<h1>Why We Invested in Sawa Energy: Creating Accessible Clean Energy for East Africa</h1><figure class="image"><img src="/uploads/SAWA_ENERGY_TEAM_52_6d614f76bd.JPG" alt="Founders of Sawa Energy providing solar solutions for businesses in Rwanda and Uganda."></figure>Africa holds enormous potential for clean energy, especially solar, yet struggles with<a href="https://www.brookings.edu/articles/addressing-africas-dual-challenges-climate-change-and-electricity-access/"> electricity access</a>. The continent receives minimal&nbsp;<a href="https://climatepromise.undp.org/news-and-stories/west-africa-has-great-potential-solar-energy-its-time-release-it#:~:text=It%20seems%20the%20problem%20is%20widespread%20across%20the%20continent.%20In%202021%2C%20only%200.6%20percent%20of%20the%20%24434%20billion%20dollars%20invested%20globally%20in%20renewable%20energy%20production%20went%20to%20African%20countries%2C%20the%20lowest%20investment%20since%202011.">renewable energy investment</a>—only 0.6% of the $434B global investment in 2021, the lowest since 2011. This lack of funding impacts business productivity across Africa, which faces ongoing energy reliability issues.<a href="https://www.sawaenergy.com/ourstory">Sawa Energy</a>, based in Uganda and Rwanda, builds and finances solar systems tailored for commercial businesses. Their model enables small and medium-sized enterprises to access solar without upfront costs, saving 10% to 30% on electricity bills and gaining reliable energy access.Renew Capital invested in Sawa Energy to support its vision of a sustainable energy future in Africa.<h2>Strong Founders</h2>Sawa Energy, launched in 2021, has founders with more than a decade of renewable energy experience.&nbsp;<a href="https://www.linkedin.com/in/samuel-kaufman-cpa-a6387835/">Samuel Kaufman</a>, the Chief Executive Officer (CEO), along with co-founders&nbsp;<a href="https://www.linkedin.com/in/jordan-zipkin/">Jordan Zipkin</a>, Chief Investment Officer(CIO) and&nbsp;<a href="https://ca.linkedin.com/in/guillaumecharpenel">Guillaume Charpenel</a>, board member and former Managing Partner, lead the company’s mission of empowering local partners, reducing emissions and delivering investor returns.<h2>Demonstrated Traction</h2>As one of the largest solar suppliers in Rwanda, Sawa Energy has developed&nbsp;<a href="https://www.duurzaaminvesteren.nl/projecten/sei-24-solar-u-ltd">32 projects&nbsp;</a>totaling 2.6 MWp and 1 MWh across Rwanda and Uganda. Their clients include data centers, banks, schools and nonprofits.&nbsp;<h2>Orientation Toward Growth</h2>Sawa Energy aims to become East Africa’s largest private solar provider by 2030, addressing energy needs with reliable and affordable clean energy solutions.“Sawa Energy's approach to financing solar is a game-changer in the region. By facilitating the transition to clean and renewable energy sources, Sawa Energy is addressing immediate electricity needs while paving the way for a greener and more resilient energy landscape across the continent.” — Laura Davis, Managing Partner and Co-CEO of Renew Capital.

Rwanda

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Why We Invested in Sawa Energy: Creating Accessible Clean Energy for East Africa

