Only about 2.83% of capital invested in climate-related startups in Africa from 2019 through Q1 2023 went into logistics companies, including electric vehicle startups. This logistics brief focuses on EVs as part of Renew Capital's series on climate tech in Africa.&nbsp;<h1>Insights on the EV Sector Across Africa</h1>Making electric vehicles a viable solution for the African market<figure class="image"><img src="/uploads/shutterstock_1445301932_91b00cf41f.jpg"></figure>Approximately $2.15B was invested in climate deals in Africa from 2019 to Q1 2023. Only 2.83% of that capital went into logistics and transport, which includes electric vehicles.<img src="/uploads/A1_A19392_6_D70_4_BDA_8_EC_6_871416_DC_5_D64_1_201_a_30404271a5.jpeg">(Source: Renew Capital analysis of publicly reported deals tracked in “Africa: The Big Deal - Startup Deals Database”)&nbsp;Investors closed 22 startup EV deals from 2019 to Q1 2023. Kenyan companies accounted for 36% of these funding rounds.<img src="/uploads/image_3f0cd094f7_338ceb127b.png">(Source: Renew Capital analysis of publicly reported deals tracked in “Africa: The Big Deal - Startup Deals Database”)&nbsp;While EV investments peaked in Africa in 2022, we are not aware of any EV deals that have been reported in Africa to date in 2023.&nbsp;<img src="/uploads/image_59ceb483ba_f9ac76d932.png"> &nbsp;(Source: Renew Capital analysis of publicly reported deals tracked in “Africa: The Big Deal - Startup Deals Database”)EV Initiatives by the Government of&nbsp;RwandaAn earlier&nbsp;<a href="https://www.renewcapital.com/newsroom/africa-e-commerce-struggles-to-scale-while-tech-logistics-companies-attract-capital#:~:text=Rwanda%27s%20EV%20and%20E%2DMobility%20Solutions%20Struggle%20Despite%20Government%20Push%C2%A0">logistics brief</a> highlighted challenges associated with scaling EVs in Africa using Rwanda as a case study. The Rwandan government has invested heavily in sustainable infrastructure and e-mobility. While private investments have been made to grow e-mobility solutions throughout Rwanda, the government has created a slate of incentives to promote investment in e-mobility solutions:<ul><li>Low charging costs, especially between the off-peak hours of&nbsp; 11 pm to 8 am. Tax breaks on imports of any e-vehicles, equipment, or materials required to develop charging infrastructure</li><li>Public land allocated to companies setting up charging stations for no cost/rent-free</li></ul>Despite these government initiatives and private sector investments, the current challenges EVs face in Rwanda underscore challenges that will likely prevent the proliferation of EVs throughout sub-Saharan Africa in the near term. High entry cost to purchase, inadequate charging infrastructure and poor road infrastructure are key pieces missing that will potentially limit the possibility of EVs taking over the African market.&nbsp;While larger EVs including Volkswagen’s ID.4 will likely be imported to Rwanda and are already being sold in Ethiopia to deal with the problem of poor infrastructure, the majority of Rwandans and sub-Saharan Africans cannot afford to own these expensive vehicles.&nbsp;Interestingly though, given rising fuel costs in Ethiopia and the relatively low cost of electricity in East Africa’s largest economy, EVs may be able to make a splash.&nbsp;An Ethiopian EV Cost Comparison ExperimentAn in-house experiment conducted by some of Renew Capital's Ethiopian team members determined that the current gas cost of operating a fuel Peugeot 6 Seater SUV (at 62 ETB/KM) was four times more expensive than the comparable EV Volkswagen ID6 in the Ethiopia market.&nbsp;The purchase price of both vehicles is comparable at 5.5M ETB (approximately $105K). This is despite recent incentives placed on EV purchases by the Ethiopian government which only require a 15% import tax for fully assembled imported vehicles. This example underscores that while upper-class individuals in Ethiopia can afford the $105K price tag, many Ethiopians will not be able to access them over the long term.Therefore, the future of EVs in Ethiopia depends on the ability of car manufacturers to create a smaller-sized EV more comparable to the Toyota Vitz or Platz, commonly driven vehicles by middle to upper-class individuals in Ethiopia. Still, with a Toyota Platz and Vitz priced at 1.6M ETB ($30K) and 1.2M ETB ($23K) respectively, even these vehicles in the current Ethiopian economy are considered a luxury. At the same time, electric motorcycles are making headway in Ethiopia’s neighboring countries including Kenya, Rwanda and Uganda.For example, electric motorbikes could cost around $1,500, which is far cheaper than the cost to buy a smaller-engine-sized car like the Toyota Vitz or&nbsp; Platz.At the same time, the transition to EVs in Ethiopia will not be without its challenges. One of the key barriers to adoption is the lack of charging infrastructure. Currently, there are only a handful of charging stations in Ethiopia, which limits the practicality of EVs for many people. In addition, high upfront costs and limited availability of EV models in Ethiopia are other obstacles to widespread adoption.Despite these challenges, there is a reason for optimism. At least two Ethiopian organizations, including private companies, are working on installing the infrastructure required for charging widespread adoption of EVs. For example, in 2021, Ethiopian automotive company&nbsp;<a href="https://ethiopianmonitor.com/2021/12/28/first-electric-vehicle-charging-station-opens-in-addis-ababa/">Marathon Motors</a> partnered with Nissan to launch an electric vehicle pilot program in Ethiopia. As part of the program, Marathon has installed charging stations at its dealerships and service centers. Likewise, at the beginning of 2023, Cardinal Industrial PLC&nbsp;<a href="https://www.eep.com.et/en/it-is-planned-to-build-500-electric-vehicle-charging-stations-in-one-year/">announced its plans</a> to build 500 EV charging stations across Ethiopia over the next year.&nbsp;&nbsp;Moreover, as part of its 10-year economic development plan, the Ethiopian government intends to import 4,800 electric buses and 148,000&nbsp;<a href="https://www.globaltimes.cn/page/202207/1271799.shtml">electric cars&nbsp;</a>by 2030.&nbsp;Bottom LineEVs have not historically received adequate investment in the African market. At the same time, the EV market needs meaningful innovation in order to make electric vehicles a viable solution for Africa. Aside from motorcycles, very few sub-Saharan Africans have the ability to purchase and use EVs due to their high entry cost and limited charging infrastructure. Importantly, EVs in public transportation could be a more durable solution for EVs in Africa than personal vehicles.

