<h1 style="text-align:center;">Sustainatopia Impact Conference 2014</h1>Leaders in impact investing convened in Miami for <a href="http://www.connectionmiami.com/">Sustainatopia's Impact Conference 2014</a>. RENEW partner, <a href="https://renewcapital.com/team/tom-scriven">Tom Scriven</a>, joined leaders of global banks, impact investing firms, NGOs and governmental and international agency officials for a three-day conversation about trends and challenges in the fast-growing impact investing industry. They gathered Wednesday night for a fashion show and Sustainability Awards ceremony attended by local advocates for sustainability and impact investing working in fashion (Amber Arbucci, photographer and former Victoria's Secret model, other fashion models and designers), local government officials (Philip Levine, Miami Beach mayor), architecture (Chad Oppenheim) and international finance (JP Capello), among others advancing sustainable development.Keynote speaker Bina Venkataraman (Senior Advisor to the President of the United States on Climate Change Innovation) opened the conference speaking on President Obama's initiatives to use big data to evaluate and promote sustainable development solutions.Tom joined leaders of other firms catalyzing impact investments in speaking on their work with early stage and other companies underserved by the capital markets. Tom and <a href="http://www.connectionmiami.com/2014-speakers">fellow panelists</a> spoke on the importance of intermediaries' work in readying SMEs in emerging markets for foreign investment and in catalyzing that investment into frontier markets, such as East Africa, rural communities in the United States and Southeast Asia.A recurring theme of this discussion and others at the conference, including one led by Cornerstone Capital founder and former head of research at UBS, Erika Karp, was that demand for impact investments continues to grow, particularly as intergenerational transfers of wealth occur from baby boomers to their millennial children. The impact investing community needs to respond to this demand by offering a range of investment products across asset classes for both accredited and retail investors.Contact us at <a href="mailto:renew@renewcapital.com">renew@renewcapital.com</a> or follow us on Twitter @RENEWLLC to find out more.

RENEW's Tom Scriven joined other leaders in the impact investing field in Miami last week.

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Sustainatopia Impact Conference 2014

<h1 style="text-align:center;">Mama Fresh Re-launches its Brand in the U.S. Market</h1>Mama Fresh Injera PLC, an Ethiopian company that is the largest commercial manufacturer and exporter of fresh-baked injera in Ethiopia, has re-launched its brand in the U.S. market and is now exporting injera and other Mama Fresh products to the United States.Injera is a staple bread of Ethiopian cuisine made from teff, a gluten-free, ancient grain. The Mama Fresh product line also includes other Ethiopian staples such as berbere, kocho, mitmita, shero, duro wat, and a variety of other products and spices. Mama Fresh products are now being distributed throughout the Washington, D.C, Virginia, and Maryland areas at local shops and restaurants.The owners of Mama Fresh, husband and wife team Hailu Tessema and Konjit Zewdie, are in the Washington, D.C. metro area through May 9, 2014 for a launch event with Mama Fresh investors and customers of Mama Fresh. The launch event on Saturday, May 3, 2014, will feature Mama Fresh products and provide a chance for customers and investors to meet.Investors in Mama Fresh, who are members of RENEW’s Impact Angel Network, will also be present at the event. RENEW LLC, based in Washington. D.C. and Addis Ababa, Ethiopia, introduced the U.S.-based investors to Mama Fresh on various trips to Ethiopia in 2012 and 2013. RENEW supports a global network of accredited angel investors dedicated to making positive social and financial returns on their investments.Mama Fresh sources teff from hundreds of smallholder farmers and employs more than 90 men and women in the company’s bakeries and kitchens. The company sells products domestically in Ethiopia and currently exports to Germany, Sweden, Norway, Nigeria and the United States. To find out more, visit <a href="http://www.mama-fresh.com/">www.mama-fresh.com</a>.Contact us at <a href="mailto:renew@renewcapital.com">renew@renewcapital.com</a> or follow us on Twitter @RENEWLLC to find out more.

Mama Fresh Injera will hold a launch event in Washington, D.C., this Saturday.