<h1>Secrets of Rwanda’s Momentum&nbsp;</h1><figure class="image"><img src="/uploads/Linkedin_Size_e1e30cc237.png" alt="Scenic view of Rwanda’s skyline with rolling hills and lush greenery, showcasing the country’s mountainous terrain and vibrant landscape."></figure>Rwanda, the land of a thousand hills, has become a key hub for the Renew Capital team and a beloved home for me. The people here are warm and welcoming. The entrepreneurial spirit is alive and the city is constantly growing and changing. Every time I walk through Kigali’s streets, I feel the buzz of something new and exciting happening. I’ve spent a lot of time here meeting with local entrepreneurs, government stakeholders and other energized expatriates galvanized by Rwanda's potential. Read more to learn what makes Rwanda so unique and what I have learned so far.<figure class="image"><img src="/uploads/Image_2_1_f12fa8d63d.png" alt="A mother gorilla carrying her baby on her back during on of my gorilla trekking experiences in Rwanda."></figure>One of the wildest experiences Rwanda has to offer. Trekking with gorillas. No zoom!Kigali is the second highest-ranked international finance center in sub-Saharan Africa:&nbsp;Kigali, Rwanda's capital city, has been recognized as an international financial center that is likely to become more significant in the future. In 2021, the Kigali International Financial Centre (KIFC) first appeared on the Global Financial Centres Index (GFCI), a ranking that assesses the competitiveness of financial centers worldwide. In March 2024, the 35th edition of the GFCI ranked Kigali 67th globally, third in Africa and second in sub-Saharan Africa. Kigali is also ranked&nbsp;<a href="https://www.longfinance.net/programmes/financial-centre-futures/global-financial-centres-index/gfci-35-explore-the-data/gfci-35-rank/">sixth</a> in the Middle East and African region, behind Dubai, Abu Dhabi, Casablanca, Tel Aviv and Mauritius.&nbsp;<figure class="image"><img src="/uploads/Screenshot_2024_09_05_at_10_56_52_AM_ff95de969b.png" alt="A photo of the Global Financial Centres Index (GFCI) showing Kigali ranked 67th globally in the 35th edition, March 2024."></figure>Source: Global Financial Index (GFCI)Rwanda has a dense network of co-working, meeting spaces and tech hubs:&nbsp;The Rwandan government has been heavily involved in the establishment of several tech hubs and co-working spaces to facilitate ecosystem growth. While Rwanda’s small market size could limit founders’ ability to scale, its density of entrepreneurs, service providers and events means that ideas accelerate through the ecosystem. Norrsken’s Kigali House, where Renew Capital operates, is a prime example of Rwanda’s commitment to nurturing its startup community. Established by the Swedish group Norrsken Foundation, Kigali House serves as a dynamic workspace for startups, providing not only office facilities but also mentorship, networking opportunities and a platform for collaboration. Its presence in Kigali reflects a broader trend of international support for Rwanda’s entrepreneurial ambitions.&nbsp;<figure class="image"><img src="/uploads/Norksen_offfice_0776aca2a6.jpeg" alt="A photo of Norrsken Kigali House, a modern tech hub in Kigali, Rwanda."></figure>Norrsken’s Kigali House is located in Kigali’s downtown business district.Other spaces include:<ul><li><a href="https://kigali.impacthub.net/">Impact Hub Kigali:</a> Innovation lab, business incubator and social enterprise center.</li><li><a href="https://kigali.westerwelle.haus/index?&amp;v=latest">Westerwelle Startup Haus Kigali</a>:&nbsp;Supports entrepreneurship and economic growth.</li><li><a href="https://leaprlabs.rw/">Leapr Labs:</a>&nbsp;Focuses on scientific research and societal solutions.</li><li><a href="https://klab.rw/">kLab:</a> Open technology hub supporting startups and innovation.</li></ul>100% 4G national internet coverage:&nbsp;In 2018,&nbsp;<a href="https://thegreatlakeseye.com/post?s=Rwanda%E2%80%99s--investment--in--internet--connectivity--is--paying--off--_1175">95%</a> of the population had access to 4G LTE coverage, an increase from 26% in 2015.&nbsp;As of 2024, 4G is&nbsp;<a href="https://www.statista.com/outlook/co/digital-connectivity-indicators/rwanda#:~:text=The%204G%20network%20coverage%20in,k%20kbit%2Fs%20in%202024.">estimated</a> to cover 100% of the country.&nbsp;&nbsp;This extensive coverage facilitates mobile internet access, promoting digital inclusion even in rural areas. Moreover, investments in digital infrastructure have been a priority, with initiatives like the&nbsp;<a href="https://rdb.rw/the-republic-of-rwanda-africa50-unveil-the-kigali-innovation-city-urban-masterplan/">Kigali Innovation City</a> expanding internet access. This tech-friendly environment provides startups with the tools they need to innovate and compete on a global scale.Favorable legal and regulatory framework for financial and tech sectors:&nbsp;Rwanda has established a robust legal and regulatory framework that supports both the financial and technology sectors. The Kigali International Finance Center (KIFC) is backed by modern laws and regulations designed to attract international investors and financial institutions. These include favorable tax incentives, a focus on compliance with international standards and streamlined processes for setting up businesses. In the tech sector, Rwanda has implemented data protection laws and ICT policies that foster innovation while ensuring cybersecurity and privacy.&nbsp;Final thoughts: 30 years ago this year, Rwanda was in the midst of genocide and civil war and was one of the poorest countries in the world. Today, Rwanda’s GDP per capita (PPP) has rocketed from $367 in 1994 to around $3.2K in 2023 and from just $1.4B in nominal GDP in ‘94 to $14.2B in 2023. Moreover, the IMF projects that by the end of 2024, Rwanda’s real GDP growth rate will settle around 6.9%. This small African country is certainly on the rise.<h2>Rwanda's Meteoric Rise</h2>GDP per capita (PPP) growth of the six poorest countries in the world in 1994 by GDP per capita (PPP).<figure class="image"><img src="/uploads/Screenshot_2024_09_05_at_11_14_14_AM_9dcc6e882f.png" alt="Graph of Rwanda’s GDP growth from 1994 to 2023."></figure>Source: International Monetary Fund (IMF). Note: Based on global data available from the IMF.Go Deeper on Rwanda?<ul><li><a href="https://www.linkedin.com/feed/update/urn:li:activity:7237378476377309186" target="_blank" rel="noopener noreferrer">Rwanda in 12 photos</a></li><li><a href="https://latest-api.renewcapital.com/uploads/FINAL_Rwanda_Fact_Sheet_e76810f067.pdf">Rwanda’s Ecosystem Fact Sheet</a></li><li><a href="https://www.google.com/maps/@-1.9451017,30.0670117,13z/data=!4m2!11m1!2sTaoUorcIQMGcspk3-rAaOA?entry=ttu&amp;g_ep=EgoyMDI0MDgyNi4wIKXMDSoASAFQAw%3D%3D">Rwanda Ecosystem Google Map</a></li></ul> Interested in other African Startup Ecosystems?<a href="https://www.renewcapital.com/newsroom/the-momentum-of-african-startup-ecosystems-in-a-snapshot"> Download Renew Capital’s Factsheets on other Ecosystems</a>. We’ll be adding new ones every few weeks!&nbsp;

