<h1 style="text-align:center;">Investing in Unfamiliar Territory</h1>We believe that some of the strongest opportunities for financial growth and social impact currently exist in Africa. Contact us if you would like to define a strategy for investing in emerging African economies. Here are ten reasons to consider investing in Africa:<ul><li>African markets offer among the highest return on investment in the world. Nearly every African stock market index outperformed the S&amp;P 500 over the past three years in U.S. dollar terms—in most cases by a significant margin. A sampling of overall equity market returns in 2006: Botswana +34%, Cote d’Ivoire +17.7%, Ghana +109%, Kenya +18%. (Source: Barron’s</li><li>U.S. investors are behind the curve. According to the World Bank, sub-Saharan Africa’s economic performance over the past five years suggests that it may have achieved a milestone in its quest for sustained growth. Growth averaged 4.0% between 2000 and 2005, compared with less than 1% during the early 1990s. In 2006, GDP expanded by 5.6% in sub-Saharan Africa and is projected to climb to 5.8% through 2008. The Congressional Research Service reports that “the growth seen in the current period is less volatile and more evenly distributed among African countries than in the past.” Yet over half of the $19.6 billion total U.S. investment in this region is in the petroleum sector. Reuters reports that the U.S. is so far behind that it had little presence at a recent meeting of the mobile phone industry group, the GSM Association, to discuss a $50 billion investment in sub-Saharan Africa in the next five years. Many such non-extractive sectors are nearing a tipping point, ready for investment.</li><li>Multinationals are re-assessing Africa. Reuters reports that major U.S. companies watching Africa’s rapidly improving investment climate will be examining ways to increase their activity. Merck &amp; Co, Boeing Co, 3M Co, Cargill, General Motors, Chrysler, Hewlett-Packard and Coca-Cola were among the participants in the 2007 U.S. Africa Business Summit.</li><li>New opportunities are emerging in consumer industries. Brisk demand for the commodities that comprise traditional large-scale foreign investment in Africa—oil, mining, agriculture—is creating secondary opportunities in consumer markets. Banking, telecommunications and tourism are among the sectors receiving a boost; renewable energy has the potential to leapfrog infrastructure obstacles the same way mobile phones have done. (Source: MoneyWeek, Investec Asset Management)</li><li>Information gaps remain, even as investment opportunities multiply. “I think there is a lack of information about the quality of opportunities and potential that continues to exist in Africa within the American business community.” (Robert Mosbacher, President of the U.S. Overseas Private Investment Corporation, speaking to Reuters). Renew aims to bridge those gaps by conducting comprehensive business assessments tailored to the needs of U.S. investors.</li><li>RENEW focuses on areas where experts say African markets can make progress. Experience suggests that fund managers are leery of Africa for two primary reasons: 1) Markets are comparatively very small; 2) Investments are illiquid—it’s too difficult to exit. In their 2007 analysis of African capital markets, experts from the Center for Global Development chart the following path forward:“A long-term strategy for attracting equity investment should concentrate on increasing the supply of available securities—since demand will come naturally through the market. Increasing supply means tackling the barriers of small market and firm size to encourage the growth of more and larger firms on the continent. Solutions to increasing the size and scope of the African private sector must focus on improving the investment climate, reducing the level of risk and uncertainty, and providing greater means for small, indigenous firms to survive and grow.”RENEW mitigates risk, channels needed resources and provides the expertise that will enable promising firms to grow and compete globally.</li><li>The continent is opportunity rich. “Many ideas that have been tested in the developed world, like cell phones, are still novel in Africa. Good business ideas and capable management are [the elements] in short supply. Most institutional investors are still frustrated by the quality of the deals available.” At the same time, few market sectors are saturated with products or teeming with competition, leaving plenty of niches for new ventures. As a result, “differentiated products can command a significant premium.” (Kehinde Oyeleke, executive director of Asset &amp; Resource Management, interviewed by Knowledge@Wharton).</li><li>Africa boasts extraordinary entrepreneurs. Local versions of Apple’s Steve Jobs are changing the playing field throughout Africa by creating enterprises that drive progress. Adenike Ogunlesi built a winning clothing brand by mixing African fabrics with Western styles and fabrics. She’s grown her business to the point where her company, Ruff ‘n’ Tumble, is not only a leader in Nigeria but receives orders from WalMart as well. Ogunlesi managed to scrape together enough capital from friends and family; others like her need access to better options. (Source: Africa Open For Business).</li><li>There is a new generation of African leaders who understand the promise and possibility of business in Africa. Paul Kagame — President of Rwanda and winner of the 2006 and 2007 ICT Africa Award for his innovative use of information and communications technology—has earned the nickname “The Entrepreneur President” for his business and technology-driven plan for Rwanda. Ngozi Okonjo-Iweala, the former Finance Minister of Nigeria and currently a director at the World Bank, emphasizes reform, economic growth and business opportunity. “The best way to serve Africa today is to help Africans stand on their own two feet, to create jobs,” she says. Imagine if Africans did not depend on others to cure their diseases or educate their children. Jobs enable Africans to do these things for themselves. (Source: Forbes, TED Conference)</li><li>The big picture is getting better. Since 2000, more than two-thirds of African countries have had multiparty democratic elections. In the past three years, the average rate of growth on the continent has moved from 2.5% to 5%, better than many of the wealthiest OECD countries. Conflicts in Africa are down from an average of 12 per year a decade ago to three per year today. (Source: World Bank, TED Conference)</li></ul><figure class="image"><img src="/uploads/i_Stock_000005377907_FOR_Proposal_1_38668a1611.jpg"></figure>