Making electric vehicles a viable solution for the African market

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Insights on the EV Sector Across Africa

Although Zimbabwe faces economic challenges, a recent visit by Renew Capital to the country highlighted a number of positive factors attributable to the country, including a highly educated population, a thriving services sector and a growing startup environment.<h1>Zimbabwe Private Sector Snapshot&nbsp;&nbsp;</h1>A quick guide to challenges and opportunities for the private sector in Harare and across the nation&nbsp;<img src="/uploads/1f73bae3_40fe_4b04_b855_a7da8d97039a_1_06461ce4e1.jpg">Pictured: Harare’s Central Business DistrictZimbabwe has made headlines for years due to its inflation, currency issues and fractured banking system. But what is the reality between what the world perceives about the country, and what is happening on the ground?&nbsp;&nbsp;The Renew Capital team recently visited Zimbabwe on a fact-finding mission to meet with entrepreneurs, prepare for the Renew Capital expansion into Zimbabwe and learn firsthand about the challenges and opportunities in the country's private sector.&nbsp; <img src="/uploads/2d0b9d55_e9a3_4fab_8854_9068894cf919_2_91f4ad7240.jpg">Here are some takeaways on Zimbabwe’s private sector ecosystem:Opportunities:<ul><li>Zimbabweans rank among Africa’s most educated. According to the World Bank (2023), the country has "<a href="https://www.worldbank.org/en/country/zimbabwe/overview#:~:text=Zimbabwe%20has%20strong%20foundations%20for,are%20emerging%20in%20some%20sectors.">excellent human capital</a>, comparable to that of upper-middle-income economies in sub-Saharan Africa, although some skill shortages are emerging in some sectors."&nbsp;</li><li>Although Zimbabwe’s startup scene is still small, there is great potential. Innovation hubs like&nbsp;<a href="https://eight2five.co.zw/">Eight2five in Harare</a> are growing and offering support to local entrepreneurs. The country also has a legacy of entrepreneurship in the technology sector, with the Zimbabwean-founded&nbsp;<a href="https://www.econetafrica.com/">Econet Group</a> being among the&nbsp;<a href="https://www.gatesfoundation.org/about/leadership/strive-masiyiwa#:~:text=Masiyiwa%20is%20the%20Founder%20and,industry%20on%20the%20African%20continent.">pioneers of mobile telecommunications</a> on the continent.</li><li>The services sector is highly impressive, likely stemming from a strong history in&nbsp;<a href="https://www.trade.gov/country-commercial-guides/zimbabwe-travel-and-tourism#:~:text=Tourism%20is%20Zimbabwe%E2%80%99s%20third%20largest%20sector%20after%20mining%20and%20agriculture%20and%20has%20the%20potential%20to%20play%20a%20significant%20role%20in%20Zimbabwe%E2%80%99s%20economic%20recovery.">tourism</a>, which is the third-largest sector in the economy behind mining and agriculture (U.S. Department of Commerce, 2022).</li><li>Zimbabwe has beautiful weather and a strong agricultural foundation. According to Africa News, Zimbabwe registered its largest wheat harvest in 50 years in 2022 (375,000 tons) setting the country up to become a “self-sufficient&nbsp;<a href="https://www.africanews.com/2023/01/08/zimbabwe-new-african-agricultural-power-house//#:~:text=Zimbabwe%20has%20registered%20its%20largest,A%20unique%20performance%20in%20Africa.">agricultural powerhouse</a>.” The article also states that "the country no longer needs to import wheat to meet its needs, saving up to $300M in import costs."</li></ul>Challenges:<ul><li>The Zimbabwean currency currently lacks international exchange value, leading to a high demand for foreign exchange for essential imports.&nbsp;</li><li>Based on Renew Capital’s discussion with local private-sector players, there seems to be a concern about the government’s influence on the banking system.</li><li>Upcoming elections, slated for August this year, have heightened uncertainty about whether the elected government will be able to deliver a stable currency and create the stable political environment needed to build investor confidence.</li><li>Like many countries in sub-Saharan Africa, Zimbabwe has great wealth and many wealthy Zimbabweans, but there are few angel investors, angel networks and early-stage VC investors active in the market to fuel the formation and growth of the entrepreneurial ecosystem.&nbsp;</li></ul>Read more about Zimbabwe’s currency challenges&nbsp;<a href="https://www.aljazeera.com/economy/2022/5/5/dollar-oclock-should-zimbabwe-axe-its-faltering-currency-again">here</a>.Overall takeaway:&nbsp;Despite the challenges, Zimbabwe presents an opportunity for savvy and resourceful entrepreneurs to make a difference in the country.In the coming months, we will be diving deeper into Zimbabwe and other African markets to provide insights into the private sectors of each economy.&nbsp;