Uncover the secrets of Rwanda's momentum as a thriving hub for entrepreneurship and innovation.


Ecosystems

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Secrets of Rwanda’s Momentum 

<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">
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</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.

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

<h1>Press Release: Zuri Secures Investment: Poised to Transform Africa’s Beauty Industry</h1>Renew Capital Supports Zuri’s Rise in Africa’s Booming Beauty Industry<a href="https://latest-api.renewcapital.com/uploads/2024_11_6_FINAL_Zuri_Press_Release_39eb9c56c7.pdf" target="_blank" rel="noopener noreferrer">Download full press release</a>KINSHASA, DRC and KIGALI, Rwanda, June 11, 2024&nbsp;—&nbsp;Zuri (<a href="http://myzuri.com">myZuri.com</a>), a tech-enabled beauty company, seeks to transform the African beauty industry with high-end, beauty products designed by Africans.&nbsp;<figure class="image image-style-align-center image_resized" style="width:100%;"><img src="/uploads/1708699055330_8e252ca833.jpeg" alt="Founder of Zuri Luxury Hair poses with employees, showcasing teamwork and dedication to empowering women in Africa's beauty industry."></figure>Established in 2016, Zuri is a growing brand in the booming African beauty industry.&nbsp; Through a unique business model that integrates physical hair salons, an e-commerce platform and social media communication channels in 3 East African countries (Democratic Republic of Congo, Uganda and Rwanda), <a href="https://www.linkedin.com/company/zuribeauty/">Zuri</a> distributes its high-end products and services to the growing African consumer market. The company is also tapping into the growing demand in the African diaspora markets in Europe."Zuri's objective is to empower women, from all over the world, to become the best version of themselves. We have made it easy for our customers to access high-quality beauty products and services through all of our touchpoints," stated <a href="https://www.linkedin.com/in/gis%C3%A8la-van-houcke-1aa177159/">Gisèla Van Houcke</a>, the founder &amp; CEO of Zuri. “We are thrilled to welcome Renew Capital aboard as we look ahead to the next phase of Zuri's expansion journey.”The company has leveraged its innovative model to develop a proprietary platform, seamlessly integrating it into both its e-commerce app and physical salons, delivering tailored experiences to its customers from their home to the hair salons."Zuri's innovative approach, particularly their integration of technology to disrupt the beauty space, is truly exciting. Their growth trajectory is very promising, and we're thrilled to join forces with them on this journey," said <a href="https://www.linkedin.com/in/adamabate/?originalSubdomain=et">Adam Abate</a>, Renew Capital’s principal of investment management.Zuri's innovative business model and commitment to empowering women through beauty have made them a leader in the African beauty industry. With this new investment, the company is poised to take its mission to the next level and make a significant impact on the African beauty industry.*Ecosystem activation, pipeline development and capacity-building support provided to Renew Capital portfolio companies is generously supported by Global Affairs Canada.

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Zuri, a tech-enabled beauty company is transforming the African beauty industry with high-end, beauty products. Zuri's unique business model and dedication to empowering women through beauty have established them as a  a significant presence in the African beauty industry.

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Renew Capital invests in Zuri, a tech-enabled beauty startup to enhance Africa's beauty industry by integrating salons and e-commerce, empowering women across the continent.

