funding on the continent. This is a significant achievement, especially considering the economic challenges posed by global slowdowns and inflation​ (<a href="https://thefounder.africa/kenya-takes-the-crown-leading-the-big-four-in-african-startup-funding/">TheFounder</a>), (<a href="https://kenyanwallstreet.com/new-report-reveals-significant-growth-of-kenyan-startup-ecosystem-over-past-decade/">Kenyan Wall Street</a>).</li><li>Thankfully, the volume of pipeline is growing: The ecosystem is rich with diverse startups across various sectors including fintech, agritech, health tech and e-commerce. Kenyan startups are leading the way in leveraging technology to solve local problems and scale globally​ (<a href="https://startupstash.com/kenyan-startups">Startup Stash</a>), (<a href="https://thefounder.africa/kenya-takes-the-crown-leading-the-big-four-in-african-startup-funding/">TheFounder</a>).</li><li>The ecosystem is maturing: Kenya's startup ecosystem benefits from a robust network of innovation hubs, accelerators and incubators that provide mentorship, funding and networking opportunities. Institutions like iHub and programs like the Tandaa Grants have been pivotal in nurturing startups from inception to growth stages​ (<a href="https://vc4a.com/kenya/">VC4A</a>), (<a href="https://kenyanwallstreet.com/new-report-reveals-significant-growth-of-kenyan-startup-ecosystem-over-past-decade/">Kenyan Wall Street</a>).</li><li>The government is supportive: The Kenyan government has played a supportive role by implementing favorable policies and regulations that encourage entrepreneurship. Initiatives such as the Tandaa Grants and other supportive measures have been crucial in driving the growth of the startup ecosystem​ (<a href="https://kenyanwallstreet.com/new-report-reveals-significant-growth-of-kenyan-startup-ecosystem-over-past-decade/">Kenyan Wall Street</a>).</li><li>The tech infrastructure is solid: The growth of Kenya’s startup ecosystem is significantly driven by high mobile and internet penetration. The deployment of an underwater internet cable in 2006 and the subsequent rise of mobile phone usage have been instrumental in fostering digital innovation​ (<a href="https://africabusinessinsights.com/emerging-tech-landscapes-in-africas-startup-ecosystem-for-2024/">Africa Business Insights</a>), (<a href="https://kenyanwallstreet.com/new-report-reveals-significant-growth-of-kenyan-startup-ecosystem-over-past-decade/">Kenyan Wall Street</a>).</li><li>The talent pool is huge: A large portion of the startups are founded and operated by young entrepreneurs, reflecting a vibrant and innovative youth population. This demographic is key to the ecosystem's dynamism and resilience​ (<a href="https://vc4a.com/kenya/">VC4A</a>), (<a href="https://kenyanwallstreet.com/new-report-reveals-significant-growth-of-kenyan-startup-ecosystem-over-past-decade/">Kenyan Wall Street</a>).</li></ul>Look beyond the current headlines. Nairobi is a super vibrant ecosystem with a growing level of maturity. While South Africa and Nigeria are dusting themselves off from some hard times the Kenya Startup Ecosystem is still on the rise.&nbsp;In summary, Kenya's startup ecosystem strengths include attracting substantial investment each year, a well-developed cohort of diverse and innovative enterprises, strong support structures, and proactive government policies.It’s actually no secret that Kenya is a leading hub for entrepreneurship in Africa!Go Deeper on Kenya?<ul><li><a href="https://www.linkedin.com/posts/renew-capital_kenya-in-12-photos-activity-7212330742368894976-cAPG?utm_source=share&amp;utm_medium=member_desktop">Nairobi in 12 photos</a></li><li><a href="https://latest-api.renewcapital.com/uploads/FINAL_Kenya_Factsheet_da115e8c82.pdf">Kenya’s Startup Ecosystem Factsheet</a></li><li><a href="https://www.google.com/maps/placelists/list/GAmvN3pZHdikuLPqhZ1gTcdSxM01Ng">Nairobi Startup Ecosystem Google Map</a></li><li>See the Kenya Startups Ecosystem Timeline Below.&nbsp;</li></ul>Interested in other African Startup Ecosystems?&nbsp;<a href="https://www.renewcapital.com/newsroom/the-momentum-of-african-startup-ecosystems-in-a-snapshot">Download Renew Capital’s Ecosystem Factsheets on other Ecosystems</a>. We’ll be adding new ones every few weeks!&nbsp;Source:&nbsp;<a href="https://www.maitricapital.com/static/media/Understanding_The_Kenyan_Startup_Ecosystem_Report_Final.0f8b777030a052c19028.pdf">2023 UK-funded report by Kenyatta Univ and other partners</a>.

