<h1>Press Release: No Money? No Problem — Tendo Brings Risk-Free Reselling to Everyday Entrepreneurs</h1>Renew Capital invests in Tendo to empower individuals to launch ecommerce businesses through social media with no upfront capital investment in inventory.<a href="https://latest-api.renewcapital.com/uploads/FINAL_Tendo_Press_Release_fba8ce2000.pdf">Download the full press release</a>ACCRA, Ghana, April 29, 2025 –&nbsp;With Tendo, anyone with a social media account can become an online reseller in just a few clicks. Through its innovative platform, <a href="https://tendo.app/">Tendo</a> connects wholesalers to independent resellers who can earn by adding profit margins to listed products and selling them through their social networks.<figure class="image"><img src="/uploads/Tendo_PR_Photo_0758f28b88.jpg"></figure>By cutting out the usual headaches like finding suppliers, managing stock or paying upfront for inventory, Tendo clears the roadblocks so anyone can start selling and earning in no time.Tendo gives resellers across Africa access to thousands of products at wholesale prices, allowing them to set their own profit margins and directly promote listings on social platforms, including Facebook and WhatsApp. When a customer places an order, Tendo handles the financial transaction and delivery and sends the reseller their profit.&nbsp;“Our mission is to create opportunities for individuals to build businesses with minimal risk,” said<a href="https://www.linkedin.com/in/felix-manford/">&nbsp;Felix Manford</a>, co-founder and CEO of Tendo. “By providing a seamless platform that takes care of inventory and delivery, we empower anyone to start earning online from home.”With thousands of products already listed and a growing network of resellers, Tendo is creating economic opportunities for everyday Africans while helping wholesalers expand their reach.“Tendo is transforming the way people approach entrepreneurship,” said Nicholas Clerk, investment ecosystem development manager at Renew Capital. “Their platform removes traditional barriers to entry, enabling individuals to earn income and build businesses using just their smartphones.”With Renew Capital’s investment, Tendo plans to expand its platform, onboard more resellers and empower individuals across Africa to earn and grow a business using the power of their smartphone.Support to Renew Capital portfolio companies is provided in partnership with Global Affairs Canada and Norad. &nbsp;

Renew Capital, an early stage venture capital firm in Africa invests in Tendo.

Tendo PR Photo.jpg

Press Release: No Money? No Problem — Tendo Brings Risk-Free Reselling to Everyday Entrepreneurs

<h1>Press Release: Sevi Set to Revolutionize African Retail Financing with ‘Stock Now, Pay Later’ Platform</h1>Renew Capital invests in Sevi to expand its AI-driven stock financing platform for wholesalers and retailers.<a href="https://latest-api.renewcapital.com/uploads/FINAL_Sevi_Press_Release_ce246f7c03.pdf">Download Full Press Release</a>NAIROBI, Kenya, January 21, 2025&nbsp;– Sevi, a fintech company regulated by the Central Bank of Kenya, is revolutionizing stock financing for wholesalers and retailers through its “stock now, pay later” platform. Sevi addresses the challenge of insufficient working capital by providing users with access to credit while ensuring suppliers are paid upfront.<figure class="image"><img src="/uploads/20241017_019_23673d83d8.jpg"></figure>With&nbsp;<a href="https://www.linkedin.com/company/sevi-finance/">Sevi</a>, suppliers like Coca-Cola, Anytime and Philmed receive direct payments for their products, and retailers can order stock on credit, enabling them to grow their businesses. The app utilizes AI and machine learning to enhance its credit evaluation process, offering a seamless, reliable solution for credit transactions between suppliers, retailers and credit funds.“Our mission is to empower wholesalers and retailers by providing them with the working capital they need to grow their shops,” said&nbsp;<a href="https://www.linkedin.com/in/walteraandewiel/">Walter aan de Wiel</a>, founder of Sevi. “With our app, retailers can access stock on credit, repay easily and focus on expanding their businesses, while suppliers benefit from upfront payments.”Operating on a one-week credit cycle, Sevi’s innovative approach reduces friction in the supply chain, enabling smoother transactions and increased efficiency for both retailers and suppliers.“Sevi is solving a critical working capital gap in the FMCG sector,” said&nbsp;<a href="https://www.linkedin.com/in/calvin-chitangala-42b77512b/">Calvin Chitangala</a>, investment and project manager at Renew Capital. “Their platform makes stock financing more accessible and efficient, empowering businesses to grow faster.”With Renew Capital’s investment, Sevi plans to enhance its platform’s capabilities, grow its network of suppliers and retailers and continue driving financial inclusion for wholesalers and retailers.Support to Renew Capital portfolio companies is provided in partnership with Global Affairs Canada.About SeviSevi provides a user-friendly smartphone app designed for sales agents and customers, enabling them to easily pay orders on Sevi’s credit platform. Visit&nbsp;<a href="https://www.sevi.io/">https://www.sevi.io/</a> for more information.