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Press Release: Zuri Secures Investment: Poised to Transform Africa’s Beauty Industry

<h1>Press Release: Sawa Energy Attracts Investment to Accelerate Growth Across East Africa&nbsp;</h1>Providing East African businesses with affordable energy efficiency solutions<a href="https://latest-api.renewcapital.com//uploads/2024_01_25_FINAL_Sawa_Energy_Press_Release_d6bd511f40.pdf" target="_blank" rel="noopener noreferrer">Download the full press release&nbsp;</a>KIGALI, Rwanda, January 25, 2024 – Confronting the critical challenge of energy in East Africa, <a href="https://www.sawaenergy.com/" target="_blank" rel="noopener noreferrer">Sawa Energy</a> is changing how small and medium businesses access power. With operations in Rwanda and Uganda, Sawa Energy eliminates upfront costs, making solar and energy-efficient solutions more accessible and affordable.<figure class="image"><img src="/uploads/SAWA_ENERGY_TEAM_52_53593994e9.JPG" alt="Sawa Energy team posing against a backdrop of beautiful green vegetation in Kigali, Rwanda, showcasing their commitment to sustainable energy."></figure>Established in 2021, Sawa Energy's mission extends beyond energy provision. It focuses on constructing, owning and operating solar systems for clients, enabling significant savings and reducing electricity pricing volatility. The company aims to become the largest private provider of solar power in East Africa by 2030, demonstrating its commitment to building a greener and more sustainable future.&nbsp;“Our passion at Sawa Energy is to create a business that delivers on three critical fronts — building partnerships with East African companies, reducing emissions, and providing robust returns to our investors,” said <a href="https://ug.linkedin.com/in/samuel-kaufman-cpa-a6387835" target="_blank" rel="noopener noreferrer">Samuel Kaufman</a>, Chief Executive Officer and co-founder of Sawa Energy as he emphasized the company's broader impact goals. “We strongly believe in creating a sustainable model that benefits all stakeholders.”Sawa Energy sets itself apart by removing the financial and operational risks to going solar. They offer local business integrated energy solutions with no upfront cost, and no operation and maintenance fees, ensuring that their customers have a seamless and worry-free transition to cleaner and more affordable energy.&nbsp;“Sawa Energy's approach to affordable and sustainable energy solutions is transformative for East African SMEs,” said Blessing Layee-Maima Caine, Renew Capital’s Investment Manager for Rwanda. “Renew Capital as one of the investors in the consortium is proud to support Sawa Energy's vision of a future where businesses can grow sustainably and cost-effectively.”&nbsp;*Ecosystem activation, pipeline development and capacity-building support provided to Renew Capital portfolio companies is generously supported by Global Affairs Canada.

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Sawa Energy, operating in Rwanda and Uganda, creates energy-efficient solutions to make clean, solar energy more accessible and affordable to local businesses. Sawa Energy’s integrated solutions have no upfront costs to support their customers with a seamless and worry-free transition to cleaner and more affordable energy.

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Sawa Energy secures investment from Renew Capital to expand affordable solar energy solutions for East African businesses, reducing costs and emissions.

Press Release: Sawa Energy Attracts Investment to Accelerate Growth Across East Africa