We believe that some of the strongest opportunities for financial growth and social impact currently exist in Africa.

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Investing in Unfamiliar Territory

<h1 style="text-align:center;">How the Impact Angel Network Makes Investments in Africa</h1>One of RENEW's core beliefs is that great businesses are at the heart of a healthy economy, and that the best way to make an impact in a developing country is by making an investment. RENEW has created a short, fun, step-by-step overview of how the Impact Angel Network is transforming African economies by investing in growing businesses.<figure class="media"><oembed url="https://youtu.be/5Kly2CJvNkk"></oembed></figure>Contact us at <a href="mailto:renew@renewcapital.com">renew@renewcapital.com</a> or follow us on Twitter @RENEWLLC to find out more.

Transforming African economies by investing in growing businesses.

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How the Impact Angel Network Makes Investments in Africa

<h1 style="text-align:center;">Photos from Ethiopia</h1> Photos from our recent fact-finding trip to Ethiopia:<figure class="image"><img src="/uploads/2011_August_Ethiopia_f9549fda1a.jpg"></figure>

Enjoy photos from a recent trip to Ethiopia.

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Photos from Ethiopia

<h1 style="text-align:center;">Are We Losing their Hearts and Minds…Because of our Wallets?</h1> For the past six years I have been traveling in Africa and South Asia. I have spent most of that time in East Africa, where the United States has long been the dominant “goodwill” country. With initiatives like PEPFAR and the Millennium Challenge Corporation, Africa fell in love with “Bushy,” and had high hopes for President Obama, with his paternal roots in Kenya. I have long enjoyed the strength of the American brand as a businessman traveling in Africa. But on my last trip, I noted a significant change.Our company does two things: One, we find and assess small and medium size enterprises (SMEs) investment opportunities in developing countries, and two, we connect those opportunities to angel investors. There’s a lot more technical stuff involved, and some amazing investor trips, but mainly we do transactions — brokering deals for "impact investors."Connecting investors to good investments in Africa and other developing countries has not been easy, seeing as most Americans hold an inaccurate perception about what is actually happening on the ground. Nonetheless, we are starting to see some interest from investors. We have even started to organize angel investors for investments in Afghanistan.Back to Africa…as I travel I always keep a close eye on who is making moves on the continent. If you have been reading the news from Africa for the past few years you understand why I keep a close eye on China. China’s presence in Africa is not new. They have been working in some of the hardest countries in Africa for years. The general sentiment in Africa, with its many different countries and cultures, is concern about China’s presence. I experienced a clear example of this three years ago at the Hilton in Addis. A group, who I believe were Chinese diplomats, walked into the business center in the hotel. One of them was confronted by, what appeared to be a disgruntled Ethiopian man in his mid-thirties. If you have met Ethiopians, you know that they are some of the gentlest people on earth. I was shocked by his outburst, and clearly so was the Chinese woman who was verbally assaulted. His attack was swift, direct and memorable: “Why are you in my country? I want you out!”So, on my recent trip to Ethiopia I assumed the sentiment would still be the same, even worse given the impressive advances China has made throughout the continent. I was wrong.The shock didn’t hit me at first, because I was still living in the memory of the scene from the business center. I’d ask question, like I always do, about the Chinese: Where are they investing? Why? Is it working? Who are they working with? What are the perks, etc.? The questions go on and on. For a long time I have been rewarded with scowling faces and answers like, “Roads, because they want to get mining consignments.” Or “They work very hard, but they treat us poorly.”For the first part of my recent trip around East Africa, this is exactly what I heard. I was even rewarded with a “They [the Chinese] are coming here by the thousands. You need to do something!” Now, I honestly think most of these were genuine statements from concerned friends, diplomats and entrepreneurs. But it wasn’t until Ethiopia where I was given a little dose of reality.I don’t know if it was irony given that I was back in Ethiopia, or that I finally spoke with someone