Explore Kenya’s dynamic startup ecosystem, including its vibrant fintech scene, diverse innovations and supportive environment fueling growth.

Ecosystems

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Secrets of Kenya’s Momentum

<h1>Press Release: Kenyan Startup Farm to Feed Fighting Food Loss</h1>Renew Capital recently made an investment in the B2B platform Farm to Feed, which targets unused produce, enhancing sustainability and farmer livelihoods<a href="https://latest-api.renewcapital.com/uploads/2024_23_04_FINAL_Farm_to_Feed_Press_Release_971448cf62.pdf" target="_blank" rel="noopener noreferrer">Download the full press release</a> NAIROBI, Kenya, April 23, 2024 — With more than a billion tons of food wasted on farms each year globally, Kenya's<a href="https://www.farmtofeedkenya.com/">&nbsp;Farm to Feed</a>&nbsp;is stepping up with a solution. Their simple B2B platform is addressing some of the 40% of uneaten food by finding new uses for surplus and less-than-perfect produce.<figure class="image"><img src="/uploads/PHOTO_2024_04_15_10_30_42_24827e4a5e.jpg" alt="Team photo of Farm to Feed employees proudly displaying fresh vegetables in their Nairobi, Kenya office, showcasing their commitment to sustainability and reducing food waste."></figure>The company’s tech-enabled platform is revolutionizing Kenya's agriculture sector by aggregating supply and demand, optimizing logistics and providing seamless customer interactions.“Our goal at Farm to Feed is to transform the way food is valued and utilized in Kenya,” says Claire van Enk, managing director of Farm to Feed. “We're dedicated to reducing the environmental footprint of agriculture, boosting farmer incomes and making nutritious food more accessible and affordable for all.”The company is making a significant difference in the way food is sourced, distributed, and consumed, setting a new standard for food sustainability in Kenya and beyond.“Farm to Feed embodies the kind of innovative spirit and determination we value at Renew Capital,” said Esther Mwikali senior investment manager at Renew Capital. “We're committed to backing growth-oriented founders who possess a blend of skill, grit and passion. Farm to Feed's work in transforming Kenya's food system aligns perfectly with these values.”

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Farm to feed is changing the way food is sourced, distributed and consumed, enhancing food security across the region. Farm to Feed’s a tech-enabled platform aggregates supply and demand, optimizes logistics and provides seamless customer interactions.

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Renew Capital recently made an investment in the B2B platform Farm to Feed, which targets unused produce, enhancing sustainability and farmer livelihoods


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Press Release: Kenyan Startup Farm to Feed Fighting Food Loss

