<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;">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.

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The Africa Beat

<h1 style="text-align:center;">#What’sYourStory?</h1>Matt and Laura Davis have recently returned from Ethiopia to the United States to meet with investors and members of the IAN in Los Angeles, Chicago, Ottawa, Montreal and Boston from mid July through early August.Last week, RENEW co-hosted an informal info session and happy hour in Los Angeles for network members and their guests. We of course want to give a huge thank you to network <a href="https://renewcapital.com/impact-angel-network/advisory-board">Chapter Chair</a> Jodi Morris, who drove down from San Francisco to share about her experiences with the IAN, and introduce her close friends Teri and Steve Carcano, who opened up their beautiful Malibu home to us.<figure class="image"><img src="/uploads/malibu1_9c491e6eea.jpg"></figure>The theme of the evening was centered on uncovering the motivations and stories that connected each person to the event, to each other, to impact investing and to places in Africa, like Ethiopia. Jodi, Matt, Laura and a host of others, including Michael Adinew of <a href="https://metadplc.com/index.php?option=com_content&amp;view=article&amp;id=13&amp;Itemid=128">METAD</a>, shared stories about what brought them to the event and connected them to each other. It was an enlightening and lively discussion that revealed many interesting and unexpected linkages.Matt and Laura will soon be traveling to the cities of Chicago, Ottawa, Montreal and Boston to meet with members of the IAN, local investors and host information sessions on RENEW and the growing fields of angel and impact investing. Please be sure to reach out if you are interested in more details, or would like to connect with the partners while they are in the U.S.

RENEW’s Matt and Laura Davis are in the States connecting with investors and members of the IAN.

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#What’sYourStory?

<h1 style="text-align:center;">Impact Angel Network 2016 National Gathering</h1>SAVE THE DATE!Members of the Impact Angel Network (IAN) and other distinguished guests will be in Washington D.C., from October 14 to October 15, to attend the 2016 National Gathering.<figure class="image"><img src="/uploads/ng_2015_91b9dc26eb.jpg"></figure>The gathering will include a series of invite-only and members-only events throughout the weekend, starting off with a gala on Friday night. IAN members and select guests will be spending the evening with stakeholders, critically-acclaimed speakers, world leaders, politicians and business executives. Experts in the impact and angel investing space will be speaking throughout the night, sharing insights on investing in Africa, as well as other countries on the continent and throughout the world. RENEW aims to elevate the importance of angel and impact investing and how the private sector is driving growth in companies around the world, even in our own back yards.We will also be having an informal gathering for members of the IAN on Saturday evening, wherein we will be providing updates on our current portfolio, as well as discussing our current investment pipeline.More details to come on the weekend's other exciting and exclusive activities, but in the meantime, be sure to mark you calendars - this is one weekend that you will not want to miss!&nbsp;

The Impact Angel Network's second annual National Gathering to be hosted in Washington D.C.

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Impact Angel Network 2016 National Gathering

