<h1 style="text-align:center;">Press Release: 2019 International Gathering</h1><a href="https://latest-api.renewcapital.com/uploads/RENEW_Press_Release_National_Gathering_0ab80728fc.pdf">Download the Full Press Release.</a>Washington, D.C. March 26, 2019 --The <a href="https://www.renewcapital.com/what-we-do/investing">Impact Angel Network</a> (IAN), a global angel network dedicated to investing in high-potential companies across the continent of Africa, has announced the IAN’s <a href="https://www.renewcapital.com/resources/blogs/2019%20International%20Gathering%20-%20Thank%20You%20to%20our%20Sponsors%20">2019 International Gathering</a>. This year, the Gathering will be held on May 17th, 2019 at the Embassy of Canada in Washington, D.C.The event’s keynote speaker will be <a href="https://www.carlyle.com/about-carlyle/team/david-m-rubenstein">David Rubenstein</a>, co-founder and co-executive chairman of the Carlyle Group. Join us for a fireside chat as he shares his story about building one of the world’s most successful private equity firms and how he views opportunities in Africa. Attendees will also interact with other special guests and dignitaries, and hear IAN members’ personal stories about how they help finance companies managed by smart and successful Ethiopian entrepreneurs for impact and financial returns.Organized by RENEW, an impact and investment advisory firm which manages IAN, the annual Gathering convenes IAN members and guests to explore the dynamic investment landscape in sub-Saharan Africa, through the lens of SME investing. Guests will spend the evening at the Embassy of Canada, overlooking the Capitol Building, with other like-minded individuals, business executives, thought leaders and experts in the impact and angel investing space. RENEW aims to elevate angel and impact investing and how the private sector is driving growth. The Gathering is a great opportunity to have important conversations related to impact investing and how we’re all contributing to an entrepreneurial culture on the continent and to Africa’s growth story.<figure class="image"><img src="/uploads/screen_shot_2019_03_28_at_3_19_00_pm_c99bbcfb0d.png"></figure>Tickets for the event are available until Monday, May 13th and can be purchased at <a href="https://2019-international-gathering.eventbrite.com/">this link</a>. For more information about sponsorship opportunities please visit our <a href="https://www.renewcapital.com/what-we-do/investing">website</a>. Additional events will be held exclusively for IAN members throughout the weekend. If you’re interested in learning more about the IAN or joining the network please visit the following <a href="https://www.renewcapital.com/apply">link</a>.We’d like to thank the following partners and sponsors for making the 2019 International Gathering possible: The Embassy of Canada (co-host), <a href="https://www.faegrebd.com/en">Faegre Baker Daniels</a> (platinum sponsor), <a href="https://limalimolodge.com/">LimaLimo Lodge</a>, <a href="http://enlightenmentwines.com/">Enlightenment Wines</a> and <a href="https://kanterpr.com/">KANTER</a>.About the Impact Angel Network and RENEWThe Impact Angel Network is one of the most active private equity investors in East Africa. Its members seek to make both social impacts and financial returns through investments in small and medium enterprises (SMEs), a proven engine of economic growth and job creation, but lacking capital in Africa due to their size. They believe that targeting employment through SMEs, dollar-for-dollar, can help reduce poverty in a more sustainable way than charity.RENEW, with its largest office in Addis Ababa, Ethiopia, manages the IAN’s investment operations and provides investment advisory and consulting services in support of its investments. RENEW’s work in Ethiopia was piloted with USAID and is currently undertaken with financial support from the Government of Canada provided through Global Affairs Canada. The project, Accelerating Business Growth, aims at sustainable job creation for low-skilled workers, including women and young adults, through a dynamic and growing small and medium business sector in Ethiopia.&nbsp;###

Angel Network Focused on SMEs in sub-Saharan Africa to Host Fourth International Gathering.