Renew Capital, an early stage venture capital firm in Africa invests in Sevi.

20241017_019.jpg

Press Release: Sevi Set to Revolutionize African Retail Financing with ‘Stock Now, Pay Later’ Platform

<h1>Press Release: BulkBox - Solving Supply Chain Challenges for Africa’s SMEs</h1>Renew Capital invests in Bulkbox, a tech-enabled platform that provides Africa’s businesses with fast and reliable access to business supplies at competitive prices.<a href="https://latest-api.renewcapital.com/uploads/FINAL_Bulk_Box_Press_Release_4e3bfc5e52.pdf">Download Full Press Release</a>NAIROBI, Kenya, December 19, 2024&nbsp;– BulkBox is addressing critical supply chain challenges faced by small and medium-sized enterprises (SMEs) in Kenya using a convenient and easy-to-navigate online platform. The company provides SMEs with reliable access to a wide range of essential supplies at wholesale prices, empowering them to operate efficiently and profitably.The platform is simplifying procurement for businesses of all types, including restaurants, retailers and offices, providing them with the resources they need to thrive in a competitive marketplace.&nbsp;“BulkBox is helping small businesses get the supplies they need quickly and at fair prices,” said Ahmed Wurie, Co-founder and CEO of BulkBox. “We deliver products the same day and also provide manufacturers with local hubs to make last-mile deliveries easier and more affordable.”BulkBox addresses a key challenge in Kenya, where approximately 400,000 micro, small, and medium enterprises fail within their first year. BulkBox’s comprehensive platform ensures SMEs can access the products they need quickly and affordably while benefiting from tools that enhance operational efficiency.“BulkBox is solving a major challenge for SMEs in Kenya by improving access to affordable and reliable supplies,” said&nbsp;<a href="https://www.linkedin.com/in/lucas381/">Lucas Robinson</a>, consulting principal at Renew Capital. “Their B2B e-commerce platform, combined with capacity building support, equips businesses with the tools they need to grow and succeed.”With a strong value proposition of fast delivery, competitive pricing and capacity-building tools, BulkBox is well-positioned to help SMEs grow and succeed in Kenya’s competitive market.&nbsp;Support to Renew Capital portfolio companies is provided in partnership with Global Affairs Canada.About Bulkbox&nbsp;BulkBox is tackling supply chain challenges for small and medium-sized enterprises (SMEs) in Kenya through a convenient, user-friendly online platform that streamlines access to essential supplies.

Renew Capital, an early-stage venture capital firm in Africa invests in Bulkbox, a tech-enabled platform that provides Africa’s businesses with fast and reliable access to business supplies at competitive prices.