Renew Capital's presence has expanded to 14 African countries. We aim to provide insight into Africa's startup scene, along with the opportunities and challenges it presents through a series of blogs from our in-country team. If you share our passion for developing entrepreneurship in Africa, we invite you to check out our&nbsp;<a href="https://www.renewcapital.com/careers">open roles</a>.&nbsp;<h1>My Journey to Renew Capital: Get to Know Raisa Chowdhury&nbsp;</h1>International footprints and lessons in balanceWelcome to the latest feature in our 'Journey to Renew Capital' blog series. In this interview, we spoke with Raisa Chowdhury, Senior Project Consultant and M&amp;E Lead, about her personal journey to Renew Capital. We explored her diverse international career in the development sector&nbsp;across countries such as the United States, Bangladesh, Myanmar, Cambodia, Mozambique, Ethiopia, and now Rwanda and uncovered the underlying passion that fuels her work in this domain.<figure class="image"><img src="/uploads/d3b9fb61_863b_41c5_97e6_fb8115bc4d64_16c7ac7770.JPG" alt="Image of the Senior Project Consultant and M&amp;E Lead posing with Renew Capital employees, highlighting teamwork and collaboration within the organization."></figure>Raisa, center-left, leading with passion and purpose.Welcome Raisa, thank you for taking the time to sit down with us. You are originally from the U.S. and are now based in Kigali, Rwanda, where you are currently working on Renew Capital’s&nbsp;<a href="https://www.renewcapital.com/newsroom/five-facts-about-accelerating-regional-business-growth">Accelerating Regional Business Growth (ARBG) project</a> among others. Could you please share a bit about your background and how you landed in East Africa?Before joining Renew Capital, I focused on other areas of global development—mostly going back and forth between digital development and peace/rights/civil society/democracy-focused work. In both areas, there was also a lot of talk about the economy—both building on the economic foundations in place within a given context, as well as enabling economic growth. While I found the other work morally and intellectually interesting, I wanted to learn more about this recurring theme of how to “build an economy.”&nbsp;Coming out of graduate school in 2022 I knew that I wanted to do work that produced a tangible impact. I was looking for something that felt different from the U.S.-based development consulting work I was doing at the time. Though I didn’t set out to work in Africa, I was curious when I found Renew Capital through a job alert. As I learned more about the firm, I felt aligned with Renew Capital’s values and the work felt exactly like what I was looking for. I had been to East Africa and Southern Africa for shorter stints already and knew about the great energy in many of the ARBG countries. This made me excited to learn from and contribute in a small way to the buzzing ecosystems in these places.&nbsp;You mention that your career has spanned several development sectors. Can you elaborate on what drives and inspires you to pursue this path?It’s amazing to witness and experience the dynamic energy in emerging markets across different sectors from business, government, arts… you name it. In the development sector particularly, you get to meet all these incredible people who are working tirelessly to make their countries better, and in just a few years positive changes are visible. That inspires me to play a small enabling role in those changes.I’ve also tried to take advantage of my time in the region to be as curious and connected not only because it’s fun but also to better understand the histories and cultures of the countries we work in and be better at my job as a result. One of Renew Capital’s guiding statements is that we seek to change the way the world engages Africa and I joke to my friends that I’m doing that one Instagram story at a time. In all seriousness, though, living here and being fully present gives me a chance to fall in love with the places we work in, gain valuable insights and come to the office with a level of personal investment in the outcome that I hope makes a difference to the quality of my work.In your work on various projects in the East Africa region, what are some unique opportunities that you've come across and what excites you about your work?I’m new to the investment and business support space so it’s been fun to learn more about how things work here. Though there’s been a learning curve, I love getting to be a part of a team that’s working hard to move the needle on business success in the region by testing out different approaches to best support companies in their growth journey.&nbsp;For example, in the first year and a half of the ARBG program, we’ve developed trade training, connected companies to valuable market intel and retail expertise, gotten products moving across borders and expanded the reach of the Renew Capital’s offerings for SMEs by beginning to build an online training platform.&nbsp;I'm also enjoying the opportunity to develop internal systems for our ARBG program, taking on increased responsibility for shaping and managing its progress. This also means more accountability — if something goes wrong, it's on me, which is both scary and gratifying.What excites me the most is that if we get things right we will have helped catalyze business growth and hopefully helped expand the pool of people that benefit from the economic shifts in the region. The boom is coming and I hope that firms like Renew Capital can help bring that reality a little faster and shape that future to be a little more equitable and just.Can you share with us a defining moment in your career? What lesson did you learn from this experience?When I was taking pre-med courses (classes necessary to apply for medical school: biology, chemistry, physics, math, psychology, humanities) in university, I did abominably poorly in Organic Chemistry 1 and 2. I was devastated, as I had always been the kind of gung-ho student who had never gotten less than an A academically, except once in a middle school art class.&nbsp;I’m so grateful now for that failure because it helped me walk away from a path I wasn’t truly passionate about or particularly well suited for, and instead pursue a career that has been more amazing than what I could have imagined for myself at that point. That experience was super formative and forced me to learn to pause and reflect on whether things are progressing in alignment with the bigger picture, and being okay to change course even when it’s hard. To this day, I try to apply that lesson not just to my career, but also more broadly in my life.Also on the theme of reflection and pausing, a slightly different lesson I’ve gotten throughout my life comes down to balance. In one previous role, I had an older colleague who would go around at the end of the work day and tell everyone to go home because “we’re not saving lives.” What she meant was that whatever we were working overtime on could likely wait until the morning to be completed without major consequences. This particular colleague was one of the members of a tight-knit team of sharp Bangladeshi women I had the privilege of getting to join for a short period at USAID Bangladesh. I try to remind myself of this lesson when things get overwhelmingly busy.&nbsp;

I wanted to learn more about this recurring theme of how to “build an economy.” 