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Mama Fresh Re-launches its Brand in the U.S. Market

<h1 style="text-align:center;">An Evening of Stories and Impact</h1>This past Friday evening, members of the Impact Angel Network (IAN) and distinguished guests met at the Cosmos Club in Washington, D.C. for their first annual National Gathering.<figure class="image"><img src="/uploads/img_7051_e33990fe28.jpg"></figure>The event started with guests mingling and enjoying cocktails in the West Garden. Members then moved into the Cosmos Club's Powell Room to hear the former Director of the CIA,&nbsp;<figure class="image"><img src="/uploads/img_7382_0_0644dbdea7.jpg"></figure>and now Chair of KKR's Global Institute, General (ret.) David H. Petraeus, share stories and insights on leadership, investing, Africa and Ethiopia. The evening continued as members gave toasts and shared stories throughout dinner of their Econ-Tourism trips and their investments in Ethiopia. The night concluded with Aman Adinew, CEO of <a href="http://metadplc.com/">METAD</a> , sharing how his specialty coffee farm created 500 jobs in 2014, positively impacted the local community and is on course to quadruple in size this year.Members of the IAN met the next morning for a breakfast to discuss multi-generational and legacy investing, and the next evening at the residence of the IAN's Washington D.C. chapter chair - <a href="http://renewcapital.com/impact-angel-network/chapters">Dr. Andrew Umhau</a>, to discuss updates on the portfolio and upcoming investment opportunities.The RENEW team would like to thank General Petraeus, Ambassador Tebege Berhe, and the IAN chapter chairs, Dr. Andrew Umhau, Jeff and Donna Turi, and Alan Gardner, and the staff of the Cosmos Club for helping deliver an unforgettable event. We also thank the members of the IAN and their families for coming to D.C. for a memorable spring weekend.If you are interested in learning more about RENEW, please contact Kathleen DeLaHoussaye at <a href="kdelahoussaye%40renewstrategies.html">kdelahoussaye@renewcapital.com</a>.

Impact Angel Network members came together in Washington D.C. for the first annual National Gathering.

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An Evening of Stories and Impact

<h1 style="text-align:center;">On the Road Again</h1>Matt and Laura Davis, partners of RENEW, will be heading from Ethiopia back to the United States to meet with investors at the end of April through the first two weeks of May. The partners will be traveling to the cities of Washington D.C., Omaha, Portland, Seattle, San Francisco and Salt Lake City.The purpose of RENEW’s investor roadshows is to meet with the members of the Impact Angel Network, foster new connections and provide some face time with the network’s founding members.<figure class="image"><img src="/uploads/screen_shot_2016_04_14_at_11_18_44_am_0_db1fdc9dba.png"></figure>If you have time to meet Matt and Laura, or know other like-minded investors in these cities, please let us know. We hope to see many of you in the coming weeks!

RENEW’s Matt and Laura Davis will be traveling to the Pacific Coast in April for a multi-city roadshow.