that was not afraid to tell me the truth. Either way, the answers I was given did not tell the story I was used to hearing about China in Africa. The story is changing. And what’s more, so has Africa’s story about the United States.This is what happened: I was driving around with a successful Ethiopian entrepreneur looking at his stone crushing plant and a few other projects he is working on. Like most successful entrepreneurs in Africa, I am always fascinated and a little skeptical (hey, I get paid to ask questions) about how he “made it.” Nonetheless, I really liked this guy and he matched the profile we like to look for (I’ll save that for another post.). As I worked through my series of questions I finally got to the ‘China section.’ “What are your thoughts on China?” I asked. “Oh, they are great! We do tons of business with them. They are our largest trading partner, and we have been working with them on a number of projects.” His enthusiasm caught me off guard. I wanted to stop my questioning, afraid that if I scratched much deeper I would find out just how much sentiments towards China are changing.I am an American who encourages high net worth individuals (angel investors) to invest in SMEs in developing countries. It’s a new model for economic development, but it’s also a model for foreign diplomacy. In my humble opinion, diplomacy in Africa is more about business than it is policies or health initiatives, or aid.Entrepreneurs generally know what I do, and they know what to say about China to fire me up about the need for America to get involved with business in Africa. But this conversation ignored all of that. He didn’t sugarcoat his answer, or roll his eyes about the Chinese, or complain of their cheap goods, or talk about how they are corrupt, or throw his arms up asking why the Americans aren’t investing. He smiled and shot me a straight answer… “they are great!”I am not saying that everyone who has complained about what China is doing in Africa was lying to me, but maybe I have been getting some theatrics. The reality is that China’s economic success in Africa is dwarfing the U.S. — the international leader of capitalism. And these efforts on the part of the Chinese have begun to win the hearts and minds of the people. It’s not just about damns and roads and mining projects; it’s about trucking companies and textile factories and coffee farms. And yes, the Chinese do build nice hospitals, like the one they just constructed south of Addis. Ethiopia loves it. Read this from a newspaper:“The hospital is historical as it is named after the renowned athlete Tirunesh Dibaba, he said, adding it would further help to enhance the people to people relations of the two countries [China and Ethiopia].”There’s a whole <a href="http://et.china-embassy.org/eng/zagx/">website</a> on the China-Ethiopia relations. On the site are links to aid being given to Ethiopia alongside news of shoe companies wanting to invest, and investors interested in the cotton industry. The truth is that China has learned that the hearts and minds of the people can be won by working with them, giving to them, and investing in them.In the United States, we have taken a hard position on things like bribery, which we say the Chinese do almost blatantly. We are also doing amazing development projects all across the developing world that get little media exposure. Being an American visitor in these countries, I can imagine the frustration of our policy makers when the U.S. influence is so clearly diminished. As a Kenyan so eloquently put it, "we've turned our back to the West to face the rising sun." An outdated cliché but it still delivers a sting.So China is gaining favor in Africa and the U.S. is losing it. But thankfully, I don’t think it’s too late to try something new. It involves the U.S. Government doing what the Chinese are doing; taking a more active role in facilitating investments. And not just huge, massive infrastructure investments; I am talking about investing into SMEs—the backbone of any economy. I have had the honor of spending time with some amazing businessmen and women in the U.S. who know the value of entrepreneurship and the benefits that come from the investor/investee relationship. Our Government needs to get creative about how to efficiently facilitate these relationships.We’re missing out on a major opportunity for diplomacy through business, investing and good old-fashioned capitalism. China is winning in Africa by using this strategy and it feels like we’re stuck. Is it time for the U.S. to try something new?

For the past six years I have been traveling in Africa and South Asia.

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Are We Losing their Hearts and Minds…Because of our Wallets?