<h1>Press Release: Roam Secures $24M in Series A Funding to Accelerate Innovation and Electric Vehicle Production in Kenya</h1>Expanding local manufacturing to propel Africa toward sustainable transportation<a href="https://latest-api.renewcapital.com/uploads/2024_16_02_FINAL_Roam_Press_Release_4ff76b266d.pdf" target="_blank" rel="noopener noreferrer">Download the full press release&nbsp;</a>NAIROBI, Kenya,&nbsp;February 16, 2024— <a href="https://www.roam-electric.com/" target="_blank" rel="noopener noreferrer">Roam</a>, a Kenya-based electric mobility leader in electric vehicle (EV) innovation in Africa, is set to expand its operations in Kenya significantly following a $24M Series A funding round.&nbsp;<figure class="image"><img src="/uploads/09_Roam_Rapid_522b216ee1.jpg" alt="A beautiful photo of the Roam electric vehicle bus showcased in Nairobi, Kenya, highlighting sustainable transportation innovation."></figure>This funding round was led by Equator Africa and includes investments from Renew Capital, At One Ventures, TES Ventures, The World We Want, and One Small Planet, among other prominent private and institutional investors. Included in the $24M is a commitment from the U.S. International Development Finance Corporation (DFC) to provide Roam with an up to $10M debt facility.Roam will use the investment to enhance the local manufacturing capabilities at their 10,000 sqm facility (East Africa’s largest electric motorcycle assembly plant), invest in production tooling for cost reductions and streamline both local and global supply chain networks.&nbsp;Since its inception in 2017, Roam has been committed to creating a greener, more sustainable future for Africa. The investment will support Roam's long-term goal of transitioning Africa's public transport sector to effective, affordable electric buses and motorcycles.&nbsp;“Renew Capital is committed to backing innovative leaders like Roam, who bring a unique combination of skills, determination, and passion to their work,” says Esther Mwikali, Renew Capital Investment and Project Manager. “Roam's dedication to transforming Africa's transportation system resonates deeply with our investment philosophy. We're honored to be part of their journey in redefining African transport, making it more efficient, sustainable and eco-friendly.”"DFC is proud to support initiatives like Roam that align with our commitment to fostering innovation and sustainability,” said James Polan, Vice President of the Office of Development Credit at DFC. “This significant transaction will support the expansion of Roam's electric mobility offerings and resonates with our goals for a cleaner future."Nijhad Jamal, Partner at Equator, stated, "At Equator, we are committed to building a future with efficient, accessible, and sustainable mobility. Roam's innovative electric mobility platform is at the forefront of this transformation, and we are proud to provide catalytic funding that will enable Roam to build a cleaner, more equitable future for African cities."Rajal Upadhyaya, CFO of Roam, expressed gratitude for the investor support, saying, "As Africa embraces the move toward electric vehicle technology, we are proud of our impact on the environment and livelihoods across Kenya and the wider continent. This funding is a critical step for Roam to achieve our strategic objectives in scaling up and increasing utility to our customers."Roam's commitment to innovation and sustainability was recently highlighted during a visit by Kenya's President, His Excellency William Ruto, to the Roam Park facility. The president's visit underscores the national and international significance of Roam's work in advancing green technology and manufacturing in the region.

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Roam is an electric mobility leader in electric vehicle (EV) innovation in Africa. The company is committed to creating a greener, more sustainable future for Africa. They seek to transition Africa's public transport sector to effective, affordable electric buses and motorcycles. 

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Roam secures $24M in Series A funding to enhance electric vehicle production in Kenya. 

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Press Release: Roam Secures $24M in Series A Funding to Accelerate Innovation and Electric Vehicle Production in Kenya