Kenya

Bulkbox Image.png

Press Release: BulkBox - Solving Supply Chain Challenges for Africa’s SMEs

<h1>Press Release: STIMA Pioneers EV Battery Management Solution&nbsp;</h1>Renew Capital invests in STIMA to expand their smart platform for electric vehicle charging infrastructure, monitoring and battery fleet management.<a href="https://drive.google.com/file/d/1RfgwCN80aYVpfGuU0hrOdeTkKf4y1oxd/view?usp=drive_link" target="_blank" rel="noopener noreferrer">Download Full Press Release</a>NAIROBI, Kenya, November 28, 2024&nbsp;—&nbsp;STIMA is transforming the electric vehicle (EV) industry with a smart, all-in-one platform that takes the hassle out of managing battery fleets. The platform allows users to easily and efficiently manage batteries regardless of the technologies they use.&nbsp;<figure class="image"><img src="/uploads/Stima_Boda_Photo_1_2989b59f23.jpg" alt="Renew Capital, an early stage venture capital firm in Africa invests in Stima Boda; a photo of the Stima Boda team"></figure>By analyzing real-time data from e-mobility assets, STIMA provides users with direct actionable insights related to conducting and optimizing their operations, improving battery performance and lifespan, implementing fleet predictive maintenance and managing warranty claims with the supply chain. It further makes the link with battery financiers to create a trusted track record and inform on portfolio risks and investments' expected returns.“Our goal is to empower e-mobility businesses by providing battery intelligence that enhances battery fleet efficiency and maximizes returns for businesses,” said Jason Gras, co-founder of STIMA. “Our platform’s data-driven approach simplifies the complexities of battery management and delivers real-time insights and optimizations that make operations smoother, safer and more scalable. This ultimately de-risks battery financing, supporting large project financiers in joining the sector”.STIMA has partnered with leading companies in the EV space in Africa, such as Bboxx, Greenwheels, Roam and MAX to help scale and optimize battery-swapping infrastructure.“As we see more electric two-wheelers on the road and as infrastructure deployments expand, the need for a robust and efficient battery management is becoming critical and the market is adapting to this as well,” said Esther Mwikali, senior investment manager at Renew Capital. “STIMA’s platform addresses this by helping businesses manage their battery fleets, cut costs and improve performance. We’re proud to support this team as they meet this growing demand in the EV industry.”Support to Renew Capital portfolio companies is provided in partnership with Global Affairs Canada.

Renew Capital invests in STIMA to expand their smart platform for electric vehicle charging infrastructure, monitoring and battery fleet management.

Stima Boda Photo 2.jpg

Press Release: STIMA Pioneers EV Battery Management Solution 

<h1>Why We Invested in Octavia Carbon: A Climate Game-Changer</h1><figure class="image"><img src="/uploads/Linkedin_Templates_10_fd0f99e3ea.png" alt="A photo of the Octavia Carbon team demonstrating their direct air carbon capture technology in the Nairobi, Kenya lab and factory."></figure>Octavia Carbon, Kenya-based and the first Direct Air Capture (DAC) startup in the Global South, is leveraging the country’s geothermal energy, favorable geology and local talent to pioneer carbon capture solutions. Their mission: to pull CO₂ from the air, fight climate change and create carbon credits that offset emissions affordably.<h2>Why Kenya?</h2><ul><li>Geothermal power provides over 85% of the energy needed for DAC, making carbon capture more affordable and greener.</li><li>The Rift Valley's basaltic rock can safely store CO₂ for millennia, offering a long-term carbon solution.</li></ul><h2>Innovation and Traction</h2><ul><li>Octavia’s Project Hummingbird: Africa’s first DAC plant will capture 1,000 tons of CO₂ annually​ (<a href="https://vc4a.com/ventures/octavia-carbon/">VC4A</a>).</li><li>Five large-scale DAC machines have been built by Octavia and the company plans to move to mass production soon.</li><li>Carbon credits are already offered by Octavia, aligning with global climate goals ​(<a href="https://fsdafrica.org/blog/using-direct-air-carbon-capture-technology-to-address-emissions/">FSD Africa</a>).</li></ul><h2>Growth Potential</h2>Octavia Carbon partners with global platforms like Cella, Klimate.co and Tomorrow’s Air to scale DAC technology. Their model will hopefully help Kenya and Africa emerge as a carbon credit leader, building resilience through technology and sustainable economic growth​ (<a href="https://nextbillion.net/news/kenyan-climate-tech-startup-octavia-carbon-secures-funding-for-carbon-capture-technology/">NextBillion</a>).<a href="https://www.wri.org/blog/2020/03/to-unlock-the-potential-of-direct-air-capture-we-must-invest-now">Investing in DAC</a> now is critical to reducing future costs. This, based on the current pace of climate change, will be ever more important as carbon dioxide removal becomes even more necessary (<a href="https://www.wri.org/insights/direct-air-capture-resource-considerations-and-costs-carbon-removal">WRI</a>).&nbsp;<h2>Quote from Renew Capital</h2>"Octavia Carbon is redefining climate action by leveraging Kenya’s strengths. This investment reflects our belief in Africa’s ability to lead in this space." – Lucas Robinson, Principal - Consulting, Renew Capital.

Learn why we invested in Octavia Carbon, an early-stage startup using Direct Air Capture (DAC) technology to extract CO₂ from the atmosphere and deliver innovative climate solutions.

