<h1 style="text-align:center;">RENEW’s Impact Angel Network Closes Fifth Investment</h1>RENEW is pleased to announce that members of the Impact Angel Network (IAN) and another U.S. investment group recently signed an agreement to invest into a sesame company based in Ethiopia. The investors anticipate that over the next five years, the company will support more than 10,000 small farmers, strengthen the sesame industry in Ethiopia, generate $32 million in export sales and create more than 60 jobs in the manufacturing sector.The investment, like others the IAN has made into small and medium enterprises in East Africa, is anticipated to have a significant impact in the local economy.<figure class="image"><img src="/uploads/dsc_0064_4ec9b054d2.jpg"><figcaption>A sesame facility in Humera, Ethiopia. Ethiopia is Africa's largest sesame producer and exporter.</figcaption></figure>As a partner of the U.S. Agency for International Development (USAID) and the Feed the Future Agribusiness Market Development program, RENEW conducted investment analysis on the company. This investment would not be possible without the continued support of USAID, which aims to help stimulate the growth of small and medium enterprises in Ethiopia.This is the IAN’s fourth investment in Ethiopia since 2013, and their fifth investment in the East Africa region.

The IAN invests in a sesame manufacturing and exporting company

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RENEW’s Impact Angel Network Closes Fifth Investment

<h1 style="text-align:center;">RENEW Partners to Attend SOCAP and NACO 2015 Conferences</h1>Next week, RENEW’s partners Laura Davis and Tom Scriven are attending two important conferences in the field of impact and angel investing.<figure class="image"><img src="/uploads/conferences_1_901afa96ac.jpg"></figure>Laura Davis will be participating in the Social Capital Markets (<a href="http://socap15.socialcapitalmarkets.net/">SOCAP</a>) 2015 conference in San Francisco. SOCAP is to take place over the course of several days, gathering more than 10,000 impact investors and social entrepreneurs from around the world in one place. Participants come from all sorts of backgrounds - ranging from individuals, wealth managers, government bodies, foundations and non-profits - but they all share a common goal to “actively seek out opportunities to accelerate the market at the intersection of money and meaning.”Tom Scriven will be attending the National Angel Capital Organization (<a href="https://nacocanada.com/">NACO</a>) 2015 Summit in Niagara-On-The-Lake, Ontario. Tom will be joining more than 300 investors, industry leaders, entrepreneurs and development professionals from all over the world at Canada's largest gathering of angel investors. Participants will have the opportunity to collaborate and connect with like-minded individuals and experienced investors, as well as discuss industry best practices that lead to success.If you find yourself at either one of these exciting events next week, be sure to reach out and let us know!&nbsp;

Two of the largest events in North America for the fields of impact and angel investing.

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RENEW Partners to Attend SOCAP and NACO 2015 Conferences

<h1 style="text-align:center;">Entoto Observations</h1>Today is Sunday and the eve of Meskel in Ethiopia. It is a leap year according to the Ethiopian calendar, so Meskel will occur tomorrow on September 28, instead of its usual occurrence on September 27. According to <a href="https://en.wikipedia.org/wiki/Meskel">Wikipedia</a>, Meskel is an Ethiopian Orthodox holiday that represents the discovery of the true cross. In a dream, Queen Eleni was instructed to build a bonfire and told that the smoke from the fire would reveal the location of the true cross.Today, Matt and I hiked up Entoto Mountain, and though we have lived in Ethiopia for more than three years, there were new observations to be gathered and processed. That is the beauty of living in a foreign land - the learning never ends! Today we passed hundreds of people as we huffed and puffed up the mountain. Donkeys, sheep and cows being walked to market; the faithful going to church; tree branches dragged to neighborhood bonfire sites; soccer games; vegetables and coal being sold to prepare classic Ethiopian dishes; and the lists goes on of the endless, colorful activities that make up the Ethiopian experience. The most noticeable difference today was the yellow meskel daisy. The bright bit of sunshine made many appearances, being sold in markets across the city and by children who had plucked the graceful little flower from fields where it grows naturally this time of year. Tonight it will grace the floors of shops and homes underneath the traditional coffee ceremony setting, and be added to the bonfire piers that will be burned tonight in representation of finding the cross.<figure class="image"><img src="/uploads/collage_entoto_ff1bc48ad5.jpg"></figure>If you are interested in experiencing this unique country and culture first-hand and learning why major news publications like <a href="http://www.cnn.com/2015/07/13/travel/ethiopia-worlds-best-tourism-destination/">CNN</a> and <a href="http://qz.com/447128/ethiopia-has-been-voted-the-worlds-best-tourism-destination-for-2015/">Quartz</a> are saying Ethiopia is among the top travel destinations, consider an <a href="angel-investors-travel-ethiopia.html">Econ-Tourism Trip</a> with RENEW. We will make sure you get to the top of Entoto.