A quick guide to challenges and opportunities for the private sector in Harare and across the nation

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Zimbabwe Private Sector Snapshot 

Chukwudi Ofili, Renew Capital's Legal Director and West Africa Investment Manager shares how he returned to Nigeria after a successful career in the U.S. and U.K. to use his knowledge of international corporate and investment law and make an impact in his home country.&nbsp;<h1>Homecoming: My Journey to Renew Capital</h1>As an undergraduate law student in Nigeria, I had a keen interest in corporate law, commercial law and the law of contracts. I recognized very early on the important role of corporations and the private sector in growing and sustaining a nation’s economy. Within law, my particular interest was in the advancement of emerging economies. I knew first-hand the challenges of daily survival and I beat the odds to graduate with honors from Babcock University and later on received my first bar qualification to practice law in Nigeria.&nbsp;<img src="/uploads/image_4723b7654e_2d008e21bd.png">Leaving the continent&nbsp;After five years practicing law in Nigeria, where I did mostly local and cross-border finance and investment transactions with counterpart law firms in London, New York and Dubai, I moved to the U.S. on a full graduate assistant scholarship for a Masters of Law program at the University of Georgia School of Law, and subsequently qualified as an attorney in the state of New York. While in the U.S., I was selected by The Coca-Cola Company as an extern in its legal department at its headquarters in Atlanta, Georgia. At The Coca-Cola Company, I worked with the international trade team on export, import and sanctions as they related to the company’s global operations in over 250 countries. This was my first foray into working as an in-house legal counsel with a global corporation.To further broaden the scope of my legal experience in another jurisdiction, in 2018 I took part in the highly selective&nbsp;<a href="https://www.ilfaafrica.com/ifsp">International Lawyers for Africa (ILFA) International Secondment Programme</a> in the U.K. IFSP is an annual international secondment program where lawyers practicing in various African jurisdictions are sponsored on secondment at highly reputed international law firms and corporations in London, Dubai and Paris. During this period, I worked with the finance (corporate and project finance) and private equity team of Trinity International LLP in London doing deals across Africa. It was an enriching experience that included working on international transactions as well as participating in training programs on business development and technical legal skills. The networking events provided an opportunity to meet some of the brightest minds in the international legal market in diverse practice areas.&nbsp;Investing back into NigeriaI moved back to Nigeria with the goal of leveraging my international experience and the network I’d built in the U.S. and U.K. to grow a legal practice in Nigeria. Consistent with this goal, I made partner within a year of my return (a record seven years after being called to the Nigerian bar). I continued to work with financial institutions, investors and tech-enabled businesses (which were on the rise and continue to dominate the ecosystem) in relation to fundraising – debt and equity – transactions.Notwithstanding the remarkable personal milestone and the many awards and recognitions, I was still keen on contributing my quota by providing solutions to the issues challenging the advancement of emerging economies in Africa.&nbsp;I noticed that a shift was on the horizon and I needed to satisfy my desire to be part of an initiative or organization whose activities are geared towards accelerating the growth of small and growing businesses to drive sustainable development in Africa. During my research on the emerging impact investment firms that have the potential to curate bespoke and effective products suitable for Africa, Renew Capital shone through with its unique approach of blending impact investing, management training and ecosystem building to accelerate the growth of small and growing businesses and advance the emerging economies in Africa.My role as Renew Capital’s Legal Director and West Africa Investment Manager provides an exceptional platform to contribute to Renew Capital’s vision of changing the way the world engages Africa – from a place of giving to one of investing.&nbsp;Five key lessons that I have learned in my journey with Renew Capital to date that will continue to drive my efforts and contributions as we scale our investment work across the continent are: (i) hard work is indispensable, but you must always work smart and be flexible; (ii) always strive for excellence; (iii) people skills, cultural skills and emotional intelligence are vital for success in any endeavor; (iv) developing a good network over time is invaluable; and (v) always look to add value and be solution-driven in every endeavor.There is no doubt that these are exciting times for investments in Africa and the team at Renew Capital is well-placed to contribute significantly to developing the ecosystems and infrastructure needed to make the investments possible. I am here for all of it.