Perspectives

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My Journey to Renew Capital: Get to Know Raisa Chowdhury 

<h1 style="margin-left:0px;">Press Release: Mobile Postal Service MPost Attracts Investment to Expand into the Region&nbsp;</h1>Facilitating Universal Access to Postal Addresses<a href="https://latest-api.renewcapital.com/uploads/2023_28_12_FINAL_M_Post_Press_Release_eb01466ba5.pdf" target="_blank" rel="noopener noreferrer">Download the Full Press Release&nbsp;</a>KIGALI, Rwanda, December 28, 2023 — MPost is improving postal services in Africa by converting mobile phone numbers into functional postal addresses, significantly easing local and international goods delivery, government document applications and access to financial services. Established in 2016, MPost now operates in Kenya and Rwanda.<figure class="image"><img src="/uploads/Mpost_img_1118933f41.jpeg" alt="MPost team, in branded uniforms, posing with their founder at the Nairobi, Kenya office."></figure>"MPost's mission aligns with a critical need of the African population," said <a href="https://ke.linkedin.com/in/twahirmohamed" target="_blank" rel="noopener noreferrer">Twahir Mohamed</a>, Founder and CEO of MPost. "Many people in sub-Saharan Africa lack a postal address. By harnessing the ubiquity of mobile phones, we aim to empower millions by providing them with a fundamental tool for enhanced connectivity and access."According to GSMA reports from 2023, mobile phone penetration in sub-Saharan Africa has surged, encompassing 43% of the population. This substantial increase in mobile connectivity serves as a foundation for the scalability and potential widespread adoption of MPost's innovative solution."Many people in Africa do not have a functional postal address but MPost is aiming to change that," said JC Oelofse, Head of Investment at Renew Capital. "Improving address access means improving access to various services and Renew Capital is excited to join MPost on this journey."*Ecosystem activation, pipeline development and capacity-building support provided to Renew Capital portfolio companies is generously supported by Global Affairs Canada.

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Mpost, based in Kenya, is improving postal services in Africa by converting mobile phone numbers into functional postal addresses to significantly ease local and international goods delivery. Mpost also supports government document applications and access to financial services.

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MPost secures investment from Renew Capital to expand its mobile postal service. MPost converts phone numbers into postal addresses, improving access to goods and services across Africa.

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Press Release: Mobile Postal Service MPost Attracts Investment to Expand into the Region 

<h1>Renew Capital’s Summer Fellow Biniam Early's Journey from Los Angeles to Kigali</h1>Bridging Continents and Cultures<figure class="image"><img src="/uploads/Whats_App_Image_2023_08_29_at_16_31_32_1_1_861399497b.jpeg" alt="Biniam Early with colleagues at Renew Capital's Kigali office, bridging cultures and advancing in data analytics."></figure>Biniam Early, a son of a Renew Capital Angels network member is an undergraduate student at&nbsp;<a href="https://www.lmu.edu/">Loyola Marymount University</a> in Los Angeles, California. With a passion for information systems and business analytics, Biniam took on a fellowship with Renew Capital in Kigali, Rwanda as part of his journey of exploration and curiosity. He shares his experiences about the recent fellowship in Africa and his perspectives on cultural immersion.Q. Please tell us a bit about yourself.I was born in Ethiopia and was adopted in 2008. Since then, I have been living near Boston, Massachusetts. Currently, I am studying at Loyola Marymount University in Los Angeles. My major is Information Systems and Business Analytics, which is similar to data analytics but has a strong business focus.Q. Why did you choose to do your fellowship in Africa?I wanted to immerse myself in the local lifestyle, rather than just vacationing. I visit Africa every other year, having been to Ethiopia and Tanzania. This time, I wanted to experience something different. I believe in Renew Capital's mission to change the way the world engages Africa - from a place of giving to one of investing.&nbsp; I believe it's important for people in the U.S. to understand that despite some differences, we are all similar in many ways.&nbsp;Q. How has your experience been?I'm currently in Rwanda for the first time and it's been an interesting experience. Rwanda has a rich history and learning about it has helped me understand how to adapt to different cultures in other places I visit. Overall, my biggest takeaway from this journey has been the importance of community and understanding different perspectives.Q. What is the biggest takeaway from your fellowship?&nbsp;I believe that data analytics is a crucial bridge between business and technology. Being a part of a team that prioritizes the use of data analytics has been an exciting experience for me. I have noticed significant growth in this area within a short amount of time, and it is something I value deeply because of my education and life experience. The significance of analytics data cannot be overstated and it has reignited my passion for this field.&nbsp;

I believe in Renew Capital's mission to change the way the world engages Africa - from a place of giving to one of investing. 