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On the Road Again

<h1 style="text-align:center;">RENEW Builds Ethiopia Financial Industry Experts</h1>We are excited to announce that RENEW’s analysts, <a href="https://renewcapital.com/team/berkessa-behailu">Berkessa Behailu</a>, <a href="https://renewcapital.com/team/lulit-negash">Lulit Negash</a> and <a href="https://renewcapital.com/team/bethlehem-bogale">Bethlehem Bogale</a>, have completed the CFA Institute’s Claritas Program and are now official Claritas investment certificate holders.According to the CFA Institute’s website, the Claritas Program “covers the essentials of finance, ethics, and investment roles, providing a clear understanding of the global investment industry.”* The program entails approximately 100 hours of self-guided studying and prep work before taking a two-hour certificate exam, all within a six month time period.<figure class="image"><img src="/uploads/dsc_0707_2_11496aed22.jpg"></figure>I discussed the exam experience with Berkessa, Betty and Lulit recently:1) What was your motivation for registering for the Claritas Program and taking the investment certification exam? Berke: I've worked in the investment and consulting world for about six years now. My background is in business administration. Though I went through the basic trainings of market research and investment analysis, my skills are mostly developed through on the job experience. I wanted to assess if how I look at markets and analyze investments is in accordance with best practices used in more developed markets. Registering for Claritas program was the easiest way to assess my skills. Lulit: My motivation was to know more about the investment world and compare what is happening in the world with Ethiopia and how RENEW operates. Betty: I registered for the program because I wanted to understand more about the investment industry.2) Do you feel that you gained new knowledge from your prep work, and how is it applicable to your job at RENEW? Berke: Yes. In addition to being a refresher for the courses I took in college on financial analysis, Claritas has taught me new concepts about investment management, risk assessment, quantitative analysis and valuation. This directly relates to my job at RENEW as an analyst. It has enabled me to be more focused, detailed oriented and analytic in the analysis process, and evaluate investment opportunities more rigorously. I’ve added new tools and instruments in my assessment and can use additional ratios and indicators. Furthermore, even though it’s not yet applicable in Ethiopia, I’ve gained new knowledge of how the securities market functions, including the different players and their roles. It was quite interesting. Lulit: I have gained a good understanding of what investors look at while evaluating deals and what companies that are seeking investment should be doing in order to be successful. My work at RENEW is mainly focused on the portfolio companies, specifically growing the companies to generate returns for investors. So my studies supported how important it is for investment firms to help companies excel and generate positive returns for their investors. Betty: Yes, I did gain new knowledge. The prep work helped me to better understand the standard way of reporting to investors and have a deeper knowledge of the ethical standards I need to uphold as an investment analyst.3) What was the most difficult part in studying for the exam? Was it the self-guided studying or any of the industry concepts? And, how did you overcome those challenges? Berke: Overall, it wasn’t that difficult. But learning about investment structures and markets, which are not yet developed in Ethiopia was a little confusing. But, exploring real-life examples and reading news articles and stories concerning the lessons showed me their practicality. I watch TV shows like Shark Tank and Suits; such shows help me to understand how the lessons in Claritas can be applied in real-life scenarios. Also, it’s been a few years since university, where I had to study for and take exams, so disciplining myself to concentrate and study for hours was a challenge. I was able to adapt after struggling for a while. In addition, I was loaded with work because we were going through a closing process for one of our recent investments. So, I took a few days off from work before my exam, and reviewed my studies and took mock exams. I’m happy it worked out well. Lulit: I didn't face major challenges in my studies, but it has taught me how to better manage my time between work and studying; it’s about being disciplined. Since most of the exam subjects were related to investing, I was able to relate the concepts and compare them with what we are doing at RENEW. So, working in the investment industry helped me get a clear understanding of the subject matter. Betty: Since I was already operating as a professional in the investment industry, there wasn't much challenge with the prep work. The studying was pretty much self-guided and the mock exams helped me in managing my time.4) How do you plan to use your deeper understanding of financial industry essentials in the future? Berke: I’ve already made a few developments in the way I build financial models, assess investment risks and calculate business valuations. I hope to continually improve my analysis skills and help our investors make well-informed investment decisions. Taking the Claritas program exam has taken me one step closer to achieving this goal. Lulit: I am very interested to know more about the investment industry now that I’ve had this exposure. I plan to continuously read investment reports, take courses and also implement what I have learned in my work to see it in action. Betty: I plan to use my knowledge by making sure we don't run into any conflicts of interest, while managing the clients and reporting financial statements in a standardized way.We are incredibly proud of Berkessa, Betty and Lulit, the future of Ethiopia’s finance industry. They all worked diligently for their Claritas Program certificates, and they are already implementing their hard earned knowledge everyday at RENEW.If you are interested in joining a team that strives to be their best selves and brings a diverse set of skills to the table, then be sure to reach out and inquire about three job openings in our Ethiopia office: junior project manager, junior analyst and counsel.**<a href="https://www.cfainstitute.org/programs/claritas/Pages/index.aspx">CFA Institute: Claritas Program</a>

A Q&A session with RENEW’s analysts on their recent accomplishments with the Claritas Program.