Chukwudi Ofili, Renew Capital's Legal Director and West Africa Investment Manager shares how he returned to Nigeria after a successful career in the U.S. and U.K. to use his knowledge of international corporate and investment law and make an impact in his home country.



Homecoming: My Journey to Renew Capital

Turning trash into cash—-this blog discusses innovative solutions to waste recycling on the African continent, helping address urbanization and environmental protection issues in Africa’s cities.&nbsp;&nbsp;&nbsp;<h1>Dirty Money:&nbsp;African startups turning trash into cash&nbsp;</h1>African startups are getting creative to solve the waste collection issue without undermining the livelihoods of millions of trash pickers throughout the continent.&nbsp;According to the United Nations, Africa generated approximately 125 million metric tons of solid waste in 2012, expected to double to 250 million metric tons by 2025. The continent, however, is only recycling 4% of this waste, on average.&nbsp;In response, African startups are getting creative to monetize trash and encourage recycling.<figure class="image"><img src="/uploads/shutterstock_2259921699_6414c3891c.jpg"></figure>Waste management startups accounted for approximately 16.56% of all climate-related deals closed in Africa from January 2019 to March 2023, accounting for 4.67% of all funding for climate-related startups in this period. Waste management was second only to energy companies which dominated Africa’s climate-related deals, and attracted 85.12% of startup capital with a total deal volume of 67.21% in the same period.(Source: Renew Capital analysis of publicly reported deals tracked in “Africa: The Big Deal - Startup Deals Database”)&nbsp;<figure class="image"><img src="/uploads/image_161f7b542c.png"></figure>(Source: Renew Capital analysis of publicly reported deals tracked in “Africa: The Big Deal - Startup Deals Database”)&nbsp;Waste management is a key component of climate technology, contributing to the circular economy. This is a much-needed place for innovation, especially in Africa.&nbsp;<figure class="image"><img src="/uploads/unnamed_1_a4c3f05337.png"></figure>Source: ​​<a href="https://dealroom.co/guides/climate-tech">https://dealroom.co/guides/climate-tech</a>&nbsp;Anyone who has traveled to an East African city knows that waste collection remains a challenge. Governments are unable or unwilling to coordinate effective collection, and many trash pickers make a living from sifting through trash for valuables. Therefore, any potential comprehensive solution for waste management risks undermining a crucial part of the economy for some. African startups are getting creative to solve the waste collection issue without undermining the livelihoods of millions of trash pickers throughout the continent.&nbsp;<a href="https://theconversation.com/african-digital-innovators-are-turning-plastic-waste-into-value-but-there-are-gaps-188014">Innovative tech-enabled solutions</a> in waste management can be found in major African cities, many of which incentivize recycling for consumers and connect collectors to buyers. According to Briter Bridges, as of 2020, there were 140+ waste management startups in Africa.&nbsp;The impact of the rise of waste management startups is threefold:<ul><li>First, there is much to be gained financially by monetizing the nearly 250 million metric tons of waste and repurposing and recycling the significant amounts of plastics, electronics and other waste materials that are discarded annually in African cities.&nbsp;</li><li>Second, repurposing and recycling waste reduces carbon emissions and decreases the impact of climate change on the continent, which stands to suffer the most from adverse climate events.&nbsp;</li><li>Finally, there are a number of marginalized groups, who for decades, have worked as trash pickers in African cities. This is true of the&nbsp;<a href="https://www.weforum.org/agenda/2021/06/technology-egypt-recycling-circular-economy/">Zabbaleen</a> in Egypt, but the same is true in other African cities including Addis Ababa, Kampala and even Nairobi. Creating increased value for their work by repurposing and recycling waste materials creates previously unknown value for these communities, enabling them to live more financially prosperous lives.</li></ul><a href="https://www.renewcapital.com/" target="_blank" rel="noopener noreferrer">Renew Capital</a> is an Africa-focused impact investment firm that backs innovative companies with high-growth potential. Renew Capital manages investments made on behalf of the <a href="https://www.renewcapital.com/investing" target="_blank" rel="noopener noreferrer">Renew Capital Angels</a>, a global network of angel investors, foundations and family offices who seek financial returns and sustainable social impact. For the latest on investing in Africa, subscribe and follow us at our social links below.

African startups are getting creative to solve the waste collection issue without undermining the livelihoods of millions of trash pickers throughout the continent. 