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Renew Capital’s Summer Fellow Biniam Early's Journey from Los Angeles to Kigali

Renew Capital welcomed a dynamic team of 11 exceptional young professionals ranging from units in Project Management, Investment, Human Resources and Marketing and Communications.<h1 style="text-align:justify;"> Turning Pages and Chasing Dreams</h1>11 Interns Share Their Career Aspirations and Book Recommendations<figure class="image"><img src="/uploads/Meet_the_team_325b170a67.png" alt="2024 Renew Capital interns, gaining hands-on experience at an early-stage venture capital firm focused on supporting African startups."></figure>Renew Capital internship is an opportunity for recent graduates based in Africa to embark on a quest to unearth their professional goals, bring innovation to the table and invest in their future success.&nbsp;During the internship, the young professionals will work on various investment and private sector development projects that will enhance their professional skills and gain work experience in an international firm operating across eight African countries. Get to know them as they share books that have influenced and inspired them.&nbsp;<h2 style="text-align:justify;">1. Agnes Mbuvi - Investment Intern. Kenya.</h2>a) What are your professional goals?&nbsp; To become a top financial analyst in Kenya and Africa as well. I also hope to start my own investment firm in the future. where I will be able to offer investment solutions that work for the African context.b) What book would you recommend?<a href="https://www.amazon.com/Mountain-You-Transforming-Self-Sabotage-Self-Mastery/dp/1949759229" target="_blank" rel="noopener noreferrer">The Mountain Is You: Transforming Self-Sabotage Into Self-Mastery</a> by Brianna Wiest. This self-help book helped me overcome self-sabotaging tendencies. The author encourages individuals to break free from self-destructive patterns, cultivate self-compassion and build resilience to live a fulfilling life.<h2 style="text-align:justify;"> 2. Eden Hailemariam - Investment Intern. Ethiopia.</h2>a) What are your professional goals?&nbsp;To become an exceptional investment consultant. I pursued this career path to help people make informed investment decisions which in turn will have positive micro as well as macroeconomic and social effects.b) What book would you recommend?<a href="https://www.amazon.com/Kill-Mockingbird-Harper-Lee/dp/0446310786" target="_blank" rel="noopener noreferrer">To Kill a Mockingbird </a>written by Harper Lee. It narrates the childhood of Scout and Jem Atticus. I love the extent Atticus goes to defend what he believes is right, regardless of the challenges he faces. It explores themes of racial injustice, mistreatment of innocent people and social prejudice.<h2 style="text-align:justify;"> 3. Jordan Karenzi - Investment Intern. Rwanda.</h2>a) What are your professional goals?&nbsp;I would like to learn how to conduct sound market research and map out the right investments. Also, I would like to improve my communication skills and ability to relay information relating to the investment practice.b) What book would you recommend?<a href="https://www.amazon.com/Third-Door-Uncover-Successful-Launched/dp/0804136661" target="_blank" rel="noopener noreferrer">The Third Door</a> by Alex Banayan. This is a story of a young man with a dream of interviewing the most successful people in the world from different fields and different walks of life to understand the secret to their success. When Alex was at his highest, he got knocked down but he found a way to get up and push through. I applied the general message to keep a positive mindset and consider small steps as progress.<h2 style="text-align:justify;"> 4. Nahomi Kassahun - Investment Intern. Ethiopia.</h2>a) What are your professional goals?&nbsp;Currently, I am working towards improving my communication skills, especially public speaking. I hope to explore diverse career paths, build a network and develop my leadership abilities.b) What book would you recommend?<a href="https://www.amazon.com/Divergent-Veronica-Roth/dp/0062024035" target="_blank" rel="noopener noreferrer">Divergent</a> Trilogy by Veronica Roth is an extremely thought-provoking book that is set in the future. It made me question the meaning behind their nickname. The characters are based on important values: Abnegation (selflessness), Amity (kindness), Candor (honesty), Erudite (intelligence) and Dauntless (bravery).&nbsp;<h2 style="text-align:justify;">5. Ruth Ayalew - Project Intern. Ethiopia.</h2>a) What are your professional goals?&nbsp;To become a visionary policy maker. I am driven by a deep desire to bring about transformative and systematic change in Ethiopia's current landscape. I firmly believe that by implementing innovative and sustainable policies, we can overcome the obstacles that hinder progress and unlock the true potential of this remarkable nation.b) What book would you recommend?<a href="https://www.amazon.com/Habits-Highly-Effective-People-Powerful/dp/0743269519" target="_blank" rel="noopener noreferrer">7 Habits of Highly Effective People</a>&nbsp;by Stephen Covey. During my stay at the Young African Leaders Initiative (YALI), I was encouraged to read the book to understand how to live well with others and the dynamics of a great team. I learned that people have various behavioral styles.