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Press Release: 2019 International Gathering

<h1 style="text-align:center;">2019 International Gathering - Thank You to our Sponsors!</h1>On May 17, 2019, the IAN’s <a href="https://www.renewcapital.com/resources/blogs/Press%20Release%20%202019%20International%20Gathering">International Gathering</a> will convene members and guests to explore the dynamic investing landscape in sub-Saharan Africa through the lens of SME investing. For the second time, guests will spend the evening at the beautiful Embassy of Canada in Washington, D.C., overlooking the Capitol Building. For the past three years, RENEW has partnered with <a href="https://www.canada.ca/en.html">Global Affairs Canada</a> through our work under our <a href="https://w05.international.gc.ca/projectbrowser-banqueprojets/project-projet/details/D002584001">Accelerating Business Growth</a> (ABG) program. We are grateful for the support from the Embassy of Canada and Global Affairs Canada for co-hosting this memorable event with us.We’d also like to highlight all our sponsors who are helping to make this International Gathering the best one yet:<ul><li><a href="https://www.faegrebd.com/en">Faegre Baker Daniels</a>: Faegre Baker Daniels (FaegreBD), our Platinum Sponsor, is one of the 75 largest law firms headquartered in the U.S., with locations that span coast to coast and also cover the U.K. and China. Their offices collaborate to achieve clients’ objectives - bringing together the best-matched expertise and resources from across their global platform. FaegreBD’s legal and consulting professionals partner with clients ranging from emerging startups to multinational corporations, delivering full-service advice customized to each company’s business needs.</li><li><a href="https://kanterpr.com/">KANTER</a>: KANTER is a public relations firm for the investment management industry. They help a variety of investment firms build their brands and become better known through meaningful and high-quality press, as well as a continuous presence in the media. Kanter is led by <a href="https://www.linkedin.com/in/victoria-odinotska-7b2a025/">Victoria Odinotska</a>, a member of the Impact Angel Network.</li><li><a href="http://enlightenmentwines.com/">Enlightenment Wines</a>: Enlightenment Wines started out as a small, part-time farm winery in 2009 by Raphael Lyon. In 2015, Lyon reached out to <a href="https://www.linkedin.com/in/anthony-rock-14322082/">Anthony Rock</a> (a member of the Impact Angel Network) and Arley Marks with the intent to join forces and grow Enlightenment Wines into a full-scale production meadery with a tasting room and cocktail bar named Honey’s in Brooklyn New York. Since then, Enlightenment Wines has been focusing on small batch meads made with wild yeast, foraged herbs, and locally sourced fruit. These honey-based wines are dry (not sweet), barrel fermented, and released seasonally, and have been featured in the likes of <a href="https://www.gq.com/story/best-bars-america-2018">GQ</a> and <a href="https://www.newyorker.com/magazine/2017/10/16/the-magical-mead-of-honeys">The New Yorker</a>.</li><li><a href="https://limalimolodge.com/">LimaLimo Lodge</a>: Perched on the edge of the escarpment, Limalimo Lodge is a beautiful place to experience Ethiopia's Simien Mountains National Park. Combining simple luxury and elegant design in a stunning setting, the lodge promotes sustainable tourism with minimal environmental impact and provides new opportunities to the local community. The lodge has been featured in the likes of <a href="https://www.travelandleisure.com/slideshows/best-hotel-openings-worldwide">Travel + Leisure</a> and <a href="https://www.cntraveler.com/story/go-to-ethiopia-for-ancient-history-jazz-and-a-capital-city-on-the-rise">Conde Nast</a> for its minimalist-chic ambiance with staggering views. LimaLimo Lodge is owned in part by <a href="https://www.linkedin.com/in/lucas381/">Lucas Robinson</a>, a member of the Impact Angel Network.</li></ul>Interested in attending the <a href="https://www.renewcapital.com/resources/blogs/Press%20Release%20%202019%20International%20Gathering">2019 International Gathering</a>? Tickets can be purchased at the following <a href="https://www.eventbrite.com/e/renew-and-the-impact-angel-networks-2019-international-gathering-tickets-51562748569">link</a>. To learn more about sponsorship opportunities, please visit our <a href="https://www.renewcapital.com/what-we-do/investing">website</a>.<figure class="image"><img src="/uploads/sponsors_final_dd12330f28.png"></figure>

A thank you to those who are making this event possible.

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2019 International Gathering - Thank You to our Sponsors!