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Dirty Money: African startups turning trash into cash 

<h1>Meet the Women Behind the Inclusive Eyewear Brand Wazi Vision</h1>Q&amp;A with Wazi co-founders <a href="https://www.linkedin.com/in/geogette-ndabukiye/" target="_blank" rel="noopener noreferrer">Geogette Ochieng Ndabukiye</a> and <a href="https://www.linkedin.com/in/bkatwesigye/" target="_blank" rel="noopener noreferrer">Brenda Katwesigye Baganzi</a><a href="https://wazivision.com/">Wazi Vision&nbsp;</a>is a woman-owned eyewear brand known for its stylish designs that are made with African features in mind. Leaving behind a career in management consulting and risk advisory, Brenda Katwesigye Baganzi launched Wazi to fill a gap for high-quality, customizable and affordable prescription eyeglasses and sunglasses in the region. Together with her co-founder, Geogette Ochieng Ndabukiye, they shared with Renew Capital more about their manufacturing and design processes and their plans to disrupt the future of the eyewear industry to make high-quality glasses accessible across East Africa.This interview has been edited for length and clarity.<figure class="image"><img src="/uploads/NJJ_4642_3e50ea9c69.jpg"></figure>Q. How do you ensure your glasses are comfortable for all face shapes and are of the highest quality?When we initially started Wazi Vision, the idea was to provide low-cost eyewear. From talking to customers we started to see an opportunity to also provide a solution for glasses that are designed for African facial features. Wazi offers a gallery of eyewear designed for different face shapes, nose shapes and nose bridges, to ensure that our frames fit well and are comfortable. We also offer custom-made eyewear for customers who prefer bespoke design and fitting. The glasses are made with high-grade acetate (a type of nylon-based plastic) to ensure the best quality frames. We are also currently testing the use of locally-sourced materials including bamboo and cow horn which we hope to put on the market soon.Q. What are some of the challenges you have faced while running your business and how have you been able to overcome them?We are faced with the challenge that potential customers don't believe that Ugandan-made frames can be as high-quality as Wazi’s are. One of the ways that we have been able to overcome this perception is by getting recognized by people who are seen as thought leaders to wear the brand and vouch for the quality. This has been successful and our research shows that referrals contribute to a large portion of our customer base. Another challenge has been the investment required to pioneer the eyewear manufacturing process. Research and development can be tedious and time-consuming and also requires capital—but it is a necessity to ensure that we are delivering a high-quality product to the market.&nbsp;Q. What are some exciting initiatives you have planned for the future of Wazi?We are excited about making the Wazi brand more visible through partnerships with insurance companies, corporate organizations, optometrists and ophthalmologists. And we are also very excited about continued opportunities to give back to low-income communities. Last year alone we were able to go out to low-income communities and hard-to-reach areas in different parts of Uganda and distribute hundreds sets of Wazi frames to people who would otherwise not be able to access eyeglasses.Q. What do you think the future holds for the eyewear industry in East Africa?Some aspects of East Africa’s eyewear industry are already starting to change. Brands like Warby Parker have attempted to make some changes in terms of style and cost, but there's still plenty of room for disruption in terms of how people actually access eyeglasses—especially in Africa. We know we must constantly evolve to stay ahead when it comes to innovation, both in our brand and type of designs and also the ways in which people can access and finance eyewear.&nbsp;

Q&A with Wazi co-founders Geogette Ochieng Ndabukiye and Brenda Katwesigye Baganzi

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Meet the Women Behind the Inclusive Eyewear Brand Wazi Vision

<h1>Press Release: Renew Capital Angels Invest in Ugandan Digital Payment Platform Xente</h1>Digital payments made easy for African businesses&nbsp;<a href="https://latest-api.renewcapital.com///uploads/FINAL_Xente_Press_Release_dfdc3697ca.pdf" target="_blank" rel="noopener noreferrer">Download the Full Press Release&nbsp;</a>KAMPALA, Uganda, March 29, 2023 — Renew Capital Angels have invested in Ugandan digital payment platform <a href="https://www.xente.co/" target="_blank" rel="noopener noreferrer">Xente</a>. Xente makes it easier for businesses to make payments and track and manage their finances in a single easy-to-use digital platform.<img src="/uploads/IMG_9631_e68e4877b5.jpg" alt="A photo of Renew Capital Senior Investment Manager with Xente founders after the partnership agreement.">Xente, a business neo-bank, is helping to drive the agenda of digital transformation in the region where the majority of payments are done manually. Only 5%–7% of all payment transactions in Africa were made via electronic or digital channels (Mckinsey, 2022). In addition, banks reported the proportion of SMEs that use digital banking to be less than that of retail customers (Backbase, 2022).&nbsp;“The scale of the problem Xente is solving and the market opportunity that exists for their offering is impressive. We are proud to be on this journey with Xente as it expands its business across the region,” says Renew Capital Senior Investment Manager Diana Njuguna.&nbsp;“We are excited that Renew Capital Angels has invested in Xente. This investment serves as a validation of our commitment to transforming Africa from underdeveloped to developed through our digital finance solution for businesses,” says Xente CEO <a href="https://www.linkedin.com/in/allan-rwakatungu-865650159/" target="_blank" rel="noopener noreferrer">Allan Rwakatungu</a>. “Our focus remains on diligently executing our mission and addressing the real problems faced by our customers.”&nbsp;Businesses can use Xente to make payments using cards, mobile money, domestic and international bank transfers, as well as to pay bills and send airtime and data. Furthermore, the platform allows them to efficiently manage their petty cash expenses to ease the complexity of accounting and finance.&nbsp;In 2022, Xente acquired a license from the Bank of Uganda and also partnered with Visa to launch one of the first physical and virtual corporate cards by a fintech in East and Central Africa. Xente hopes to expand its user base with the investment from the Renew Capital Angels and continue enhancing its product offering.&nbsp;

Renew Capital Angels invests in Uganda's Xente, a digital payment platform simplifying business transactions across Africa. Xente enables seamless payment, expense management and digital finance solutions, driving the region’s digital transformation.