<h1 style="text-align:center;">Q&amp;A: RENEW in 2012</h1> The year 2012 is going to be about investment and growth for the RENEW team. We will continue to work with development partners to facilitate impact investing into small and medium enterprises (SMEs) in frontier markets, and we will be building a permanent presence in Addis Ababa, Ethiopia.<figure class="image"><img src="/uploads/ethiopia_pipline_diagram_1_6d9269073b.png"></figure>Our goals include opening our office in Addis, working with strategic development partners on our public-private-partnership model for impact investing, continuing to build our SME investment portfolio, and closing on an investment. We are keen on the following sectors: private healthcare, agriculture, manufacturing, transportation and logistics, ICT and construction.Below are some questions you may have about what we are doing, and our best attempt at concise answers.Why focus on SMEs? Short answer – because SMEs have the potential to create social impact and good financial returns.Social impact<ul><li>SMEs are the engines of growth in developing countries – the International Finance Corporation (IFC) indicates that formal SMEs contribute up to 45 percent of employment and up to 33 percent of GDP in developing economies; these numbers are significantly higher when taking into account the estimated contributions of SMEs operating in the informal sector. Thus, focusing on strategies to help SMEs grow is a social motivator for RENEW.</li><li>The greatest barrier to growth for SMEs in developing countries (second only to electricity) is access to affordable finance. Thus, there is significant demand for capital in developing countries.</li></ul>Financial returns<ul><li>SMEs are very risky, and foreign investors can’t just fly into a developing country, drop off a bag of money and expect it to go smoothly. But, if done well, investments in SMEs generate good returns, especially for angelic investors who have the right risk tolerance and skill to pick good early-stage ventures.</li><li>SMEs are a great entry point for foreign investors. They often require between $100K and $5M, which allows investors to explore developing countries before pursuing larger investments. SMEs also allow individuals, or a small group to make a few investments to hedge their risk.</li></ul>Why Ethiopia? Ethiopia will grow by 7.5% this year, without a drop of oil to export. Ethiopia’s projected GDP growth in 2012 makes it the 8th fastest growing country in 2012. Yes, the government can be bureaucratic, but doesn’t have the corruption issues seen in other countries. And, we just like it there.What is your public-private-partnerships model? Our model takes a different approach from most development projects. Our model focuses on the investor and the SME, where other projects mainly focus on the SME. The model significantly reduces the barriers preventing high net-worth individuals (HNWIs) from becoming active impact investors by walking them through the investment process, step by step. We do this by working with development organizations like USAID, DFID and the World Bank to establish a platform to increase the number of impact investments being made into SMEs in frontier markets like Ethiopia, Libya and Afghanistan. Once the platform has been established, and enough investments have been made, it becomes sustainable through private funding much like a traditional equity fund.Who are your investors and where do they come from? In short – our investors come from a network of people we have developed relationships with over the years. We continue to invest in our network and meet almost all of our prospective investors through word-of-mouth.What’s unique about what you are doing? We focus on serving the investor. We act as an outsourced fund management team for HNWIs who want to experience their investment by visiting the country, meeting with businesses, reviewing the financials, and making their own decisions about where they will invest; but they don’t want to move to the country to oversee their investment. We offer them a platform to do this.Why private healthcare, agriculture, manufacturing, transportation and logistics, ICT and construction? First, because we are most familiar with these sectors, having investigated them for years. Second, we feel these are growth industries as Africa’s population continues to expand and require basic infrastructure and health needs.How do you mitigate your risks? By partnering with strong, innovative development organizations that are seeking to implement new partnership models with the private sector; finding and working with great local partners; and sourcing SMEs with exceptional management teams.

This year is going to be about investment and growth for the RENEW team.