<h1 style="margin-left:0px;">Press Release: Renew Capital Angels Invest in Kenyan Fintech FlexPay</h1>FlexPay is reshaping the financial services landscape in Africa with its flexible and affordable payment alternatives<a href="https://latest-api.renewcapital.com/uploads/FINAL_Flex_Pay_Press_Release_c41e2406d2.pdf " target="_blank" rel="noopener noreferrer">Download the Full Press Release&nbsp;</a>NAIROBI, Kenya, September 5, 2023 —Renew Capital Angels have invested in an innovative Kenyan fintech,&nbsp;<a href="https://www.flexpay.co.ke/">FlexPay</a>. FlexPay’s"save now, buy later" platform allows customers to purchase products over time, interest-free, by setting personal savings goals. They provide customers with greater financial flexibility and purchasing power by collaborating with merchants to facilitate flexible payment options for high-value goods and services.&nbsp;<figure class="image"><img src="/uploads/Flex_Pay_e4b9cbfb07.png" alt="Senior Investment Manager of Renew Capital with FlexPay founders in their Nairobi, Kenya office, showcasing partnership in innovative fintech solutions."></figure>“Our “save now, buy later” model represents an important evolution of “buy now, pay later”. It's an affordable, scalable, and sustainable model, particularly in Africa. We are looking forward to the future and plan to move quickly in the next three months to partner with merchants and blaze a new trail in the banking space,” said <a href="https://www.linkedin.com/in/richard-machomba-618b697a?miniProfileUrn=urn%3Ali%3Afs_miniProfile%3AACoAABDmyjQBkhBCNptBuO2vD_RO8NeUDZ-3uSI&amp;lipi=urn%3Ali%3Apage%3Ad_flagship3_search_srp_all%3BZZ2IaXumQsSzgSvDlaN8LA%3D%3D" target="_blank" rel="noopener noreferrer">Richard Machomba</a>, CEO of FlexPay.&nbsp;FlexPay is one of the innovative financial service products that has emerged from Kenya, the home of Africa's first mobile money service, MPESA. FlexPay aims to bridge the affordability gap with practical and affordable financial services thus protecting customers from the dangers of debt."The youngest and fastest-growing populations in the world are generating massive demand for effective and affordable financial services. This is Africa’s great challenge and opportunity. FlexPay is leveraging exciting technology to power an empowering new model: “Save now, buy later,” said Matt Davis, CEO of Renew Capital.The investment aligns with Renew Capital's mission to support groundbreaking ventures across Africa.

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FlexPay is a Kenyan fintech company that offers a "save now, buy later" platform that enables customers to purchase products over time, interest-free, by setting personal savings goals. FlexPay collaborates with merchants to facilitate flexible payment options for high-value goods and services, making it a valuable addition to the Kenyan financial landscape.

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Renew Capital Angels invests in FlexPay, a Kenyan fintech offering flexible 'save now, buy later' payment solutions.

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Press Release: Renew Capital Angels Invest in Kenyan Fintech FlexPay

Esther Mwikali, an investment and project manager in Kenya with a degree in Economics and Finance from Kenyatta University, is highly experienced in Kenya's startup ecosystem. At Renew Capital, she uses her expertise to oversee investment opportunities. Discover more about Mwikali's journey to impact investing and Kenya's entrepreneurial scene.<h1>Diving into Kenya's Startup Ecosystem with Esther Mwikali&nbsp;</h1>Meet Mwikali Muia, a mover and shaker in the startup scene of Kenya. As part of the power team at Renew Capital, she's turned her passion for helping young businesses into a thriving career in impact investing. Join us as Mwikali gives us an insider’s perspective of Kenya's bustling startups and exciting growth sectors.<figure class="image"><img src="/uploads/1679385909972_af9fef563a.jpeg"></figure>Q: What initially sparked your interest in impact investing?A: I had my eureka moment back in 2017 when I joined Meta. As Head of Community, and later as General Manager, I saw first-hand the tough road startups had to walk to connect with investors. That really stoked my curiosity and nudged me toward the investment side of things. I plunged headfirst into books and conversations with seasoned investors to build my knowledge from the ground up. Eventually, I joined Renew Capital, a company dedicated to investing in African companies and supporting their growth. Renew Capital's approach of walking alongside startups and providing genuine support resonated with me. I believe in the impact and potential of these companies, and Renew Capital aligns perfectly with my passion for supporting firms through investments.Q: What is one key aspect or unique characteristic that you believe people should know about when it comes to impact investing in Kenya?A: When it comes to impact investing in Kenya, it's crucial to recognize the country's vibrant and resilient entrepreneurial spirit. Kenyans have a strong determination and a "hustler" mindset, willing to work hard, pivot, and overcome challenges. The people of Kenya embrace innovation and possess a curiosity that drives them to explore new ideas and technologies, leading to the success of startups in sectors like fintech, healthcare, and agriculture. A great example of this is the growth of MPESA. Kenya also has a strong sense of community and trust, which plays a significant role in the investment and startup scene. Collaboration and support are fundamental, with entrepreneurs relying on their networks, family, and friends for initial capital. Moreover, Kenya's commitment to education and continuous learning, along with its strong reading culture, contributes to its innovative and entrepreneurial landscape. Overall, investing in Kenya provides an opportunity to tap into a dynamic market driven by passionate individuals, a sense of community, and a relentless pursuit of success.Q: Which industry or startup scene excites you the most?A: I find the tech-enabled startup scene most exciting, with various industries catching my attention. However, I can't single out a favorite industry because each day I come across different companies that teach me something new. Fintech has been a standout in recent years, but I encounter new and innovative companies every day. Proptech, for instance, fascinates me as they find innovative ways to address the increasing number of apartment complexes and offer affordable housing solutions. While I appreciate the exciting and shiny industries, I also have a deep passion for the homegrown sectors that are essential for our continent's development. Education, healthcare, finance, manufacturing, and agriculture are crucial areas that require innovative solutions to support the growing population and provide quality services to low-income households.Q: Is there something interesting or surprising about yourself that most people would not know?A: I grew up on a farm in Kenya. This experience instilled in me a strong work ethic, responsibility, and adaptability. I developed project management skills by overseeing tasks related to caring for animals. It also gave me a deep connection to nature and a love for the environment.