<h1 style="text-align:center;">Summer 2016 Travels and Connections</h1>The past several weeks have been full of summer travel and connections for Matt and Laura Davis, partners of RENEW. The two made their way back to the North America mid-July and have since been on the road visiting members of the Impact Angel Network (IAN), local investors, potential partners, friends and family during the summer 2016 investor roadshow. The trip started on the West Coast and the partners slowly traveled back East, from Los Angeles to Chicago, Ottawa to Montreal, Boston and finally returning to Washington D.C. Here are just a few highlights from their time in these cities:<figure class="image"><img src="/uploads/summer_2016_roadshow1_c9905cea5b.jpg"></figure>Los Angeles: With the help of IAN Chapter Chair <a href="http://connectinggrowthglobally.com/">Jodi Morris</a> and her good friends, Steve and <a href="https://www.linkedin.com/in/teri-carcano-5a05528">Teri Carcano</a>, RENEW co-hosted one of our favorite events to date. The evening’s enlightening and lively discussion revealed many interesting and unexpected linkages, and shed some light on the motivations that brought people together that evening (read about the happy hour in our blog: <a href="what%e2%80%99syourstory.html">#What’sYourStory?</a>). RENEW also enjoyed meeting and speaking with local family offices, philanthropic advisors and other potential partners, including the team over at Los Angeles City Incubator (<a href="http://laincubator.org/">LACI</a>).Chicago: The team had a stellar visit to the windy city at the end of July - meeting old friends, developing new connections, and even some team planning time. The partners had great conversations on impact investing with several groups, including Brian Kasal and Laura Swanson of <a href="http://www.fourstarwealth.com/">FourStar Wealth Advisors</a>, Alesha Black and Louise Iverson of the <a href="https://www.thechicagocouncil.org/">Chicago Council on Global Affairs</a>, and Tasha Seitz of <a href="http://theimpactengine.com/">Impact Engine</a>.Ottawa: Matt and Laura had a great time in beautiful Ottawa, meeting with government stakeholders and new local partners alike. The team continued conversations with <a href="https://profile.rbcwealthmanagement.com/james.kinkaid">James Kinkaid</a> of Kincaid Wealth Management of RBC Dominion Securities. Matt and Laura first met James during the spring roadshow in April at the Berkshire Hathaway Annual Meeting (read about RENEW's experience in our blog: <a href="buffett-approach-investing-africa.html">A Buffett-Like Approach to Investing in Africa</a>.) They also enjoyed time with our new friends at the <a href="http://ccafrica.ca/">Canadian Council on Africa</a>, among others.Montreal: Partner Laura Davis had a wonderful opportunity to share about RENEW and the Impact Angel Network with Women Investing for Impact (<a href="http://www.wifi-canada.org/about/">WIFI</a>) in early August. Our gracious hosts convened mid-summer and had a great turnout, which led to some smart questions and dynamic conversation. A special thank you to Kathy Fazel and Fiona MacFarlane for pulling together such a great breakfast event!Boston: RENEW met with several individuals, families and advisors during their time in Boston. Matt and Laura also had the opportunity to present an information session for a Boston-area wealth management firm on the growing fields of angel and impact investing. A big thank you to Paul Lonergan and his firm <a href="http://www.congresswealth.com/">Congress Wealth Management </a>for hosting!It was a whirlwind, but all in all a wonderful trip filled with valuable dialogue with IAN members, potential investors and too many stakeholders and partners to count!

RENEW partners, Matt and Laura Davis, travel across North America during the summer investor roadshow.

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Summer 2016 Travels and Connections

<h1 style="text-align:center;">IAN Introduction Yields New Bakers at Mama Fresh</h1>IAN member and advisory board chair <a href="https://www.linkedin.com/in/davidgrizzle">David Grizzle</a> recently introduced the RENEW team to Julie Baker over email. Julie was headed to Ethiopia, on one of her regular trips to the country as part of her work with Connect Education Innovators (<a href="http://www.connectei.com/">ConnectEI</a>). ConnectEI supports educational projects in partnership with several NGOs in Addis, including <a href="http://hopeforkorah.atticdoorstudios.com/">Hope for Korah</a> - an organization that works to better the lives of those who live in local community called Korah. This community is located next to the city’s largest trash dump, Koshe. Korah is notorious for illness and extreme poverty, and many who live there scavenge the dump for a living.Laura Davis, partner of RENEW, met with Julie Baker during her time in Addis and the two discussed educational programming and work opportunities for clients of the Ethiopian NGOs she works with in-country. Out of that conversation, staff from Hope for Korah brought several women to interview to be bakers at Mama Fresh. Five women are now busy baking injera, given meals during each shift, financially supporting their families, and enjoying many other benefits of full-time employment.<figure class="image"><img src="/uploads/img_1223_4ef6bbb5d6.jpg"></figure>RENEW’s Laura Davis recently visited Mama Fresh’s manufacturing facility in Addis Ababa, and was introduce to the new bakers. Mama Fresh’s operations manager, Rajesh Dahiya, reports that the new employees are all doing very well.We love this example of the positive impact that all members of the Impact Angel Network can have in frontier markets, such as Ethiopia.And of course, a special thank you to David and Julie for making this success story possible! RENEW is so excited to make more of these happen in partnership with the IAN.

How a conversation in Washington, D.C. led to new job opportunities in Addis Ababa.