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Q&A: RENEW in 2012

<h1 style="text-align:center;">Part 2: Impact investing: Transferring wealth, wisdom and values between generations</h1> After more than two years of managing impact investments in Ethiopia, one of the things I find most interesting is how impact investing is not only creating a bridge between economies; it is creating a bridge between the Baby Boomer generation and their Gen X and Y heirs. Here’s what I’ve learned.<figure class="image"><img src="/uploads/ethiopia_sesame_trip_march_april_2014_59157096ae.jpg"></figure>Impact investing combines desires and values that both generations share. Baby Boomers, now moving into retirement, have worked hard to provide for their families, plan for a comfortable retirement, leave some wealth to their heirs and leave the planet better than they found it. As they enter their second phase of life, they focus on answering the question “What will be my legacy?” Their parents, what Tom Brokaw refers to as “The Greatest Generation,” believed that philanthropy was how to use the spoils made during the hard-working years of your life. The Greatest Generation would say -- give it away. And many wonderful elements of society have resulted from this charity. But I have noticed that the Baby Boomers have a different view. They are more concerned about sustainability, asking questions like “What if I cannot write a check next year, will this charity be able to continue on?” And they believe in creating a culture of empowerment versus dependence saying things like “Does the world always expect the U.S. to provide a bailout?" Baby Boomers see impact investing as a way to create a legacy that aligns with their values.Twenty years younger, their Gen X and Y children are graduating with degrees in business from top-tier schools, but don’t want to spend their lives behind a computer, earning a paycheck and pushing paper around. They want it all - both money and meaning. They are even willing to take a pay cut in order to work on challenging problems in the world.* Many Fortune 500 companies are scrambling to create programs to attract these best and brightest. Members of Gen X and Y care more about doing something meaningful, something they are proud of, than just amassing wealth that they will give away once they retire. This generation sees impact investing as a career choice.There are already some great examples of impact investing creating a bridge between generations that enables the transfer of shared values and wealth. Take Ron Cordes, who sold his company AssetMark Investment Services to Genworth Financial (NYSE:GNW) and set up the <a href="http://www.cordesfoundation.org/">Cordes Foundation</a>. The foundation champions bold, innovative solutions to the world's toughest problems by “connecting, equipping and supporting social entrepreneurs, and by catalyzing new sources of capital for impact investments in social ventures.” Sounds like a man that wants more sustainable ways of creating impact. Ron’s daughter Stephanie, who I had an opportunity to meet with in New York, is a sharp young woman who gave up a promising career in the fast-paced fashion and advertising industry <a href="http://www.nytimes.com/2014/02/11/your-money/family-foundations-let-affluent-leave-a-legacy.html?_r=2">to work with her father at their foundation</a>. She is absolutely fired up about impact investing, and just recently returned from a tour around Africa to look at potential investments. This is a great example of impact investing aligning two generations.I have also seen it firsthand here in Ethiopia, where we manage a portfolio of investments for <a href="https://www.renewcapital.com/investing" target="_blank" rel="noopener noreferrer">the Impact Angel Network</a>, a network of investors around the U.S. dedicated to making investments in high-potential companies in Africa. When the IAN comes to visit with their families on <a href="../../impact-angel-network/events.html">Econ-Tourism trips</a>, I see more than just another family trip: I see appreciation. I see fathers teaching sons and daughters how to review an income statement. I see wealth, wisdom and values passing between generations.I make the case then, that impact investing is not only a new industry that blends the better elements of philanthropy and investing, but is also a platform to connect two generations that could greatly benefit from some new connection points around wealth and values.

Examples of multi-generational impact investing.

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Part 2: Impact investing: Transferring wealth, wisdom and values between generations

<h1 style="text-align:center;">Compelling Incentives to Invest - Is a Tipping Point Near?</h1>As Western investors slowly begin seeing potential in Africa, we'll probably begin seeing more articles like <a href="http://www.bloomberg.com/apps/news?pid=20601080&amp;sid=aeuJT_pSE68c">Ethiopian Farms Lure Investor Funds as Workers Live in Poverty</a> coming from main-stream investment publications like Bloomberg. As African leaders shift their focus from aid to investments, they hope that market drivers will help take their economies up the <a href="http://www.doingbusiness.org/EconomyRankings">World Bank rankings</a>, and flood their markets with foreign direct investment. Africa's leaders can now be found as frequently on Wall Street asking for investments, as they can in Washington, D.C. asking for aid. The Fortune article, <a href="http://money.cnn.com/2008/02/13/magazines/fortune/gunther_africa.fortune/index.htm">Investment in Africa Starts to Pay Off</a>, reads, "...virtually every country, their presidents, and even the leaders of the opposition parties, have gotten on the same page regarding the primacy of the private sector, the need to deregulate, and the importance of attracting foreign investment. Centralized planning, state control of assets and socialistic rhetoric, for the most part, are dead. Market forces have won."The U.S. only has a handful of funds actively investing in Africa, while India, China, the Middle East and Europe are moving in to take advantage of the handsome social and financial returns Africa is offering. So, although considerable amounts of perceived and actual risk exist, the questions is out there: is a tipping point near?Let us know your thoughts.

As Western investors slowly begin seeing potential in Africa...