<h1 style="text-align:center;">Econ-Tourism Trips: Where Indiana Jones Meets Warren Buffett</h1>Over the years, I have hosted hundreds of investors in Ethiopia. One would think it could get monotonous, but it never does. More and more, high-net-worth individuals and families are signing up to become impact investors and choosing this as a more sustainable strategy for creating impact in Africa over more traditional charity models. Our role is to help them make good decisions and to oversee their investments on the ground. Our strategy is to find, vet and present the best small and medium enterprises (SMEs) in Africa to our growing network of global change agents, called the Impact Angel Network (IAN). Each investor has a fascinating "journey of impact" that brings them to consider the idea of investing in Africa's future. It's amazing to hear their personal stories as we walk through factories, hear pitches from women-led companies, sit with employees of companies our investors have backed, and drive around the bustling cities of Addis and Kampala.Many trip participants have "aha" moments during these visits and take another step forward in developing a new framework around Africa's economic potential for financial returns and social impact. For me, each trip we host and every story I hear brings me back to the moment I realized the future we must be part of on the continent of Africa is building the private sector. Having investors in town also provides a concentrated time for me to have my own "aha" moments over and over again. The private sector needs to keep pace with the millions of youth that are entering the workforce each year. In Sub-Saharan Africa, more than 60% of the population is under the age of 25, and around 15 to 20 million well-educated young people are expected to join the workforce every year for the next three decades (World Economic Forum, 2017). The private sector needs to grow, and grow fast, and everyone needs to take part in making this happen or all of our efforts will be swept away with rising unemployment rates. But to watch hundreds of workers making things like yogurt, bread, shoelaces, toothpicks, tee-shirts, juice...I have hope. One business at a time, we can create thousands of jobs and a thriving economy.<figure class="image"><img src="/uploads/img_e6341_animation_9d2836eddf.gif"></figure>And there is an exciting upside to this story. By 2025, it is projected that almost two-thirds of the 303 million households in Africa will have discretionary income, an addition of almost 90 million consumers in a decade. This growth is expected to push Africa’s GDP growth from 4.9% to 6.2% in the next 10 years, outpacing the global GDP rate of 3.7% (McKinsey, 2015). Smart investors are seeing the "Made in Africa" brand as the next big thing. Indigenous companies, industrious entrepreneurs, creating products with features that appeal to their domestic markets at a price-point that works with the economy; that's a great opportunity. This both gives me hope and gets me excited as an impact investor.As I walk around the companies we have invested in - I am proud to say I have backed ten companies here in Ethiopia - it's with great pride that I observe the women our companies are employing and know that each one likely supports multiple people in her household and that their living conditions are improving. She's hopefully having better access to clean water, healthcare and education because she has a job.We recently had several members of the Impact Angel Network in Addis Ababa and the time was full of good conversations and observations. During the Econ-Tourism Trip, we saw 4 portfolio and 9 pipeline companies. My partner and husband, Matthew Davis, then took several of them on to Uganda where they spent a day meeting several more companies we are considering for investment.Africa's private sector is the future. We all need to get behind it and play a role in supporting local companies grow into big ones and create millions of jobs to absorb the youth that will be entering the workforce. I encourage you all to come see what is happening here in Africa. Think different. See the future. Grow a company, build a nation and leave a legacy. This is the mission statement of the Impact Angel Network. If you are on a journey to witness firsthand and potentially invest in Africa's economic potential, we invite you to join us in Ethiopia for the next Econ-Tourism Trip October 27 - November 2, 2019.****Please note: Specific investment opportunities are made available only to “accredited investors” after completing the Impact Angel Network registration and onboarding process and following a waiting period.<hr>Sources:World Economic Forum (May 2017). The Future of Jobs and Skills in Africa. Retrieved from: <a href="http://www3.weforum.org/docs/WEF_EGW_FOJ_Africa.pdf">http://www3.weforum.org/docs/WEF_EGW_FOJ_Africa.pdf</a>McKinsey &amp; Company (July 2015). Winning in Africa’s Consumer Market. Retrieved from: <a href="https://www.mckinsey.com/industries/consumer-packaged-goods/our-insights/winning-in-africas-consumer-market">https://www.mckinsey.com/industries/consumer-packaged-goods/our-insights/winning-in-africas-consumer-market</a>

Join us for our next Econ-Tourism Trip from October 27 - November 2, 2019.