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Press Release: Renew Capital Angels Invest in Ugandan Digital Payment Platform Xente

<h1>BuuPass: Enhancing Mobility Across East Africa</h1>&nbsp;Q&amp;A with BuuPass Founders, Sonia Kabra and Wyclife Omondi<figure class="image"><img src="/uploads/Whats_App_Image_2022_11_23_at_9_33_06_AM_a5d36d376e.jpeg"></figure>Renew Capital Angels invested in Buupass in February 2023.<a href="https://latest-api.renewcapital.com/uploads/FINAL_Buu_Pass_Press_Release_e31c1ade91.pdf" target="_blank" rel="noopener noreferrer"> Read more</a>.&nbsp;<a href="https://buupass.com/">BuuPass</a> founders&nbsp;<a href="https://twitter.com/kabra_sonia?lang=en">Sonia Kabra</a> from India and&nbsp;<a href="https://twitter.com/omondiwyclife16">Wyclife Omondi</a> from Kenya, first met in college in the United States. The pair’s common interest to address the pain points of Africa’s public transportation inspired them to create BuuPass, a web platform that&nbsp;streamlines online bookings for intercity bus, train and plane travel.&nbsp; BuuPass now works with 29 active bus companies with a total fleet size of over 1200 vehicles and they are the exclusive ticket provider for Kenya Railways. Sonia and Wyclife share the BuuPass journey and their vision for reshaping the way Africans book travel in this rapid-fire Q&amp;A:Q. What inspired you to start BuuPass?&nbsp;We&nbsp;met at&nbsp;<a href="https://twitter.com/earlham1847">Earlham College</a> in Richmond, Indiana in the United States. We shared similar interests in finding solutions to existing problems. We both shared experiences with inaccessible transportation from our home countries (India and Kenya) and had the idea to bring to market a solution that would make transportation more accessible and efficient. We participated in a series of student business competitions, and we won a 2016&nbsp;$1M<a href="https://www.hultprize.org">&nbsp;Hult Prize</a> that helped us to start BuuPass.Q.&nbsp;What major challenges have you observed within Kenya’s transportation sector?&nbsp;When we first started BuuPass, the digitization of Kenya's transportation sector was still in its early stages. Our initial solution focused on building a booking platform, but once we entered the market, we quickly realized that the main challenge was the lack of digitization among bus operators. Many of these companies were still using pen and paper for their ticketing processes, and they lacked a centralized data source to inform their business decisions. To address this gap, we developed a bus management system that allows our clients to digitize their processes. The system allows the bus operators to set up their routes, booking stations and real-time ticket booking, as well as access daily reports on their business transactions.&nbsp;We also identified cargo management as another challenge for bus operators, and in response, we’ve expanded our services to include a cargo management solution. Our goal is to help digitize the transportation sector in East Africa and ultimately improve the customer experience for travelers.Q. As a women-owned business, how important has it been to build a gender-smart business?Creating a company that reflects our values and attracts diverse talent has always been a top priority for us. As a tech company, we faced challenges in attracting female talent, and that's why we sought investors who shared our values. We are delighted to partner with Renew Capital especially as we aim to become more gender-smart in our approach. Our goal is to create a more inclusive work environment while de-risking ourselves by developing the right policies and culture.&nbsp;Q. What advice do you have for investors that are looking to invest in Africa-based social enterprises?One of the gaps I often see with investors is the lack of understanding of local context. An investor who is based in Africa or one who understands the context of the market would easily see the scale and opportunity of the transportation problem. I believe that building this knowledge and making the effort to understand the context is extremely important for investors.Connect with&nbsp;<a href="https://www.linkedin.com/in/soniakabra/" target="_blank" rel="noopener noreferrer">Sonia Kabra</a> and&nbsp;<a href="https://www.linkedin.com/in/wyclife-omondi-86054064/" target="_blank" rel="noopener noreferrer">Wyclife Omondi</a> on LinkedIn and follow&nbsp;<a href="https://buupass.com/">BuuPass</a> on&nbsp;<a href="https://www.linkedin.com/company/buupass/">LinkedIn</a>,&nbsp;<a href="https://twitter.com/buupass?lang=en">Twitter</a>,&nbsp;<a href="https://www.instagram.com/buupass/?hl=en">Instagram</a> and&nbsp;<a href="https://www.facebook.com/BuuPass/">Facebook</a>.