Linkedin Templates (17).png

Why We Invested in Octavia Carbon: A Climate Game-Changer

<h1>Press Release: Chpter Secures Investment to Drive Sales for African Businesses on Social Media</h1>Changing Africa’s social commerce landscape.<a href="https://latest-api.renewcapital.com/uploads/2024_09_24_FINAL_Chpter_Press_Release_ff5c6b13ff.pdf" target="_blank" rel="noopener noreferrer">Download full press release</a>NAIROBI, Kenya, September 24, 2024&nbsp;— Renew Capital has invested in&nbsp;<a href="https://www.linkedin.com/company/chpter-holdings/">Chpter</a>, an AI-powered conversational commerce platform that enables businesses to sell more on social media platforms such as WhatsApp and Instagram.&nbsp;Founded in 2022, Chpter enables faster and simpler social commerce through automated conversations, marketing and aggregated payments. This helps businesses to increase sales and manage customer interactions more efficiently. With this new funding, Chpter will speed up product development, expand its presence in sub-Saharan Africa and boost its sales and marketing.<figure class="image"><img src="/uploads/Chpter_Cofounders_From_Left_Mark_Kuria_Tesh_Mesongo_00af38c3c5.jpg" alt="A photo of the four co-founders of Chpter, an AI-powered platform helping businesses increase sales on social media platforms like WhatsApp and Instagram."></figure>“At Chpter, we’re dedicated to transforming the way businesses interact with their customers on social media,” said <a href="https://www.linkedin.com/in/teshmbaabu/">Tesh Mbaabu</a>, Co-Founder and CEO of Chpter. “We look forward to working with Renew Capital to accelerate our growth and further our mission of empowering businesses to elevate their social commerce strategies and take advantage of social media.”&nbsp;Chpter’s platform is already in use in Kenya and South Africa, serving industries such as retail, financial services and education. The company plans to expand into new markets, including Nigeria, Ghana, Egypt and Morocco.“As one of the investors in the consortium, Renew Capital is proud to support Chpter’s innovative approach to social commerce,” said Esther Mwikali, Senior Investment Manager at Renew Capital. “Chpter’s technology solves key problems for African businesses, like shopping cart abandonment and scattered customer interactions. Chpter is ready to drive growth and change the social commerce landscape by making engagement on platforms like WhatsApp and Instagram more effective.”Renew Capital is committed to backing growth-oriented founders who possess a blend of skill, grit and passion. Entrepreneurs seeking financing for asset-light, tech-enabled businesses should check out the&nbsp;<a href="https://venturelab.renewcapital.com/">Renew Venture Lab</a> and apply.Support provided to Renew Capital portfolio companies is generously supported by Global Affairs Canada.

Chpter secures investment to enhance social media sales for African businesses through AI-powered solutions. Learn how this platform is shaping social commerce across Africa.

Chpter-Cofounders_From Left-Mark, Kuria, Tesh, Mesongo (2).jpg

Press Release: Chpter Secures Investment to Drive Sales for African Businesses on Social Media