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Econ-Tourism Trips: Where Indiana Jones Meets Warren Buffett

<h1 style="text-align:center;">Improving Ethiopia’s Investment Profile</h1>We at RENEW join Ethiopia in celebrating the heightened attention it has received recently within the international investor and business community. The country’s liberalizing reforms are gaining momentum under the fast-moving leadership of Prime Minister Dr. Abiy Ahmed, presenting increased reason and opportunity for the rest of the world to take notice. Many have seen great economic potential in the country’s fast GDP growth, abundant natural resources, growing middle class, political and strategic importance in Sub-Saharan Africa and relative political stability. Yet, the challenges of doing business in Ethiopia have caused many U.S. and other foreign investors to be reluctant to invest in Ethiopia. We applaud the administration’s efforts to change this reality.RENEW is heavily invested in Ethiopia’s success. Our team, based primarily in Addis Ababa, facilitates angel investments into companies in Ethiopia and works with these investee companies to help them become more competitive in both international and domestic markets. We have been operating in Ethiopia since 2012 and, together with the Impact Angel Network (IAN), have become one of the most active private equity firms in the country. Since 2012, RENEW and the IAN have made twelve investments in ten companies supporting nearly 2,200 jobs, generating millions of dollars in export earnings, and supporting more than 5,700 small-holder farmers along multiple agricultural value chains. RENEW has implemented an “accelerating business growth” (ABG) program in Ethiopia in partnership with the Canadian government. We are advised by an ABG advisory group which includes prominent businessmen and government officials from Ethiopia. We have learned a lot about investing in Ethiopia from our local advisors and are very thankful for their support.Recently, we were invited by members of the Ethiopian government to report on the challenges that we are encountering when investing in the country and to suggest areas for improvement. We have had a number of fruitful discussions following up on this invitation as part of the government’s efforts to reform its investment regulatory and administrative framework to align it with recent changes in economic policy priorities. The focus of these discussions has been on the areas and recommendations outlined below:<figure class="image"><img src="/uploads/whitepaper_3c057a6ee8.jpg"><figcaption>Image Source: France 24: <a href="https://www.france24.com/en/20180730-abiy-ahmed-spreads-hope-reform-ethiopia">Abiy Ahmed: Ethiopia's first Oromo PM spreads hope of reform</a></figcaption></figure><ul><li>Restrictions on Investment Structures Commonly Used by Investors in Early Stage Companies: Investors frequently cite a lack of options for structuring their investments, particularly in early-stage companies. We recommend loosening restrictions on lending (including interest rates), considering long-term options to open the debt markets, allowing other entity types (such as a PLC) to issue preferred shares, and providing greater flexibility for small equipment leases.</li><li>Enforceability of Investment Agreements: Oftentimes, investors are nervous that their investment agreements (such as a share purchase agreement or shareholders’ agreement) will not be enforceable. We suggest clearly stating in the law that all investment agreements will be separately enforceable, in addition to companies’ memorandums and articles of association, and clearly outlining any witness or other authentication requirements for such agreements.</li><li>Frequent Regulatory Modifications: Investors express some concern that regulations will be modified unexpectedly or without explanation. To alleviate this concern, we suggest providing additional notice periods for regulatory changes so that investors can plan accordingly and seeking public commentary before final laws are published.</li><li>Delays and Uncertainty in the Process of Registering Capital: Various agencies play a role in registering foreign investments, including the EIC, NBE, MOTI and DARA. Officials at each agency sometimes provide conflicting guidance and the number of agencies can cause delays and uncertainty as to whether an investment will be reliably approved. We recommend enhancing the training of government officials responsible for registering foreign investments, streamlining the number of agencies involved, and restricting notaries’ duties to ensuring the authenticity of documents (rather than performing substantive reviews).</li><li>Repatriating Capital: Investors often fear that they will encounter significant administrative delays when trying to convert currency and repatriate capital. To ease these concerns, we recommend that the NBE publishes its track record of paying remittances and, if possible, provide a platform through which investors can track their place in the queue to repatriate dividends or capital.</li><li>Sector Restrictions on Foreign Investors: We recommend opening up additional sectors to foreign investment. Rather than having a list of defined sectors in which foreign investors can invest, we recommend a narrow list of prohibited sectors, leaving all other sectors open to foreign investment. Certain sectors could first be opened through investment by a joint venture between foreign and domestic investors, to allow for a gradual opening of the sector.</li><li>Treatment of Local Companies with Foreign Minority Shareholders as “International Companies”: Foreign investors often take a minority equity interest in a local company, in an effort to help that company compete with international players. However, we understand some companies have lost certain privileges they had as a local business due to these minority investments. We recommend abolishing any policy that favors 100% locally-owned companies over local companies which merely have a foreign minority shareholder, so as not to harm these companies and undercut the growth that the foreign investment is intending to facilitate.</li><li>Registration of Title: Providing for title registration at the municipal level can oftentimes cause delays in the operation of a company’s business, if the local office is closed or unavailable for any reason. We recommend providing for an alternative to municipal registration in an effort to alleviate delays.</li></ul> &nbsp; &nbsp;