Kenya's vibrant entrepreneurial spirit and unique characteristics of the investment environment. 

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Diving into Kenya's Startup Ecosystem with Esther Mwikali 

<h1>Press Release: Renew Capital Angels Invest in Kenyan Smartphone Recommerce Startup, Badili</h1>Badili and Renew Capital Angels partner to enhance the African recommerce experience<a href="https://latest-api.renewcapital.com/uploads/FINAL_Badili_Press_Release_9711c51e8d.pdf" target="_blank" rel="noopener noreferrer">Download the Full Press Release</a>&nbsp;NAIROBI, Kenya, March 7, 2023&nbsp;—&nbsp;The number of smartphone connections in sub-Saharan Africa is expected to rise to nearly 700 million by 2025 but even then the adoption rate still remains at modest levels across the continent.&nbsp;Kenya-based startup Badili is on a mission to change this and put a smartphone in the hands of every African through its recommerce platform.&nbsp;<figure class="image"><img src="/uploads/Badili_1_a1c3a51b3d.jpeg" alt="Photo of Badili's founder showcasing refurbished smartphones in his Nairobi, Kenya office."></figure>“We are providing an alternative platform where people can buy used and refurbished smartphones safely and affordably,” says Badili’s CEO Rishabh Lawania. “Most of our devices cost less than half their original price, and all come with a 12-month warranty.”Badili was founded in 2021 by Rishabh Lawania and Keshu Dubey with the aim of providing a credible platform for buying and selling pre-owned smartphones in Kenya. Lawania saw a need for the platform after a colleague was arrested after buying a stolen phone.To safeguard buyers, Badili requires its sellers to provide ID and headshots and to sign an affidavit stating that they are the rightful owners of the devices. This system provides extra protection for buyers and helps to ensure the authenticity of the products."We are thrilled to have Renew Capital Angels as partners in our journey to create a better recommerce experience for everyone in Africa. We want to make it easy, safe and affordable for people to buy and sell pre-owned devices. This investment will help take us one step closer to achieving that goal," Lawania says.“Badili is on a mission to create a standardized and affordable parallel economy for consumer electronics across Africa,” says Esther Mwikali, Renew Capital Investment and Project Manager. “Renew Capital Angels are proud to help support this journey.”&nbsp;

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Kenya-based startup Badili Africa is on a mission to put a smartphone in the hands of every African through its recommerce platform that enables customers to buy used and refurbished smartphones safely and affordably. Badili is also committed to fighting e-waste by giving expertly restored electronic devices a second life.