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IAN Introduction Yields New Bakers at Mama Fresh

<h1 style="text-align:center;">The Collection</h1>SHOP AND SHAREWe are excited to unveil <a href="http://thecollection2015.myshopify.com/">The Collection</a>, a curated selection of products from the Impact Angel Network's portfolio. The Collection is designed to enable network members and friends of RENEW to share the IAN cheer - and impact - this holiday season. Enjoy select spices from Mama Fresh, finely roasted Arabica coffee from METAD, and Color Cloud Hammocks from the textile company we are planning to invest in next.<figure class="image"><img src="/uploads/hompage_favorite_final_0_0c14bc428d.png"></figure>Mama's Spices Add a touch of Ethiopian flavor to your life with spices from <a href="https://thecollection2015.myshopify.com/products/mamas-berbere">Mama Fresh</a>. Though typically used in Ethiopia as a seasoning for stews that accompany injera, Mama's spices are versatile enough to be a staple in the American kitchen. Try them sprinkled on salad, roasted walnuts, french fries or roasted sweet potatoes, or as a seasoning on burgers, chicken or steak on their way to the barbecue.Hambela Holiday Blend Enjoy a cup of specialty coffee from <a href="https://thecollection2015.myshopify.com/products/hambela-holiday-roast">METAD's</a> Hambela farm in Ethiopia’s world-renowned Oromia region, a region in southern Ethiopia that produces distinctive coffees from traditional varieties of Arabica coffee. This delicious cup of coffee is freshly roasted in the U.S. and is sure to delight all coffee lovers.Color Cloud Hammocks 'Adventure-in-a-bag' <a href="https://thecollection2015.myshopify.com/products/color-cloud-hammock">Color Cloud Hammocks</a> are the perfect gift for your friends and loved ones who are on-the-go. Made in Addis Ababa by the IAN's upcoming investment, an Ethiopian textile company, the hammocks are easy to transport, can be hung in minutes and will be sure to elicit a smile with their bright and fun color combinations.<figure class="image"><a href="http://thecollection2015.myshopify.com/collections/all"><img src="/uploads/shop_the_2015_collection_67d282b8fe.png"></a></figure>Every bag of coffee you purchase employs an Ethiopian for three days.* Every bag of spice you purchase employs a baker for one day.* Every hammock you purchase provides wages for a skilled textile worker for eleven days.*<a href="http://thecollection2015.myshopify.com/collections/all">Shop The Collection</a> and share in the IAN's story of impact in East Africa.

A curated selection of products from the Impact Angel Network's investments in Ethiopia.

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The Collection

<h1 style="text-align:center;">Ready for an Adventure?</h1>RENEW strives to provide members of the Impact Angel Network (IAN) with an unforgettable investment experience. One such element of the investor experience is the opportunity to travel to Ethiopia and participate on an Econ-Tourism trip. What is an Econ-Tourism trip? Each trip is unique, but the following information provides a general overview of the adventure.WHAT:RENEW encourages all members of the IAN to travel to Ethiopia and participate on an Econ-Tourism trip, during which they meet with entrepreneurs, tour their facilities, see the current state of the businesses first-hand, and help choose the next set of investment opportunities for the IAN.WHERE:Addis Ababa, Ethiopia.WHEN:RENEW hosts trips for members several times throughout the year.AGENDA:Econ-Tourism trip participants usually arrive on a Sunday to rest, relax, and sightsee around Addis. The team will plan several meetings with various prospective businesses from Monday to Wednesday, and many participants will leave on Thursday for a cultural trip around Ethiopia. Participants also enjoy one-on-one meetings with the entrepreneurs of RENEW's portfolio companies to learn more about their experiences building successful businesses in Ethiopia.OUTCOME:Econ-Tourism trip participants are usually surprised to see so much development, growth and opportunity in Ethiopia. They notice signs of a rising middle class and are encouraged by the people they meet who want to work and build their country into an economic powerhouse. Our investors see first-hand the desires of Ethiopians to work and partner with U.S. investors, and the wide range of sectors in which to invest, from manual labor to technology.As Econ-Tourism trip participants speak with Ethiopian entrepreneurs, they often comment about the positive attitudes and drive of the management teams they meet, the signs pointing to growth in the agriculture, healthcare, energy, and technology sectors, and the work of the companies to improve the lives of employees.DETAILS:The RENEW team prepares members for the trip by suggesting flight and hotel options, planing side trips to exciting destinations around Ethiopia, advising on cultural and business customs, and creating an agenda filled with meeting entrepreneurs, seeing business opportunities and getting to know the unique culture of Ethiopia.SIDE TRIPS:Trip participants can also take side trips to beautiful and historic spots around Ethiopia, such as the monolithic rock-cut churches of <a href="http://whc.unesco.org/en/list/18">Lalibela</a>, the lake district of <a href="https://en.wikipedia.org/wiki/Lake_Awasa">Awassa</a> in the Great Rift Valley, or <a href="https://en.wikipedia.org/wiki/Bishoftu">Debre Zeit</a>, a resort town known for its crater lakes. Our in-country team takes care of all of the logistics and planning for these side trips.UPCOMING TRIPS:The RENEW team will be hosting an Econ-Tourism trip from February 18 to 24, 2017. If you have any questions regarding the IAN, Econ-Tourism trips in general, or about the upcoming trip in February, please feel free to reach out. &nbsp;