RENEW suggests investment reforms to attract more foreign investment and business

Ethiopia

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Improving Ethiopia’s Investment Profile

<h1 style="text-align:center;">Press Release: RENEW &amp; the IAN Commit Capital to an All-Women Fund</h1><a href="https://renewcapital.com/sites/default/files/press_release_-_womens_package_-_final_1.pdf">Download the Full Press Release.</a>Denver, CO and Addis Ababa, Ethiopia, April 23, 2019 --RENEW and the <a href="https://www.renewcapital.com/what-we-do/investing">Impact Angel Network</a> have committed capital to a fund dedicated to investing in women-owned and led companies in Ethiopia and Uganda. RENEW and the IAN, now one of the most active investment groups in East Africa focusing on small and medium enterprises (SMEs), designed the fund to address a pressing need to close the financing gap for women-owned companies in Sub-Saharan Africa.Worldwide, only one-third of SMEs are managed by women (World Bank, 2015). In developing countries in particular, studies have shown that women-owned businesses face higher challenges to business success, especially in the area of financing. It is estimated that 70% of women-owned SMEs in emerging markets are not being properly served by the financial institutions in the area, resulting in a $285 billion financing gap. The World Bank notes that “addressing this financing gap and investing in women-owned enterprises is one of the highest-return opportunities available in emerging markets” (2015).<figure class="image"><img src="/uploads/womenspackage_dc94f294e2.jpg"></figure>The new fund will make investments in 3 to 5 women-owned companies, pending satisfactory completion of due diligence. In creating the fund, RENEW and the IAN used a new approach to address social and financial barriers holding back the private sector in Africa. The fund, which supports the <a href="https://sustainabledevelopment.un.org/?menu=1300">Sustainable Development Goals</a> (SDGs), was oversubscribed by the IAN and will support job creation for women and youth and empower women entrepreneurs in Ethiopia and Uganda."There is data that shows that despite comparative investment outcomes, female entrepreneurs are often overlooked by the business and investment communities,” said Laura Davis, Partner &amp; Head of Investor Relations at RENEW. “We hope the Impact Angel Network can show others that by investing in women-led companies we are not just advancing a social agenda, we are making sound investments.”The inspiration for the fund came after a number of the owners being considered for the fund took and excelled in RENEW’s <a href="https://www.renewcapital.com/resources/blogs/Key%20Resources%20for%20Executives">Exec’s Program</a>, a four-month business program which provides participants with the tools they need to successfully scale their businesses. All the companies currently being considered for the fund have completed or are currently participating in The Exec’s Program. “We've known the women we are planning to work with as part of this fund through our Exec's Program, and we have been impressed with their companies," explained Laura Davis.The all-women investment fund has been made possible because of RENEW’s partnership with <a href="https://www.canada.ca/en.html">Global Affairs Canada</a> (GAC). RENEW’s public-private partnership with GAC aims to support high potential, responsible SMEs in Ethiopia, providing them with the tools, resources and training they need to attract and efficiently use finance to grow, thereby enabling them to play a stronger role in the Ethiopian economy.Several of the entrepreneurs being considered for this fund will be attending RENEW’s Impact Angel Network <a href="https://www.renewcapital.com/resources/blogs/Press%20Release%20%202019%20International%20Gathering">International Gathering</a> on May 17, 2019 in Washington D.C.About the Impact Angel Network and RENEWThe Impact Angel Network is one of the most active private equity investors in Ethiopia. Its members seek to achieve both significant positive social impact and financial returns through investments in small and medium enterprises (SMEs) in Africa, a proven engine of economic growth and job creation which often lacks capital due to their size. RENEW and IAN members believe that targeting employment through SMEs is, dollar-for-dollar, is the most effective and sustainable way to reduce poverty.RENEW, with its largest office in Addis Ababa, Ethiopia, manages the IAN’s investment operations and provides investment advisory and consulting services in support of its investments. RENEW’s work in Ethiopia was piloted with USAID and is currently undertaken with financial support from the Government of Canada provided through Global Affairs Canada. The project, Accelerating Business Growth, aims at sustainable job creation for low-skilled workers, including women and young adults, through a dynamic and growing small and medium business sector in Ethiopia.To find out more, please visit <a href="../../index.html">www.renewcapital.com</a>.&nbsp;###&nbsp;Source: The World Bank, 2015: <a href="http://www.worldbank.org/en/news/feature/2015/11/16/financing-women-entrepreneurs-in-ethiopia">SME Financing: Women Entrepreneurs in Ethiopia</a>&nbsp;###