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Renew Capital Angels invest in Kenyan startup Badili to enhance smartphone recommerce, making used and refurbished devices safe and affordable for consumers across Africa.

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Press Release: Renew Capital Angels Invest in Kenyan Smartphone Recommerce Startup, Badili

<h1>Press Release: Renew Capital Invests in BuuPass, a Kenyan Tech Transport Company</h1>Digital infrastructure will streamline long-distance transportation in East Africa<a href="https://latest-api.renewcapital.com/uploads/FINAL_Buu_Pass_Press_Release_e31c1ade91.pdf" target="_blank" rel="noopener noreferrer">Download the Full Press Release</a>&nbsp;NAIROBI, Kenya, February 14, 2023 - Transportation systems in sub-Saharan Africa are challenged and underfunded. More than 30 million Africans rely on inter-city transportation daily, and the domestic transport industry accounts for $40B in yearly spending. And yet, streamlined transportation systems in the region are a challenge due to lack of funds and technology for mass digitization.&nbsp;Renew Capital is helping to address this gap through its recent investment in BuuPass,&nbsp;a Kenya-based tech company with a web-based travel solution and a mission to make long-distance transport more accessible and seamless.BuuPass founders, Wyclife Omondi of Kenya and Sonia Kabra of India, met at Earlham College (Indiana, U.S.)&nbsp;in 2013. Their common interests in entrepreneurship and solving social concerns led them to co-found the college’s first entrepreneurship club and BuuPass, an idea that won them a 2016&nbsp;<a href="https://www.hultprize.org">Hult Prize</a> and the award of a $1M grant. The Hult Prize challenges young people across the globe to solve the world’s most pressing issues through social entrepreneurship.&nbsp;<figure class="image"><img src="/uploads/Whats_App_Image_2022_10_12_at_10_43_05_aa7c115a2f.jpeg" alt="Team photo of BuuPass co-founders, showcasing gender diversity, alongside team members in the Nairobi, Kenya office, highlighting a gender balance in the startup environment."></figure>“We both had experiences with not having accessible transportation,” says Kabra, noting that mass transit was in high demand in their respective home countries but hard to plan. Before BuuPass, most bus users in East Africa had to go to a bus station to purchase their tickets, which were still being processed on pen and paper. The BuuPass platform allows them to buy tickets online in real time.&nbsp;Registered in Delaware, U.S., with subsidiaries in Kenya, Tanzania and Uganda, BuuPass’ B2C platform now processes more than 10,000 bookings per day for bus, flight and train transportation for travelers. It recently added personal and business parcel distribution through its bus network. BuuPass aims to build the digital infrastructure for transport across Africa and capture market share in Eastern, Western and Southern Africa by 2030.&nbsp;&nbsp;The deal was signed as part of a Renew Capital Angels women’s investment package aimed at making East African SMEs more gender-balanced in staffing and services. “We&nbsp;wanted to make sure that we build a company that is true to our values as well as de-risking ourselves by creating the right policies and culture,” said Kabra.“BuuPass has proven to be a pivotal company in the transport industry in East Africa,” said&nbsp;Renew Capital Investment and Project Manager for Kenya, Esther Mwikali. “Renew Capital is proud to be part of this journey with BuuPass, kicking off our Kenyan portfolio.”

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BuuPass is an online bus, train and flight ticketing platform that has transformed travel bookings in Kenya and is on a mission to fully disrupt sub-Saharan Africa’s $40B inter-city travel industry. BuuPass works with East Africa’s leading bus, train and flight operators to bring travelers the convenience of digital booking solutions.

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Renew Capital invests in BuuPass, a Kenyan startup enhancing long-distance travel in East Africa with innovative online ticketing solutions for long-distance travel.