Participate on a RENEW Econ-Tourism trip and visit the unique and exciting country of Ethiopia.

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Ready for an Adventure?

<h1 style="text-align:center;">Ethiopia: Then &amp; Now</h1>Matt and I often reflect on how we would like to better document and share the changes we have seen in Ethiopia since we first arrived to open our office in February 2012. The changes are almost beyond comprehension, and we often wish we had installed time-lapse cameras at various points around Addis Ababa to capture the exceptional growth this city has experienced over the past few years.I was part of the “advance team” in January 2012, coming several days before Matt and a group of brave investors arrived in Addis Ababa. Now, we have six investments and will soon be the largest private equity (PE) investor in Ethiopia by volume of deals. Since then, RENEW has come a long way, as has the country in which we reside. We are thrilled to participate in and observe the incredible story that is Ethiopia’s growth.<figure class="image"><img src="/uploads/then_now_855e40e184.jpg"></figure>Infrastructure – Trains, planes and automobiles Matt knows a time before there was even a ring road in Addis Ababa. Now, there is not only a ring road (a highway of sorts), there are also stoplights throughout the city, a six-lane highway connecting Addis Ababa to Adama (the busiest corridor for transporting goods), a light rail system to transport city residents, and a railway will soon be commissioned to take containers from Addis Ababa to the Port of Djibouti. We still become concerned when we see people walking their livestock on the ring road, but then again, change takes time.Private Equity – They said it was impossible When we first came to the country, RENEW was the second foreign PE group to open an office in Ethiopia. Now, there are several additional firms working alongside RENEW. We still receive the occasional question from investors about whether private equity is really possible here, but in general, viewpoints have evolved and investments are being made. As more investors come, desk officers at related government organizations are starting to understand the needs and terminology of the private equity community. We do our part to educate businesses, banks and other stakeholders in the investment community about private equity through seminars and one-on-one conversations. Shark Tank Addis anyone?Real Estate Development – Scaffolding, scaffolding and more scaffolding If you leave Addis Ababa for even a couple of days, you’ll likely come back to a new building (or ten) going up. Every day, it seems like a new hotel or apartment building or corporate office is constructed and opens its doors. I would never pretend to be an expert on the real estate industry in Ethiopia, where the government owns the land and leases it for residential and commercial use. But, by all accounts, there has been incredible growth since we arrived four years ago, and it does not seem like it will be slowing down anytime soon. One of our investors recently commented that she thinks we should start a scaffolding business. Not a bad idea!Quality of Life: On the up and up The quality of life becomes better each month we are here. Last month, we spent some time in the rural coffee region of southern Ethiopia, and I was astonished to find that there was an operational 3G cellphone network throughout the area. Even a year ago, this wouldn’t have been the case. Ericsson has done an incredible job of implementing said networks in locations where they’ve been asked to do so by the government of Ethiopia. Other areas we see progress in include the addition of upscale restaurants and infrastructure present in cosmopolitan cities around the world.As 2015 comes to a close, I'm sure that we will see even more exciting development and change in the coming year - Matt and I can't wait to see what's in store.

RENEW's Laura Davis reflects on the tremendous change Ethiopia has experienced since first arriving in 2012.

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