The Fund will support female entrepreneurs and job creation for women and youth in Sub-Saharan Africa

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Press Release: RENEW & the IAN Commit Capital to an All-Women Fund

<h1 style="text-align:center;">Visiting Ethiopia: How Traveling to Addis Deepened my Understanding of RENEW</h1>After working for RENEW for almost 6 months, I finally had the chance in early March to travel to Ethiopia to meet our team and see the office. Prior to this point, I thought I understood RENEW – I had finally mastered the names, industries and investment structures of each of our portfolio companies, and I had worked (remotely) with most of the team and had the chance to negotiate with a few of our entrepreneurs. I could recite RENEW’s mission statement and values, and I thought I had a grasp of the various challenges we faced in the work that we do. I still had a few questions, like: what do our portfolio companies actually look like? does the internet actually go out that much? and is the coffee actually that good? But I felt confident I already had a firm grasp of all things RENEW.<figure class="image"><img src="/uploads/img_6904_2_1_0_77e0e78191.jpg"></figure>It only took a few hours in Addis to rid me of that notion. Addis was much like what I expected, except for the sheer number of pedestrians and the traffic. I’ve never seen driving like I saw in Addis (and I live in NYC!). Shortly after landing, I joined our investors on their site visits as part of the <a href="../../impact-angel-network/econ-tourism-trips.html">Econ-Tourism Trip</a>. Upon stepping inside Desta’s factory, it quickly hit me: the work we are doing is even more significant than I had thought. It’s one thing to know, on paper, the number of investments we have and the number of jobs those support, but it’s another thing to witness it firsthand. The scale and volume of production at Desta was inspiring, not to mention the impressive new factories at KROTAJ and Sadura and the state-of-the-art ambulances at Tebita. All of it was remarkable to see in person and to know that our work helped to build it.On the third day of my trip, I arrived at the office bright and early to sit in on a session of The Exec’s Program. This was my first real day in the office. As the session wrapped up, many of the entrepreneurs stayed around to visit with each other, catch up with the RENEW team, or have coaching sessions with Matt. This is when I realized: we are doing so much more than I had appreciated. We had a new cohort of entrepreneurs participating in The Exec’s Program on Thursday morning, a new group of finance professionals attending the CFO100 on Tuesday night, and countless meetings, coaching sessions, and planning and strategy sessions in between. On top of that, we were hosting investors and GAC representatives, prepping for filming Chigign ‘Tobiya and sourcing new investments for our all-women investment package. It was hard to keep track of the number of people that came in and out of The Exchange during my two weeks there. The office is a constant flurry of activity and really does serve as a platform to share ideas and fuel growth.<figure class="image"><img src="/uploads/img_6899_2_6b61e6d5d8.jpg"></figure>That same afternoon, we hosted representatives from GAC. By sharing war stories with them over lunch and hearing more about their viewpoint as our development partner, it became clear: the work we are doing is much more challenging than I had realized. There are challenges here I had never even contemplated. Of course, we face the typical challenges of finding investments, negotiating deals and running a business. But we are simultaneously educating the entrepreneurs about private equity, financial and accounting practices, and good corporate governance. We are working across cultures, between our North American and European investors, our international RENEW team and our Ethiopian and Ugandan entrepreneurs. And we are working at a cross-section of ideas and investment philosophies, where private capital meets the public sector meets the philanthropic sector. Take all of these competing ideas and viewpoints, sprinkle in some Addis traffic, power and internet outages, and the muddy road to The Exchange when the rains come, and our RENEW team faces daily challenges, big and small.Which leads me to my last and most important realization from the trip: just how fantastic of a team RENEW has and how great the RENEW team works together, to overcome these challenges, persevere and excel. (And, yes, the internet often does go out that much, and the coffee really is that good!) &nbsp;

Observations from Kirsten's first trip to Addis

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Visiting Ethiopia: How Traveling to Addis Deepened my Understanding of RENEW