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Compelling Incentives to Invest - Is a Tipping Point Near?

<h1>Portfolio Accomplishments</h1>Since opening the RENEW office in Ethiopia in 2012, the Impact Angel Network (IAN) has made four investments in East Africa. Be sure to look for several exciting announcements of new investments in the coming weeks! In the meantime, RENEW is proud to report on the accomplishments our portfolio companies have made in East Africa.<figure class="image"><img src="/uploads/dventus_0_b733eb1008.jpg"></figure>dVentus continues to make strides in building its local capacity and in new product development. The company has successfully designed and built a prototype and system for smart meters to improve the reliability, security and efficiency of African and Middle Eastern power grids and is now working on certifying the prototype to customer’s specifications. Since the IAN made it’s investment in dVentus, the company has increased the number of individuals employed by approximately 21%.METAD AGRICULTURAL DEVELOPMENT PLC<figure class="image"><img src="/uploads/metad_0_77c8a43e2f.jpg"></figure>METAD continues its preparation for the 2015 coffee harvest season, which begins in November. At the Hambela farm, the farm workers are clearing additional land for more planting, fertilizing the soil and drilling wells for the nursery. METAD continues to support local small farmers by purchasing their coffee crops or by providing technical training on coffee farming best practices to ensure the region is growing coffee is a sustainable and ecologically mindful way. METAD is also actively using its coffee laboratory to generate brand recognition and revenue. Since the lab’s opening, METAD has cupped 70 varieties of coffee for global firms and has also been training local and international cuppers.In 2014, METAD adopted a school of 478 students in Hambela. They have provided school uniforms to the students, purchased benches and tables and increased the teachers’ salaries by 50%. METAD has plans to increase the number of students it is supporting for the next school year, which starts in September 2015. METAD also hired additional teachers for the school and began paying their full salaries.MAMA FRESH INJERA PLC<figure class="image"><img src="/uploads/mama_fresh_1_0126eb5815.jpg"></figure>Mama Fresh is making strides in increasing operational capacity and certifications with the ongoing implementation of good manufacturing practices in partnership with a Fortune 500 food company. The company continues to source raw materials from more than 300 rural farmers. Mama Fresh is exploring additional U.S. markets in the coming months with new, innovative Ethiopian food products.EAST AFRICA EMERGENCY SERVICES LTD<figure class="image"><img src="/uploads/eaes_3b497f767a.jpg"></figure>RENEW and the IAN closed the investment in East Africa Emergency Services LTD (EAES) in May 2015. Since closing the investment, RENEW and EAES has been partnering with an Ethiopian company, Tebita Ambulance and Pre-Hospital Emergency Medical Service PLC’s (TEBITA), on a long-term business plan and strategy to position the company for growth.In June 2015, the company finalized the purchase of three additional ambulances and other equipment to respond to growing demand for company’s emergency medical services. Two of the new ambulances will serve clients in remote areas and one ambulance will service peace of mind clients in Addis Ababa. The company also opened a training center in Addis Ababa, providing increased capacity for first aid training of non-health professionals and emergency response training for health professionals. During the last quarter, TEBITA provided training services to several international organizations.We are proud to be a part of our portfolio companies' impact stories.

Read about our portfolio companies' second quarter achievements.

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Portfolio Accomplishments

<figure class="image"><img src="/uploads/blog_whitney_d681aaf50b.jpg"></figure><h1 style="text-align:center;">I Had a Farm in Africa...</h1>RENEW and the Impact Angel Network lost a dear friend and member this week. Whitney Ball, the founder of DonorsTrust, passed away on Monday, August 17, 2015 after a long and valiant battle with cancer.Her organization, DonorsTrust, is a donor-advised fund and community foundation that works on promoting “free society as understood in America's founding documents” according to the organization’s website. Whitney joined the Impact Angel Network in 2013 and participated in RENEW’s Econ-Tourism trip to Ethiopia that year. She later participated with the network in investing in several of our companies, including Metad, a specialty coffee farm in the Yirgacheffe region of Ethiopia.Whitney once told us that one of her dreams in life was to be able to live out the well-known quote by Karen Blixen in her famous book, Out of Africa, "I had a farm in Africa…”We miss you Whitney. We are honored to be part of fulfilling one of your life’s dreams.Read more about <a href="http://www.donorstrust.org/AboutUs/News/RememberingWhitneyBall.aspx">the life and legacy of Whitney Ball</a> on the DonorsTrust website.