<h1>Why We Invested in MPost: Facilitating Universal Access to Postal Addresses in Africa</h1><figure class="image"><img src="/uploads/Mpost_1_e6a08f59c4.png" alt="A customer using MPost mobile service to receive a package."></figure>Reports indicate that billions of people worldwide lack a physical address. In Africa, where the population is expected to reach&nbsp;<a href="https://www.afdb.org/en/knowledge/publications/tracking-africa%E2%80%99s-progress-in-figures/human-development#:~:text=By%202050%2C%20the%20African%20population,by%20more%20than%20fertility%20rates.">2.4 billion people by 2050</a> and with two-thirds concentrated in&nbsp;<a href="https://amalicities.africa/the-latest-trends-the-urban-governance-implications-of-african-urbanisation/#:~:text=Africa's%20urban%20population%20is%20projected,be%20concentrated%20within%20urban%20areas.">urban areas</a>, the need for accessible postal services has never been more urgent. Inadequate infrastructure leaves a significant portion of the population without access to essential services such as government services notifications, banking and e-commerce. Traditional solutions like shared Post Office (P.O.) boxes often fall short, plagued by challenges such as identity verification, document loss and privacy concerns.MPost is changing this by converting phone numbers into functional addresses. The company is making it easier than ever to receive mail by leveraging Africa's extensive mobile connectivity, where, as of 2022,&nbsp;<a href="https://www.gsma.com/solutions-and-impact/connectivity-for-good/mobile-economy/wp-content/uploads/2024/05/ME-SSA-2023.pdf">980 million</a> people in sub Saharan Africa have access to a SIM card.MPost is transforming how individuals send and receive mail and parcels by allowing users to register for their service by linking their mobile phone number to a postal address via SMS, USSD code or online platform. Besides mail delivery, MPost’s solution also addresses a critical market gap by enabling fintechs, banks and governments to conduct Know Your Customer (KYC) checks on individuals without traditional postal addresses.The investment from Renew Capital underscores MPost's role in bridging the postal infrastructure gap and propelling Africa's postal services toward greater accessibility and efficiency.<figure class="image"><img src="/uploads/Mpost_2_c28b88dca6.png" alt="A photo of the MPost team in Nairobi, Kenya"></figure><h2>Strong Founder</h2><a href="https://ke.linkedin.com/in/twahirmohamed">Twahir Mohamed</a>, co-founder and CEO of MPost, launched the company in 2016 to address the inefficiencies of postal systems, starting in Kenya. He has extensive expertise in digital technology, holding a postgraduate degree in Artificial Intelligence and Machine Learning from The University of Texas at Austin, alongside a bachelor’s degree in Information Technology from Jomo Kenyatta University of Agriculture and Technology, Kenya. Twahir's grit, leadership and technical acumen have been pivotal in MPost's pioneering efforts to modernize postal services and enhance accessibility across Africa.<h2>Demonstrated Traction</h2>Some of MPost’s key milestones:&nbsp;<div class="raw-html-embed">
 <link rel="stylesheet" href="styles.css">

</div><ul><li>In 2019, MPost raised&nbsp;<a href="https://afrikanheroes.com/tag/twahir-mohamed/">$1.9M</a> in its Series A funding round led by Cape Town-based VC firm HAVAÍC, along with new investors from South Africa, Australia, Japan, the U.S., Canada and Nigeria, including blue-chip institutions, VC funds and high-net-worth individuals.</li><li>MPost has partnered with Kenya’s state-owned Postal Corporation (Posta) and mobile network operator, Safaricom, to offer digitized postal office boxes.</li><li>MPost was selected to be part of the 10 startups from Africa in the 2023 Techstars cohort, a renowned accelerator program supporting promising startups.</li><li>MPost currently has 80,000 active users and 300,000 registered users across Kenya, Rwanda and Burundi.</li><li>In 2024, MPost launched e-P.O.Box in Rwanda in partnership with the national postal service i-Posita.</li><li>In 2024, MPost was featured in&nbsp;<a href="https://www.linkedin.com/posts/renew-capital_mpost-renewcapitalportfolio-globalstage-activity-7164248351763369984-MgL0?utm_source=share&amp;utm_medium=member_desktop">Times Square</a>.</li></ul><div class="raw-html-embed"></div><h2>Orientation Towards Growth</h2>In 2023 MPost relocated its headquarters from Nairobi, Kenya to Kigali, Rwanda, as part of its expansion strategy. Alongside its existing operations in Rwanda, Kenya and Burundi,&nbsp;<a href="https://kenyanwallstreet.com/mpost-partners-with-yobante-for-deliveries/">MPost forged a partnership</a> with Yobante Express, a delivery company, to extend its services into Zambia and other African nations. Additionally, MPost is actively exploring opportunities in North America to facilitate smoother e-commerce transactions between Africa and the continent.“MPost is addressing critical infrastructural gaps in Africa's postal services. This innovation not only enhances accessibility to essential services but also supports the e-commerce sector by enabling secure and reliable deliveries. As Africa continues to urbanize and digitalize, solutions like those which MPost offers are groundbreaking.” – Laura Davis, Managing Partner and co-CEO of Renew Capital.

Discover how MPost is transforming postal access in Africa by turning phone numbers into addresses.