<h1 style="text-align:center;">Press Release: RENEW’s IAN Exits Two Investments that Financed Ethiopian SME</h1>Download the Full Press ReleaseWashington, D.C. and Addis Ababa, Ethiopia, May 23, 2019 -- RENEW’s <a href="https://www.renewcapital.com/what-we-do/investing">Impact Angel Network</a> (IAN), one of the most active equity investors in Ethiopia with an expanding presence in East Africa, have successfully exited two investments to a regional private equity fund and a family office. RENEW and the IAN provided two rounds of angel financing to support the launch of an Ethiopian production company that exports to international markets. With the recent buyout of these positions, these investments realized gross internal rates of return (IRR) of 26.70% and 17.58%,* respectively.The IAN’s investments helped a start-up company become a leader in its industry in Ethiopia. The company has received international awards and certifications on account of a superior product and exceptional processes. It now purchases from thousands of smallholder farmers and employs hundreds of Ethiopians in permanent and temporary positions. The company’s success can be attributed to the strong leadership and disciplined management of a visionary entrepreneur and committed contributor to the well-being of the communities in which he operates.“At RENEW,” says CEO Matt Davis, “we aim to back companies with strong leadership and good market position or potential. The companies we invest in are often overlooked due to their size as SMEs and their location in countries in East Africa that are promising but not yet seeing significant inflows of capital. We cannot expect all investments to follow the trajectory of the two exits we are announcing. Today, though, I celebrate these wins for the IAN, for Ethiopia and for SMEs providing good jobs to a lot of people.”About the Impact Angel Network and RENEWMembers of the Impact Angel Network seek to realize both social impact and financial returns through investments in small and medium enterprises (SMEs) that are engines of economic growth and job creation in Africa but that often lack capital due to their size. IAN members believe that targeting employment through SMEs, dollar-for-dollar, can help reduce poverty in a more sustainable way than charity.RENEW, with its largest office in Addis Ababa, Ethiopia, manages the IAN’s investment operations and provides investment advisory and consulting services in support of its investments. RENEW’s work in Ethiopia was piloted with USAID and is currently undertaken with financial support from the Government of Canada provided through Global Affairs Canada for a project entitled Accelerating Business Growth (ABG). This project targets sustainable job creation for low-skilled workers, including women and young adults, through a dynamic and growing small and medium business sector in Ethiopia.<figure class="image"><img src="/uploads/exit_image_0_1_3a49ed4e5c.png"></figure>To find out more, please visit <a href="../../index.html">www.renewcapital.com</a>.Legal Disclaimer *We maintain documents in our files supporting the IRRs stated above. The IRRs were realized for the two investments discussed in this press release and does not represent results achieved by other IAN portfolio companies or the portfolio as a whole. There is no guarantee that such results will be achieved by other IAN investments or those of other investments managed by RENEW.

RENEW’s IAN have exited two investments to a regional private equity fund and a family office.

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Press Release: RENEW’s IAN Exits Two Investments that Financed Ethiopian SME

<h1 style="text-align:center;">The Fourth Annual Impact Report</h1><a href="https://latest-api.renewcapital.com/uploads/Final_Impact_Report_2018_1b12d67377.pdf">Read our 2018 Impact Report</a>RENEW announces the Impact Angel Network’s (IAN) 2018 Impact Report. This edition of RENEW’s Impact Report is entitled “A Journey of Impact” and for good reason. Yes, we will give you an overview of the impact of our entire portfolio, but in the report’s pages, we will also do a deep dive into one company, Desta PLC, a garments manufacturing facility. This edition explores various aspects of the impact of the company from the perspective of several stakeholders. Join us through the following pages as we hear stories from Laura Davis (partner at RENEW), Eyob Bekele (owner and general manager at Desta), Lulit Negash (RENEW’s portfolio manager for Desta), Beth Marquette (an Impact Angel Network investor), and Tadelech Buto (a Desta employee). Everyone’s story is different, but each individual plays a key role in the growth and impact of this company that is a leader in the fast-growing textile industry in Ethiopia.With 11 investments in 10 companies as of the end of December 2018, RENEW and the IAN now support 2,193 jobs (71% are held by women) and 5,700 smallholder farmers.Read our past Impact Reports:<ul><li><a href="https://latest-api.renewcapital.com/uploads/RENEW_Impact_Report_2017_c0d6c8251c.pdf">2017 Impact Report</a></li><li><a href="https://latest-api.renewcapital.com/uploads/RENEW_LLC_Impact_Report_2016_d7bb848962.pdf">2016 Impact Report</a></li><li><a href="https://latest-api.renewcapital.com/uploads/RENEW_LLC_2015_Impact_Report_70af8f917c.pdf">2015 Impact Report</a></li></ul><figure class="image"><img src="/uploads/impact_report_3_40a378673c.png"></figure>Note: The information included in the Impact Report relating to the performance of Impact Angel Network (IAN) portfolio companies is preliminary and has not been audited. Information about any one company in the portfolio, such as Desta PLC, is provided as a recounting of the IAN’s interactions with one company its members have invested in and happenings at that company. Such information is not intended as performance data related to the IAN’s investment in the company described. Information about one or more IAN portfolio companies pertains only to the company/ies described and may not be indicative of other companies in the IAN’s portfolio or the performance of investments in them. Any discussion of the performance of companies or investments or their social impact is no guarantee that such performance or impact will be realized by other IAN portfolio companies or investments or in the future.