Q&A with BuuPass Founders, Sonia Kabra and Wyclife Omondi

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 BuuPass: Enhancing Mobility Across East Africa

<h1>Standing on the Shoulders of Giants&nbsp;&nbsp;&nbsp;</h1>Love, G.R.I.T. and Ikigai: Calvin’s Journey to Renew Capital in Zambia&nbsp;Calvin Chitangala joined Renew Capital as an investment and project manager and our first staff member in Zambia. In honor of women’s month, Calvin shares how his journey has been shaped by the powerful influence of the women in his life and by G.R.I.T: Guts, Resiliency, Intensity, Tenacity and Teamwork.&nbsp; &nbsp;A Legacy of Love&nbsp;&nbsp;<figure class="image"><img src="/uploads/image_9fcd0b7382.png"></figure>Calvin and his MayoI grew up in Zambia, surrounded by love, friendships and community—influenced primarily by the women in my life, especially my grandmother and mother. My grandmother’s home was the best place in the world. Together with my many cousins, we shared the warmest hugs, the deepest stories, wholesome meals and an ambition to be great. We nicknamed my grandmother&nbsp;Mayo which means “mother” in Bemba, a Zambian language.&nbsp;Mayo told us stories of how she migrated from her village in northern Zambia to the capital city of Lusaka and began to build a solid foundation for her family. My mother followed in her footsteps and similarly decided to shift much of her life to the United States to earn a living and provide for my sister and me. Mayo and my mother both built a great legacy, and growing up I had an opportunity to have a front-row seat to lessons of love, selflessness and grit.&nbsp;Growing with G.R.I.T: Guts, Resiliency, Intensity, Tenacity and&nbsp; Teamwork<figure class="image"><img src="/uploads/image_ddf8eaf2e1.png"></figure>Breaking bread as the sun set, on the top of Lion's HeadI am and have been intrinsically motivated to show up as the best version of myself, tapping into the values of G.R.I.T and faith picked up from my life experiences and the women in my life. I remember how critical these values were as I reached one of my cherished personal achievements which was making my way up Lion’s Head mountain in Cape Town, South Africa. I almost threw in the towel mid-way up the mountain when a group of colleagues reminded me that though talent wins games, it is team spirit and faith that wins championships and gets you to the top of the mountain, and back down safely.&nbsp;From my childhood two-plus-hours bus commute to and from school; to sleepless nights at university; to career climbs and the Renew Capital application and vetting process, I have been moved by G.R.I.T and faith towards my ikigai.&nbsp;Finding Ikigai: My Passion&nbsp;I first dipped my toes into the impact investing world through an internship at GroFin Zambia, an impact investment firm, during my third-year study of economics at the University of Zambia. It was my first due diligence experience, a social and environmental impact assessment, that allowed me to see firsthand how setting up a milling plant in the rural part of Mumbwa (150 km from the capital city), transformed the socio-economic well-being of rural households below the poverty line and still achieved financial viability for the Grofin impact investors.&nbsp;<img src="https://lh3.googleusercontent.com/LFRTz1wuxgw2o_6r-xd-N_54W9-y-5utxnyu6WwQFEaLzTs5X3-j3jOsJjp8mqWPVXBMABrUdhIv5UfiCP-_CGzvNAbn7WSzwcYCyHFgNCfl7aXVF71D4_jkPvNb1fGVR--D2m8AN1sfVu1N8P1pvAA">Calvin having an exchange of knowledge with smallholder farmersAfter graduation, I connected with a group of friends and mentors, and together, we embarked on a three-year “entrepreneurial” journey to build the impact investing ecosystem in Zambia driven by the philosophies of impact investing. There was a lot of selfless work to do, again G.R.I.T was required. In 2018–19, we launched the task force for the National Advisory Board for Impact Investing (NABII) Zambia. In 2019–20 (NABII) Zambia was set up with the support of Prospero Zambia and partners.&nbsp;&nbsp;&nbsp;<img src="https://lh6.googleusercontent.com/NgYScUGFqP9DOHd_yykUYLdCvUgHmhaHF4DyTz_oetFzns1Qp48Jw-vsYOytWxjsLSPak9W51U4rY_OgYCSQb9wl253VG3ySciu8SRVMy9AW8Dmlo2ynkaE5kUhuP_NtY7dE1wurYfUjRMQwpu0Q9WY">The Taskforce for the National Advisory Board for Impact Investing (NABII) ZambiaFrom rural Mumbwa to the boardrooms, this advocacy duty gave me great satisfaction. Themed by lots of learning and bootstrapping, I found it fulfilling to help create an enabling environment to support underprivileged and underserved communities through investments. One can only imagine how delighted I was, when, in 2018 I had the opportunity to serve at the Development Bank of Zambia where we attempted to deliver on the philosophies of impact investments. My last ‘ikigai moment’ prior to joining Renew Capital, was an opportunity to coordinate a team and showcase Zambia’s impact investing pipeline potential to solid institutional impact investors (largely VCs and DFIs)—from an agribusiness investment opportunity providing a market for smallholder farmers, to million-dollar renewable energy investments to address the energy deficit in Zambia.When I saw that Renew Capital was looking for a trailblazer to help grow the firm's presence in Zambia, I thought to myself, oh boy, the stars are aligned. I immediately dusted up my CV and felt this is it, I can now connect the dots looking backward to the first time I dipped my toes into the world of impact investments. And after a four-month rigorous recruitment process, demanding the best version of myself, I was delighted to receive an invite to join the Renew Capital team for onboarding in Kigali.&nbsp;<img src="https://lh6.googleusercontent.com/gQG1MpJLR7_tVMRelQ3AFbaETKfFVd2oX578fubOTq8ea-6mCvN-WxhirP_eCNaUKBmeVja8K2qz9qoYjI1QzeMcK-dyNx1oTnR_jgUA7qzkFPm_7o-fWNHOlK4d6ndYmyb1WxdA0UK2KQ3lMgqsg7M">Renew Capital onboarding in KigaliRenew Capital emphasizes that we seek to change how the world engages Africa, from a place of giving to a place of investing – this puts a fire in my belly! I am excited to continue advocating for people and the planet; demonstrating that investment capital can both do good and do well, and demystifying the world of impact investments for entrepreneurs.&nbsp;In hindsight, I am thankful to the giants in my life like my grandmother, mother, and my career mentors,&nbsp; who have allowed me to stand on their shoulders and see further. Having G.R.I.T has been&nbsp;critical as I decided to take on a trailblazing opportunity with Renew Capital and to be the team’s first boots on the ground here in Zambia. Joining Renew Capital has been invaluable because I consider it a rare opportunity to continue to serve in my line of passion—impact investing—now, through a venture capital lens, and with&nbsp;renewed vigor.Renew Capital in&nbsp; Zambia&nbsp;Zambia is a land of peace and love, with a people of G.R.I.T and faith, and a fairly predictable economy. I am excited to market Zambia’s potential to the world, especially at a time when the macro-economics and governance structures have demonstrated resilience—beyond the Covid economic recession and the 2021 general and presidential elections—and when financial sector regulators are proactively creating a favorable environment to incentivize foreign direct investments. Zambia is budding with impact investment opportunities using technology to solve the needs of the mass markets in Zambia and the region.