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RENEW Builds Ethiopia Financial Industry Experts

<h1 style="text-align:center;">METAD: More Than Just Great Coffee</h1><a href="http://metadplc.com/">METAD</a> is well known for its 100% organic coffee cherries - just ask the likes of <a href="http://www.klatchroasting.com/Hambela_Natural_p/eth_ham_nat.htm">Klatch Coffee</a>, <a href="http://www.royalcoffee.com/Products/0033700">Royal Coffee</a> and <a href="http://www.intelligentsiacoffee.com/product/coffee/benti-nenqa-ethiopia">Intelligentsia</a>. What many may not realize is that in addition to METAD producing great coffee, the company also creates enormous social impact in the local community.<figure class="image"><img src="/uploads/metad_social_blog_2016_46f8e1d3f8.jpg"></figure>Back in 2014, Aman Adinew and the METAD team began sponsoring a group of school students located near the Hambela farm, and they continue to provide the children with uniforms and subsidize the teachers’ salaries. Under Aman’s care, the school has grown from 400 students to more than 600, creating the need for the construction of a second school building - a project that METAD aims to lead and complete by Fall of 2016.&nbsp;METAD is also in the final stages of building a 400 square foot community center in a nearby village that will hold up to 1,000 people at a time. The building is in the final stages of construction and is slated to open in a few months time. The center will be used for community social gatherings, as well as part of METAD’s out-grower farmer training program, wherein the company trains thousands of local farmers on growing and harvesting best practices so they can achieve the best prices for their coffee yields.The RENEW team and the Impact Angel Network are proud to be a part of METAD's story.

METAD produces more than just great coffee, the company also creates enormous social impact in Ethiopia

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METAD: More Than Just Great Coffee

<h1 style="text-align:center;">3 weeks, 7 Cities and 6,762 Miles Later</h1>The past three weeks have been a whirlwind for two of the RENEW partners, Matt and Laura Davis, who travelled thousands of miles across the United States to visit investors and members of the Impact Angel Network on our spring 2016 investor trip. The travel was divided between the West Coast and East Coast of the United States, with Matt and Laura spending time in Omaha, Portland, Seattle, San Francisco and Salt Lake City, and then back to Wilmington and Washington D.C. Here are just a few highlights from their time in these cities:<figure class="image"><img src="/uploads/investor_roadshow_spring_2016_349f8bd51c.jpg"></figure>Omaha: The purpose of this stopover was to experience the Berkshire Hathaway annual shareholders meeting as we continue to hone RENEW’s investor experience and investment strategy. It was an exceptional experience, and in the midst of it, we met great investors from around the world, almost bumped into <a href="https://twitter.com/warrenbuffett?lang=en">Warren Buffet</a> and <a href="https://twitter.com/BillGates?lang=en">Bill Gates</a> a few times and even ran into an Impact Angel Network member!Portland: RENEW met with several local impact investors and social entrepreneurs, and presented an informal information session for Portland-area business professionals to share about the growing fields of angel and impact investing. A big thank you to Kate Kilberg and her firm <a href="http://catalystlawllc.com/">Catalyst Law</a> for hosting!Seattle: With the help of IAN member <a href="https://www.linkedin.com/in/brian-ratzliff-96b23">Brian Ratzliff</a>, RENEW had a stellar time in Seattle visiting members of the IAN, local investors and other potential partners, including Intellectual Ventures Global Good, an amazing innovation laboratory funded by Bill Gates that is working on inventing and patenting innovations for the developing world. Also, during our time in Seattle, we co-hosted an event with Brian to discuss an Ethiopia <a href="../2015/ready-adventure.html">Econ-Tourism trip</a> that folks from Seattle will be participating in late in 2016 or early 2017.San Francisco: Matt and Laura were able to spend some quality time with IAN Advisory Board chair <a href="http://connectinggrowthglobally.com/">Jodi Morris</a> and her husband, who opened up their home and hosted a happy hour event for their friends and colleagues interested in the impact investing space. The team was also able to meet with several local impact investing firms to continue to discuss possible partnerships.Salt Lake City: The RENEW team met with members of our Utah chapter in Salt Lake City and Park City, as well as local community and business members to discuss impact investing and philanthropy in the context of Ethiopia. Matt and Laura had the privilege of meeting <a href="https://7summits7seas.org/">Martin Frey</a>, an angel investor who recently won a Guinness World Record for his adventures, and visited Brad Dickson at <a href="http://pandolabs.org/">Pando Labs</a>, Park City’s Innovation Center.Wilmington: IAN Advisory Board chairs <a href="https://twitter.com/turidonna">Donna</a> and <a href="https://twitter.com/jeffturi">Jeff Turi</a> opened up their Wilmington home to new and potential members of the Impact Angel work for a sesame laden event with Soom Foods in honor of our recent investment in the Ethiopian sesame sector. (@jeffturi)Washington DC: The roadshow ended on another high note with one-on-one meetings with DC-area cocktail event in downtown DC attended by members of the IAN, and partners and impact investors including <a href="http://acdivoca.org/">ACDI-VOCA</a>, <a href="https://www.usaid.gov/">USAID</a>, <a href="http://www.arabellaadvisors.com/">Arabella Advisors</a> and many others!It was a whirlwind, but all in all a wonderful trip filled with valuable dialogue IAN members, potential investors and too many stakeholders and partners to count!