RENEW team members Matt and Laura Davis reflect on this special Ethiopian holiday.

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Entoto Observations

<figure class="image image-style-align-center"><img src="/uploads/mftc_logo_tm_1_0104e07f41.png"></figure><h1 style="text-align:center;">Mama Fresh: Baking Injera and Creating Impact in Ethiopia</h1>It was a cool and dewy morning in August when I made my way over to <a href="http://www.mama-fresh.com/">Mama Fresh Injera PLC’s</a> new manufacturing and export facility to speak with members of the baking team. Clouds were off in the distance, threatening the rain that comes so often to Ethiopia during the summer months, but neither the early hour nor threatening weather dampened my spirits - I was getting an in-depth look at how Mama Fresh not only makes injera, but positive impact as well.Mama Fresh is Ethiopia’s largest commercial manufacturer and exporter of fresh-baked injera. The Impact Angel Network’s investment in Mama Fresh in January 2014 helped finance the modern facility that I visited on this particular morning. The investment is also expected to enable Mama Fresh to increase its production capacity, create jobs in the local economy and explore new market opportunities for injera, including the growing gluten-free markets in the U.S. and Europe. While this investment’s expected social impact for the local community and greater Ethiopian economy is significant and important in this company’s story, my interest that day was actually on a smaller scale. I wanted to find out how Mama Fresh, through this investment, was achieving impact at the individual level, specifically for underprivileged women. Injera baking is considered “women’s work” in Ethiopia because most household baking is done by female family members or female hired help, so Mama Fresh has had the opportunity to provide work as injera bakers for many women in Addis Ababa.Mama Fresh gave me the wonderful opportunity to speak with several of its diligent and hard-working injera bakers. When I arrived at Mama Fresh to meet with these bakers, the facility was buzzing with activity – the morning shift employees were completing preparations to start the injera baking for the day. Out of the many bakers that I was introduced to, one baker stood out amongst the rest for her reputation of being one of the most diligent and hard-working employees in the company - Belaynesh Millkiyas. Belaynesh kindly shared her personal story with me, which I believe shows how Mama Fresh is creating impact across the spectrum, from the country level all the way down to the individual.Belaynesh was born in Hossana and moved to Addis Ababa in 2004. Like many people, she came to the capital looking for work, and after a series of events, found her way working for Mama Fresh.<figure class="image"><img src="/uploads/belaynesh_collage_2_98dcbc0ae8.jpg"></figure>When did you start working with Mama Fresh, and how did you hear about the company? I started working at Mama Fresh in November 2010; it has been five year since I started working here. I have a relative who used to work at Mama Fresh as a supervisor in the dough room, and she recommended me to MF management. But she [has since] left MF and is currently working at another company.How did you become an injera baker? I have been baking injera since I was a little girl. We had a family business [local café] at Hossana, and I used to bake injera there. I wanted to go and work in the Middle East, and that is why I [initially] came to the city [Addis Ababa], but after realizing this is not a good choice for me, I stopped and began searching for work here. After changing several jobs I started working at Mama Fresh as injera baker.How does Mama Fresh injera compare to the injera you make at home, or you grew up eating? Mama Fresh injera compared to the injera I make at home is much healthier because it is made from pure teff. I usually mix other grains with teff to make injera at home and so do other households. The process here is also much cleaner because we are using clean utensils; the workers are very efficient and the process is much more modernized than baking injera at home. Overall, the production process is safe, clean and dough processing is different from what I do at home. Besides, the teff we use is quality teff and not mixed with other grains - I know because the teff is ground here at the facility - I prefer eating Mama Fresh injera than any other injera, even from what I make at home.How has working for Mama Fresh changed your life? Before joining Mama Fresh I used to work at a carpet-manufacturing factory as an operator. While I was working there, I had my first child and took a maternity leave, but this didn’t make my bosses happy so they had to let me go! I started looking for other job, but I was required to work on night shifts, which was impossible for me because I had to take care of my baby. That is when I heard about Mama Fresh from one of my relatives who was working here. Although I haven’t seen that much growth in my salary, working at Mama Fresh has made my life stable, so I can raise my kid. He is now seven years old and is in first grade. The management team is very understanding about my problem[s], they are good people, and I feel like they are my family. They help me out when I have money problems by lending me money to pay for my kid’s school.What is your favorite part about working for Mama Fresh as an injera baker? I like baking injera because it a quiet job, and I can focus on baking for a long time.Your reputation at Mama Fresh is that you are one of the most productive / quickest injera bakers in the company – how did you come to be so skilled? I have been baking injera since I was a child, so it came from experience. And the incentive given to us if we bake more injera we will [then] get paid more money. Currently the quota is to bake 350 injera per shift, but on a good day I usually bake from 450 to 600 injera per day, using four to five metads [ovens]. But it all depends on the power available and time I have. Once I get in the facility I am very focused, I just want to bake injera.Has your job at Mama Fresh made you feel empowered as a woman? Yes, I earn my own money and raise my child so it has made me feel empowered as a woman. Since I am a single mom, I am required to support my child and his needs. It has inspired me to be an entrepreneur – I want to start my own business.