Rwanda

Mpost 1.png

Why We Invested in MPost: Facilitating Universal Access to Postal Addresses in Africa

<h1>Why We Invested in BuuPass: Easing Intercity Travel Across Africa</h1><figure class="image"><img src="/uploads/IMG_2464_15e39b05ec.jpeg" alt="A photo of Renew Capital Angel investors posing alongside BuuPass founders at their office in Nairobi, Kenya."></figure>Over 30 million Africans rely on buses for inter-city and cross-border transportation daily, contributing to a $40B domestic transport industry annually. However, transportation systems in the region are underfunded and lack the necessary technology to operate efficiently. Historically, bus operators have relied on unreliable paper ticketing, which requires customers to appear in person and wait in long lines to purchase bus tickets. Furthermore, companies often oversell bus tickets because they lack a digital system to track the number of tickets sold, resulting in customers arriving on the day of their travel with a paid-for ticket in hand, but no seat available on the bus.&nbsp;<a href="https://buupass.com/">BuuPass</a> provides millions of travelers with ease and convenience through digital schedules, online bookings and streamlined intercity travel. BuuPass, operating on a B2B2C model, partners with transport companies by providing a platform that digitizes their ticketing and bus management to minimize overselling, increase asset utilization and increase convenience for their customers.Renew Capital invested in BuuPass because of its growth potential, strong founders and significant impact on easing transport challenges in Africa. Other investors in BuuPass include Founders Factory Africa, FrontEnd Ventures and Google for Startups Black Founders Fund.&nbsp;<figure class="image"><img src="/uploads/Whats_App_Image_2022_09_28_at_09_52_18_6ccec1449c.jpeg" alt="A photo of BuuPass founders being congratulated at a startup event."></figure>Photo courtesy of BuuPass<h2>Strong Founders</h2>BuuPass was founded in 2016 by&nbsp;<a href="https://ke.linkedin.com/in/soniakabra">Sonia Kabra</a> and&nbsp;<a href="https://ke.linkedin.com/in/wyclife-omondi-86054064">Wyclife Omondi</a>. Sonia, from India, and Wyclife, from Kenya, met during college in the U.S. They identified transportation as a significant challenge in their home countries and envisioned improving the sector through digitalization. Their innovative idea gained traction when they secured $1M in funding to bring their concept to the market through the Hult Prize award supported by President Bill Clinton. With visionary leadership, they are quickly establishing BuuPass as a key player in Africa’s transportation sector.<h2>Demonstrated Traction</h2>BuuPass’ key milestones include:<ul><li>Since launching first in Kenya and offering both domestic and international routes, BuuPass has sold over&nbsp;<a href="https://techcabal.com/2024/04/30/buupass-acquires-quickbus/#:~:text=Since%20launching%20in%202016%2C%20Buupass%20has%20sold%20over%206%20million%20travel%20tickets%20and%20generated%20over%20%24100%20million%20in%20ticket%20sales.%20The%20platform%20%E2%80%9Ccovers%20national%20and%20cross%2Dborder%20routes%20in%20East%20and%20Southern%20Africa%20and%20has%20served%20over%2016%20million%20passengers%2C%E2%80%9D%20the%20company%20said.">6 million travel tickets</a> and generated more than $100M in ticket sales.</li><li>BuuPass has strategic partnerships with African telcos and super apps like M-PESA. Through its partnership with the M-PESA app, a financial super app, it provides booking services to around 10 million Kenyans who use the mobile money app.</li><li>As of 2024, BuuPass has raised a pre-seed funding round of&nbsp;<a href="https://techcrunch.com/2023/02/13/buupass-raises-1-3m-to-scale-mobility-sector-digitization-in-africa/">$1.3M</a> from investors including&nbsp;<a href="https://www.renewcapital.com/newsroom/press-release-renew-capital-invests-in-buupass-a-kenyan-tech-transport-company">Renew Capital</a>, Founders Factory Africa, FrontEnd Ventures, Adaverse, Gullit, Five35, Changecom, XA Network, Ajim Capital, Artha Ventures, Daba Finance, Google Black Founders Fund and several angel investors.</li><li>In 2024, BuuPass made headlines when they announced an investment from veteran Silicon Valley investor&nbsp;<a href="https://techcabal.com/2024/02/28/buupass-secures-investment-from-silicon-valley-legend-tim-draper/">Tim Draper</a> after being selected to pitch for the African region on the show "Meet the Drapers." Tim Draper is known for funding major companies like Coinbase, Baidu, Tesla, Skype, SpaceX, Twitch and Hotmail.</li></ul><h2>Orientation Towards Growth</h2>BuuPass has expanded its presence across Africa by acquiring&nbsp;<a href="https://techcabal.com/2024/04/30/buupass-acquires-quickbus/">QuickBus</a> in 2024. This acquisition added international routes across 16 African countries, including Kenya, Tanzania, South Africa, Malawi, Nigeria, and Ghana. It also granted BuuPass access to the South African and Nigerian markets, supporting their expansion plans to&nbsp;<a href="https://disruptafrica.com/2024/05/20/kenyan-mobility-startup-buupass-plans-to-enter-8-new-african-markets-by-2025/">eight more countries</a> by 2025.&nbsp;"BuuPass is not only assisting transport operators in running more efficient businesses but also supporting a connected Africa. Efficient transportation is a crucial step in economic development, and BuuPass is an exciting part of the continent's transition." — Laura Davis, Managing Partner and co-CEO of Renew Capital.