RENEW partners crisscross the United States visiting investors.

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3 weeks, 7 Cities and 6,762 Miles Later

<h1 style="text-align:center;">RENEW Publishes First Annual Impact Report</h1>RENEW is proud to introduce the Impact Angel Network’s (IAN) first annual impact report; we hope this will be the first of many impact reports that we share with you. Included in the report, you will find a blend of quantitative and qualitative information on our Ethiopia portfolio, the IAN and RENEW.To start, 2015 was a good year. We closed five investments; four of those were in new portfolio companies, bringing the total size of our portfolio to seven great companies. We saw triple digit top-line growth across our portfolio, and double-digit bottom line growth as the improvements we are making across the portfolio begin to take hold. We did not exit any investments, we did not lose any companies, and one company made distributions to investors.Be sure to take a few minutes to read through our 2015 Impact Report:<figure class="image"><a href="https://renewcapital.com/sites/default/files/renew_-_2015_impact_report_0.pdf"><img src="/uploads/impact_report_256c9f5dbb.png"></a></figure>&nbsp;

Report captures financial and impact metrics, as well as stories from the portfolio

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RENEW Publishes First Annual Impact Report

<h1 style="text-align:center;">The Africa Beat</h1>Over the past few weeks, several articles have been published about impacting investing, investing in Africa and investing in Ethiopia. Here are a few of our favorite recent stories on these topics:<figure class="image"><img src="/uploads/desktop7_914634394d.jpg"></figure>IMPACT INVESTINGCNN Money: Millennials are dreamers and doers - they not only seek to make the world a better place, but also pursue activities that positively impact the world around them, be it philanthropy or value-based investments. It should come as no surprise then that in a recent U.S. Trust survey of individuals with $3M or more in assets, “93% of Millennials believe social impact is key to their investing decisions.” And while Baby Boomers are a bit slower to hop on the impact investing bandwagon, 51% of responders believe impact investing is where they should allocate their portfolios. <a href="http://money.cnn.com/2016/05/26/investing/millennial-impact-investing/">Read More</a>.INVEST IN AFRICACFA Institute: Bob Geldof was the keynote speaker for the CFA Institute’s 69th Annual Conference, which took place in Montréal, Canada this year. During his keynote address, he challenged attendees to stop ignoring the continent that is full of innovation and is poised for massive economic growth. “There is only one place left on Earth where growth can start from almost zero! Why don’t you do it?” Many incite geo-political instability as the reason, which has been recently created by terrorists groups operating from the Middle East. But, what would happen if the West invested in those economies, and created jobs and opportunities for the Africans who fight for such groups? <a href="https://blogs.cfainstitute.org/investor/2016/05/16/bob-geldof-the-promise-of-africa/">Read More</a>.INVEST IN ETHIOPIAAfrican Business: Over the past several months, we’ve seen several negative headlines regarding Ethiopia’s drought and political protests among indigenous minorities, which has made several among the finance community ask whether the country is still sure ground for investment? Sophisticated investors from countries such as China, the United States and Europe believe “yes.” And, as they say, the proof is in the pudding - foreign direct investment into Ethiopia has “risen from about $200m in 2005 to $2.2bn in 2015, now equating to 3.6% of Ethiopia’s GDP.” Private equity groups, such as KKR and Black Rhino Group, along with multi-national corporations, like Coca-Cola and Unilever, see the vast opportunities and resources Ethiopia has to offer. <a href="http://africanbusinessmagazine.com/sectors/finance/ethiopia-still-sure-ground-investment/">Read More</a>.

RENEW takes a look at recent headlines concerning impact investing, investing in Africa and Ethiopia.

Investing in Africa