&nbsp;<h2 style="text-align:justify;">6. Heran Getaneh - Project Intern. Ethiopia.</h2>a) What are your professional goals?&nbsp;To become a detail-oriented manager and acquire a well-rounded skill set in project management. I hope to not only focus on my role but explore various aspects within the work environment and become a stellar collaborator that achieves success working with cross-functional teams.b) What book would you recommend?<a href="https://www.amazon.com/Educated-Memoir-Tara-Westover/dp/0399590501" target="_blank" rel="noopener noreferrer">Educated</a> by Tara Westover left an unforgettable impact on my spirit. The author's brilliance resides in her ability to challenge cultural standards while also appreciating the power of education. It has taught me to value any chance for personal development and learning that comes my way.&nbsp;<h2 style="text-align:justify;">7. Uwera Kamuhangire Myriam - Project Intern. Rwanda.</h2>a) What are your professional goals?&nbsp;To be an illustrious project manager or consultant in Rwanda. I also want to be an entrepreneur in the near future because I enjoy working in dynamic and flexible environments.b) What book would you recommend?<a href="https://www.amazon.com/Secret-Rhonda-Byrne/dp/1582701709" target="_blank" rel="noopener noreferrer">The Secret</a> by Rhonda Byrne. It talks about the law of attraction and how our mind is the greatest weapon that can be used to work for or against us. It teaches how positive thoughts can manifest positive outcomes and we can use this to achieve personal growth and success.&nbsp;<h2 style="text-align:justify;">8. Hiwot Endale - Project Intern. Ethiopia.</h2>a) What are your professional goals?&nbsp;In the next five years, I want to identify the career path that I want to follow, build my professional network, perfect my skills and learn more about the entrepreneurial and investment sector.b) What book would you recommend?<a href="https://www.amazon.com/12-Rules-Life-Antidote-Chaos/dp/0345816021" target="_blank" rel="noopener noreferrer">12 Rules for Life</a>&nbsp;by Jordan B. Peterson. In this remarkable read, the renowned clinical psychologist narrates unique and well thought rules to help us maintain order, improve our interpersonal interactions and establish strong bonds with others.&nbsp;<h2 style="text-align:justify;">9. Shaynerose Magabi - Marketing and Communications Intern. Kenya.</h2>a) What are your professional goals?&nbsp;To hold a leadership position soon and make data-driven decisions by improving my skills in data analysis and implementing effective marketing campaigns and conducting market research. I aim to excel in public speaking and confidently communicate my ideas with a diverse audience.b) What book would you recommend?<a href="https://www.amazon.com/Art-Happiness-10th-Anniversary-Handbook/dp/1594488894" target="_blank" rel="noopener noreferrer">The Art of Happiness</a> by Dalai Lama and Howard C. Cutler. This transformative guide sheds light on how individuals postpone their happiness and forget to live in the present.&nbsp;It implies if you aren't happy in the present, you'll never be happy in the future. Sadly, people fail to show compassion towards themselves by equating their self-worth to their success.&nbsp;<h2 style="text-align:justify;"> 10. Joy Mburu - People Operations and Development Intern. Kenya.</h2>a) What are your professional goals?&nbsp;I am looking forward to helping with the implementation of company policies and providing essential support to the People Operations and Development unit while learning its purpose.&nbsp;My career aspiration is to get a Human Resource Management certification that will enable me to grow and take on leadership roles soon.b) What book would you recommend?<a href="https://www.amazon.com/Winner-David-Baldacci/dp/0446606324" target="_blank" rel="noopener noreferrer">The Winner</a> by David Baldacci. This book takes you on a journey of trust and betrayal. “What decisions would you make in the face of intense desperation?" Characters within the plot are forced to make challenging decisions. It explores the devastating impact of betrayal from close friends and will make you shift alliances throughout the whole novel.&nbsp;<h2 style="text-align:justify;">11. Mediatrice Kampire - Data Science and Analytics Intern. Rwanda.</h2>a) What are your professional goals?&nbsp;To become a senior data analyst and project manager within the next three years by completing relevant training courses and gaining practical experience.b) What book would you recommend?<a href="https://www.amazon.com/Moved-Cheese-Spencer-Johnson-M-D/dp/0743582853" target="_blank" rel="noopener noreferrer">Who Moved My Cheese</a> by Dr. Spencer Johnson is a motivational business fable that explores the challenges of change and adaptation. The book emphasizes the importance of embracing change, being flexible and proactively seeking new opportunities.

Meet the 2024 Renew Capital interns, a talented team at an early-stage investment firm in Africa, driving growth in the continent's startup ecosystem.