Love, G.R.I.T. and Ikigai: Calvin’s Journey to Renew Capital in Zambia 


Standing on the Shoulders of Giants 

<h1>Press Release: Renew Capital Angels Invest in Ugandan Eyewear Company, Wazi&nbsp;</h1>Eyewear Made by Africans for Africans<a href="https://latest-api.renewcapital.com/uploads/FINAL_Wazi_Press_Release_78c26ef19a.pdf" target="_blank" rel="noopener noreferrer">Download the Full Press Release</a>&nbsp;KAMPALA, Uganda, March 16, 2023&nbsp;—&nbsp;The Renew Capital Angels have invested in Wazi Vision, a women-founded Ugandan company with a vision to change the eyewear industry in Africa.&nbsp;Founders Brenda Katwesigye Baganzi and Geogette Ochieng Ndabukiye launched Wazi in response to a gap in Uganda’s eyewear market.&nbsp;“Accessing high-quality eyewear in Africa is often prohibitively expensive and unattainable for the majority of the population. However, available alternatives are of subpar quality and fail to offer adequate value to customers.” Baganzi explains.&nbsp;<figure class="image"><img src="/uploads/Wazi_Image_1_0da10c24da.png" alt="An image of a Wazi Vision employee assisting a female client trying out a stylish, affordable and high-quality eyewear in Kampala, Uganda."></figure>Baganzi and Ndabukiye built Wazi to address these pain points for the African eyewear consumer.“We provide eyewear that is both high-quality and affordable, relatively accessible for the mass market and designed to be comfortable for African faces,” Baganzi says.Wazi glasses are made by a skilled African team who consider various facial features to ensure each pair of frames is fashionable and comfortable. Wazi also allows customers to design frames that capture their individual personality and choice of material including acetate and sustainable eco materials like cow horn, bamboo and denim.Wazi glasses are becoming popular with the youth for their wide selection of chic styles and unique and trendy brand persona. Wazi plans to open a new store in one of the busiest suburbs in Kampala to cater to demand.“And because making eyewear accessible to everyone is part of our mission, we also partner with corporates to give back to low-income communities,” says Ndabukiye.With the help of an investment from the Renew Capital Angels, Wazi plans to expand its product line and enhance its distribution capacity in Kampala and beyond.“Innovation within the eyewear sector is at a nascent stage in sub-Saharan Africa. We like the fact that Wazi is a homegrown technology-driven business looking to improve the accessibility of unique and affordable eyewear. We look forward to working with Geogette and team in creating an eyewear brand by Africans, for Africans, in Africa,” said Diana Njuguna, Renew Capital, Senior Investment Manager.&nbsp;###

Renew Capital Angels invests in Wazi Vision, a Ugandan eyewear company founded by women, to make stylish, comfortable, affordable and high-quality eyewear accessible across Africa.