RENEW’s 2018 Impact Report, “A Journey of Impact”

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The Fourth Annual Impact Report

<h1 style="text-align:center;">The International Gathering Weekend!</h1>On May 17 and 18, 2019, we held our fourth <a href="https://www.renewcapital.com/what-we-do/investing">Impact Angel Network</a> International Gathering weekend in Washington D.C.! In case you weren’t able to attend, here’s a recap of the weekend:On Friday, Hussein Hirji and the team at the Canadian Embassy hosted RENEW’s Impact Angel Network for an amazing event. The rain held off and we were able to start our evening on the 6th floor terrace for a beautiful cocktail hour, overlooking the Capitol. After a fun RENEW “family” photo in our orange sunglasses, we headed down to enjoy an evening of great speakers and excellent food. The night was opened by Hussein Hirji who set the tone for the evening. Tom Scriven updated the crowd on our accomplishments. Matthew Davis and Joe Ritchie took the stage afterward to discuss Joe’s experience on the continent and his views on investing. Rahel Beyene, an entrepreneur in Ethiopia, shed some light on her company and what it means to be a female entrepreneur in Ethiopia. And finally, RENEW’s CEO, Matt Davis, closed out the evening with his thoughts on the future of RENEW and investing in Africa.On Saturday morning, <a href="https://www.faegrebd.com/en">Faegre Baker Daniels</a> hosted us at their offices for our IAN portfolio meeting. We had an engaging discussion about the state of our current portfolio and answered a number of questions about the challenges, lessons learned and opportunities of managing companies in emerging markets.<figure class="image"><img src="/uploads/ig_image_876ab0bebf.jpg"></figure>In the afternoon, IAN members joined the RENEW team at the National Museum of African American History and Culture for a few hours to go through the collection, followed by an afternoon wine tasting in Virginia.On Saturday evening, Matt &amp; Laura Davis hosted members at their residence for the IAN pipeline dinner during which we introduced new deals in our pipeline, which we will continue to work through over the coming months.We’d like to extend a final thank you to all our sponsors who helped make this weekend possible: <a href="https://www.canada.ca/en.html">Global Affairs Canada</a> and the <a href="https://international.gc.ca/world-monde/country-pays/united_states-etats_unis/washington.aspx?lang=eng">Embassy of Canada</a> (co-host), <a href="https://www.faegrebd.com/en">Faegre Baker Daniels</a> (Premium Sponsor), <a href="http://enlightenmentwines.com/">Enlightenment Wines</a>, <a href="https://kanterpr.com/">KANTER</a>, and <a href="https://limalimolodge.com/">Limalimo Lodge</a>.Looking for more ways to get involved?<ul><li><a href="https://www.renewcapital.com/apply">Apply to join the Impact Angel Network</a> and have access to deals, experiences and investment management services.</li><li>Travel to Ethiopia as part of RENEW's next IAN <a href="../../impact-angel-network/econ-tourism-trips.html">Econ-Tourism Trip</a> (Oct. 2019)</li><li>Connect with RENEW via <a href="https://www.facebook.com/RenewCapital">Facebook</a>, <a href="https://twitter.com/Renew_Capital">Twitter</a> and <a href="https://www.instagram.com/renewcapital/">Instagram</a>.</li><li>Read about our latest investment and our <a href="https://latest-api.renewcapital.com/uploads/RENE_Ws_2019_2020_Impact_Report_7f2975da8d.pdf">Impact Report</a>.</li></ul>&nbsp;

Investing in Africa