Renew Capital Angels invested in Mama Fresh Injera, a commercial manufacturer and exporter of fresh-baked injera and spices. Injera is a staple bread of Ethiopian cuisine and is made from teff, a gluten-free grain.

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Mama Fresh.avif

RENEW has a Q&A session with a Mama Fresh baker to talk about injera and impact.

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Mama Fresh: Baking Injera and Creating Impact in Ethiopia

<h1 style="text-align:center;">Matthew Davis, CEO of RENEW LLC, has earned the prestigious Chartered Financial Analyst® (CFA®) designation.</h1><figure class="image"><img src="/uploads/cfalogo_registered_2d37704023.jpg"></figure>"The CFA charter, the most respected and recognized investment credential in the world, represents a tradition of upholding the highest standards of education and integrity in the investment profession. The charter is recognized globally by employers, investment professionals and investors as the definitive standard by which to measure the competence, integrity and dedication of serious investment professionals," as indicated at <a href="http://www.cfainstitute.org/">www.cfainstitute.org</a>.Matt has extensive experience facilitating international investments in sub-Saharan Africa and South Asia. Matt has an undergraduate degree in physics and a master’s of science in physics and business. Matt passed all three levels of the CFA exams on the first attempt.About CFA Institute: &nbsp;<a href="https://www.cfainstitute.org/">CFA Institute</a> is the global association for investment professionals. It administers the CFA and CIPM curriculum and exam programs worldwide; publishes research; conducts professional development programs; and sets voluntary, ethics-based professional and performance-reporting standards for the investment industry. CFA Institute has more than 115,000 members, who include the world’s more than 100,000 CFA charterholders, in 138 countries and territories, as well as 138 affiliated professional societies in 60 countries and territories. More information may be found at www.cfainstitute.org.CFA Institute marks here are trademarks owned by CFA Institute.

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Matthew Davis Earns Prestigious Chartered Financial Analyst® Designation

<h1 style="text-align:center;">Investing for Impact in Africa</h1>On Monday evening, RENEW co-hosted a happy hour with the <a href="https://colorado.nationalchristian.com/">National Christian Foundation Colorado</a> to discuss the philosophy of “doing well by doing good.” A wonderful group of individuals came together from Denver to talk about how impact investing could change the lives of thousands of individuals in Africa, while generating financial returns for investors and givers.The partners of RENEW and the president of NCF Colorado - Bryan Chrisman - introduced attendees to a unique option in the growing world of impact investing. Questions ranging from “What is an impact angel?” to “How do I go about making an impact investment?” to “What’s the connection between impacting investing and charity?” were all addressed throughout the evening’s conversations.<figure class="image"><img src="/uploads/image1_0_3d897acb25.jpg"></figure>The RENEW team shared about its unique business model and how it differs from the traditional model of development and aid for Africa. By <a href="renew-closes-investment-east-africa-emergency-services-ltd">facilitating investments</a> into East African small and medium-sized enterprises through the Impact Angel Network (IAN), RENEW and the network are helping local businesses grow into market leaders.<figure class="image"><img src="/uploads/image8_2_3c4831c780.jpg"></figure>Bryan Chrisman also discussed how investing in impact options like the IAN through donor-advised-funds (DAFs) enables people to reap the tax benefits of charitable giving, while also making sound investment and impact decisions. DAFs, such as the <a href="http://impactfoundation.org/about/">Impact Investing Foundation</a>, are now being used to make impact investments in communities located half a world away.<figure class="image"><img src="/uploads/image9_0_5f868b6849.jpg"></figure>RENEW is honored to have co-hosted such a great event with the NCF Colorado team, and is looking forward to continuing to connect with Denver investors about the merits of impact investing.