Find out why Renew Capital invested in BuuPass and how it's enhancing intercity travel in Africa with digital ticketing solutions.

IMG_2464.jpeg

Why we Invested in BuuPass: Easing Intercity Travel Across Africa

<h1>Secrets of Kenya’s Momentum</h1>What a tenuous week to be in Nairobi. But this market is so much more than the current sad and complicated news coming out of Kenya related to taxes and youth demonstrations opposing the Finance Bill.&nbsp;Renew Capital has been a player in the Kenyan startup ecosystem for a few years now, with a great team of seven people. Stop by ABC Place, Waiyaki Way, 10th floor to visit our office and meet with the team. If you are an entrepreneur looking for financing for your asset-light, tech-enabled business check out the&nbsp;<a href="https://venturelab.renewcapital.com/">Renew Venture Lab and apply</a>.&nbsp;<figure class="image"><img src="/uploads/Whats_App_Image_2024_06_27_at_3_02_07_PM_3_f04d7feb7b.jpg" alt="Beautiful skyline view from the 10th floor of ABC Place, Waiyaki Way, Nairobi, showcasing high-rise buildings and lush green forested surroundings."></figure>Matt and I have flown down to Africa’s Silicon Savannah (Nairobi) from our home in Addis a number of times over the past 24 months, and every time it feels different. From bustling coworking spaces to a thriving entrepreneurial ecosystem, Nairobi is alive with a diverse set of increasingly mature founders who are tackling real-world problems with unique solutions. There are many examples to point to both successes and failures. And we have learned to appreciate how little we (and our Western investors) know about why this ecosystem is thriving.&nbsp;For one, I think M-Pesa is just a fascinating story. It started in Kenya as a way to help Microfinance Institutions (MFIs) get paid by customers who were in remote parts of Kenya who learned to use airtime minutes to trade things of value and blossomed into a revolutionary financing tool that has transformed the world.&nbsp;And we see new innovations emerging. This week we have seen many impressive entrepreneurs present their ideas and a few have that revolutionary feel to them.&nbsp;Here are some of our insights on the strength and potential of the Kenya ecosystem:<ul><li>The ecosystem is young and vibrant. The energy of the founders, their youthful zeal and their fresh ideas are unique to the other markets we have traveled to.&nbsp;</li><li>There is a large diversity of startups - we’re seeing edtech, fintech, healthtech, logitech, etc. The spectrum is larger here. And the founders are from all corners of Kenya and the world!&nbsp;</li><li>The industry is built on legends, like M-PESA. And the government is also more comfortable with innovation than what we’ve seen in other markets.&nbsp;</li><li>Nairobi is international - The UN, tourism and other factors have created an exceptional service industry and a very welcoming place for international investors to come in and out of.</li></ul>The startup ecosystem in Kenya is characterized by several features and trends:<ul><li>There’s a good amount of money here: Kenya has emerged as a leader in startup funding in Africa, raising $800 million in 2023 alone, which accounted for 28% of the total funding on the continent. This is a significant achievement, especially considering the economic challenges posed by global slowdowns and inflation​ (<a href="https://thefounder.africa/kenya-takes-the-crown-leading-the-big-four-in-african-startup-funding/">TheFounder</a>), (<a href="https://kenyanwallstreet.com/new-report-reveals-significant-growth-of-kenyan-startup-ecosystem-over-past-decade/">Kenyan Wall Street</a>).</li><li>Thankfully, the volume of pipeline is growing: The ecosystem is rich with diverse startups across various sectors including fintech, agritech, health tech and e-commerce. Kenyan startups are leading the way in leveraging technology to solve local problems and scale globally​ (<a href="https://startupstash.com/kenyan-startups">Startup Stash</a>), (<a href="https://thefounder.africa/kenya-takes-the-crown-leading-the-big-four-in-african-startup-funding/">TheFounder</a>).