RENEW and NCF Colorado co-host happy hour in Denver

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Investing for Impact in Africa

<h1 style="text-align:center;">U.S. Senators Visit RENEW Portfolio Companies</h1>This past weekend, a group of special guests were greeted at the gates of Mama Fresh Injera’s manufacturing facility in Addis Ababa, Ethiopia. <a href="http://www.coons.senate.gov/">Senator Christopher Coons</a> from Delaware (Chairman of the Senate’s Subcommittee on African Affairs), <a href="http://www.merkley.senate.gov/">Senator Jeffrey Merkley</a> from Oregon (Member of the Senate’s Subcommittee on State, Foreign Operations and Related Programs), <a href="https://www.opic.gov/who-we-are/people/pryor">Judith Pryor</a> (Vice President, Office of External Affairs, OPIC), <a href="https://www.usaid.gov/who-we-are/organization/dennis-weller">Dennis Weller</a> (Mission Director for USAID Ethiopia), and other distinguished staff members came to the production site to visit with team members of Mama Fresh Injera PLC and East Africa Emergency Services LTD (EAES), whose partner organization Tebita Ambulance and Pre-Hospital Emergency Medical Service PLC (TEBITA) parked ambulances outside. Members of the Impact Angel Network from Oregon and Delaware have invested in both Mama Fresh and EAES, making the visit all the more special.<figure class="image"><img src="/uploads/senators_event_logos_7d20c1c6ca.jpg"></figure>The senators spent several days in Ethiopia as a stop on their Africa trip to conduct meetings and site visits related to USAID and other U.S. government interests in the region.The visit started with a presentation by TEBITA’s operations manager, Yitages Mengistu, during which he provided a general overview of the company, their plans for the future and how much they have achieved to date. The senators and their delegation asked questions about the logistics and vision of the company, and saw the newest additions to TEBITA’s ambulance fleet that the company recently purchased and started using to transport patients.In May 2015, the Impact Angel Network established EAES to provide business development, procurement and administrative support for local emergency service providers, such as TEBITA - the first private sector ambulance company in Ethiopia. TEBITA, with the assistance of EAES, aims to be the leading emergency medical services (EMS) provider in East Africa and the EMS hub for Ethiopia. To date, the company has transported more than 30,000 patients in Ethiopia, and these numbers will continue to rise as the company expands operations. In addition to local emergency services, the company will continue to provide remote and international emergency evacuation services to U.S. citizens and other foreigners working in or visiting Ethiopia. EAES and TEBITA would also like to pursue long-term partnerships with U.S. medical organizations.<figure class="image"><img src="/uploads/senators_with_eaes_tebita_2_0_17f53a975d.jpg"></figure><a href="https://www.usaid.gov/">Photo Courtesy of USAID</a>&nbsp;The visit continued with a tour of Mama Fresh’s injera manufacturing facility, including a close look at the teff grinding room, injera dough room, injera baking room and packaging room. The Impact Angel Network’s investment in Mama Fresh in January 2014 helped finance a modern manufacturing and export facility. The delegation was impressed with the facility and how Mama Fresh manages the various production inputs it uses to transform teff grains into a delicious staple bread product. They were also impressed with the reach of the company’s global sales and distribution network, which spans across three continents. The tour concluded with a sampling of classic Ethiopian dishes alongside Mama Fresh’s world-famous injera.<figure class="image"><img src="/uploads/senators_visit_mama_fresh_1_ce65eb73a9.jpg"></figure>The IAN’s investment is enabling Mama Fresh to create jobs in the local economy as well - the company employs 83 individuals and works with more than 300 rural farmers who supply teff and other raw materials. Mama Fresh is also looking to explore new market opportunities for injera, including the growing gluten-free markets in the U.S. and Europe.The visit was a resounding success. RENEW is excited and proud to have shared the accomplishments of Mama Fresh and EAES with such a distinguished group of guests.To find out more about RENEW or the Impact Angel Network, contact us at <a href="mailto:renew@renewcapital.com">renew@renewcapital.com</a> or follow us on Twitter @RENEWLLC. &nbsp;

Honored guests met with Mama Fresh and EAES in Addis Ababa, Ethiopia.