</li><li>The ecosystem is maturing: Kenya's startup ecosystem benefits from a robust network of innovation hubs, accelerators and incubators that provide mentorship, funding and networking opportunities. Institutions like iHub and programs like the Tandaa Grants have been pivotal in nurturing startups from inception to growth stages​ (<a href="https://vc4a.com/kenya/">VC4A</a>), (<a href="https://kenyanwallstreet.com/new-report-reveals-significant-growth-of-kenyan-startup-ecosystem-over-past-decade/">Kenyan Wall Street</a>).</li><li>The government is supportive: The Kenyan government has played a supportive role by implementing favorable policies and regulations that encourage entrepreneurship. Initiatives such as the Tandaa Grants and other supportive measures have been crucial in driving the growth of the startup ecosystem​ (<a href="https://kenyanwallstreet.com/new-report-reveals-significant-growth-of-kenyan-startup-ecosystem-over-past-decade/">Kenyan Wall Street</a>).</li><li>The tech infrastructure is solid: The growth of Kenya’s startup ecosystem is significantly driven by high mobile and internet penetration. The deployment of an underwater internet cable in 2006 and the subsequent rise of mobile phone usage have been instrumental in fostering digital innovation​ (<a href="https://africabusinessinsights.com/emerging-tech-landscapes-in-africas-startup-ecosystem-for-2024/">Africa Business Insights</a>), (<a href="https://kenyanwallstreet.com/new-report-reveals-significant-growth-of-kenyan-startup-ecosystem-over-past-decade/">Kenyan Wall Street</a>).</li><li>The talent pool is huge: A large portion of the startups are founded and operated by young entrepreneurs, reflecting a vibrant and innovative youth population. This demographic is key to the ecosystem's dynamism and resilience​ (<a href="https://vc4a.com/kenya/">VC4A</a>), (<a href="https://kenyanwallstreet.com/new-report-reveals-significant-growth-of-kenyan-startup-ecosystem-over-past-decade/">Kenyan Wall Street</a>).</li></ul>Look beyond the current headlines. Nairobi is a super vibrant ecosystem with a growing level of maturity. While South Africa and Nigeria are dusting themselves off from some hard times the Kenya Startup Ecosystem is still on the rise.&nbsp;In summary, Kenya's startup ecosystem strengths include attracting substantial investment each year, a well-developed cohort of diverse and innovative enterprises, strong support structures, and proactive government policies.It’s actually no secret that Kenya is a leading hub for entrepreneurship in Africa!Go Deeper on Kenya?<ul><li><a href="https://www.linkedin.com/posts/renew-capital_kenya-in-12-photos-activity-7212330742368894976-cAPG?utm_source=share&amp;utm_medium=member_desktop">Nairobi in 12 photos</a></li><li><a href="https://latest-api.renewcapital.com/uploads/FINAL_Kenya_Factsheet_da115e8c82.pdf">Kenya’s Startup Ecosystem Factsheet</a></li><li><a href="https://www.google.com/maps/placelists/list/GAmvN3pZHdikuLPqhZ1gTcdSxM01Ng">Nairobi Startup Ecosystem Google Map</a></li><li>See the Kenya Startups Ecosystem Timeline Below.&nbsp;</li></ul>Interested in other African Startup Ecosystems?&nbsp;<a href="https://www.renewcapital.com/newsroom/the-momentum-of-african-startup-ecosystems-in-a-snapshot">Download Renew Capital’s Ecosystem Factsheets on other Ecosystems</a>. We’ll be adding new ones every few weeks!&nbsp;Source:&nbsp;<a href="https://www.maitricapital.com/static/media/Understanding_The_Kenyan_Startup_Ecosystem_Report_Final.0f8b777030a052c19028.pdf">2023 UK-funded report by Kenyatta Univ and other partners</a>.

Explore Kenya’s dynamic startup ecosystem, including its vibrant fintech scene, diverse innovations and supportive environment fueling growth.