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U.S. Senators Visit RENEW Portfolio Companies

<figure class="image"><img src="/uploads/blog_whitney_d681aaf50b.jpg"></figure><h1 style="text-align:center;">I Had a Farm in Africa...</h1>RENEW and the Impact Angel Network lost a dear friend and member this week. Whitney Ball, the founder of DonorsTrust, passed away on Monday, August 17, 2015 after a long and valiant battle with cancer.Her organization, DonorsTrust, is a donor-advised fund and community foundation that works on promoting “free society as understood in America's founding documents” according to the organization’s website. Whitney joined the Impact Angel Network in 2013 and participated in RENEW’s Econ-Tourism trip to Ethiopia that year. She later participated with the network in investing in several of our companies, including Metad, a specialty coffee farm in the Yirgacheffe region of Ethiopia.Whitney once told us that one of her dreams in life was to be able to live out the well-known quote by Karen Blixen in her famous book, Out of Africa, "I had a farm in Africa…”We miss you Whitney. We are honored to be part of fulfilling one of your life’s dreams.Read more about <a href="http://www.donorstrust.org/AboutUs/News/RememberingWhitneyBall.aspx">the life and legacy of Whitney Ball</a> on the DonorsTrust website.

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I Had a Farm in Africa...

<h1 style="text-align:center;">A Typical Monday in Addis Ababa</h1>5:30 AM – I would like to say it was the smell of Ethiopian coffee that first wakes me each day in Addis Ababa, but it’s often the prayers of the nearby churches that break into my morning grogginess. The delicious Arabica coffee my husband, Matt, brings me does partially make up for the multitude of early morning sound intrusions.6 AM – It’s time to get moving and exercise. I can’t believe I am going to out myself here, but Jillian Michaels exercise videos are ideal for the constraints of life in Addis Ababa. It’s not nearly as glamorous as a run in Washington D.C.’s Rock Creek Park, but just 20 minutes later, I’m ready to face the day. Mission accomplished.6:50 AM - I’m out the door and heading to the office. Any later and the traffic in Addis can be unbearable. Rush hour traffic in any city can be chaotic, and Ethiopia is certainly no exception. Matt and I have a deal that if it's later than 7:00 AM when we depart, it's my turn to drive. Even at 7:10 AM, the blue taxi vans that are locally referred to as “blue donkeys”, which carry much of the Addis’ population to work, are already starting to block two to three lanes of traffic, turning a 10 minute commute into a 30 minute drive. Real donkeys are also notorious for being in the way and part of every day street life in Addis, so the idea of a cumbersome blue donkey is both humorous and appropriate.7:15 AM - I arrive at the office and start catching up on emails from the U.S. that piled up across the time zones. My work with our U.S. team focuses on our international operations, investor management, marketing and working with our portfolio distribution companies.9 AM – The <a href="../../about-renew/team.html">Ethiopia team</a> priorities meeting takes place. Every Monday, the Ethiopia team gets together like clockwork, to go over the priorities for the coming week. This week’s highlights: closing one investment; getting a bank loan in the works to close another; finalizing our dates for our upcoming investor Econ-Tourism trips; and beginning our analysis of two new opportunities for our next investment package.9:30 AM – Climb into RENEW’s Toyota Vitz to drive across town to one of our portfolio company’s offices. Driving isn’t something I relish in Addis, so I love it when a team member takes the wheel.10 AM – It's the first 120 days of our investment in East Africa Emergency Services (EAES), so we intensively meet with the management team to work on the company’s priorities including branding, marketing, business planning, budgeting and good old fashioned sales.11:30 AM – Drive from EAES to Mama Fresh. Fingers crossed that we won’t hit any traffic jams or be stopped by a diplomatic mission going to or from Bole International Airport. With the Africa Union in Addis Ababa, this is one thing that the city has in common with my home city in the U.S., Washington, D.C. There is always someone important going somewhere important.Noon – Attend a board meeting at Mama Fresh. We are working on updating the budget, reviewing financial controls, devising marketing strategies, etc. The company has many opportunities in front of them and the next few months will be exciting. And of course, a lunch at Mama Fresh is always a tasty affair. The Mama Fresh team jokes about how I consistently schedule my meetings around the lunch hour. Hmm, no surprise there - you should always “Dance with your fingers. Eat Ethiopian."2 PM – I catch up on team emails and work on improving systems around our company management efforts. Some would think this is boring work, but we are proving a new model and it’s time to start thinking about scaling to new countries. Kaizen.3:30 PM – This marks the beginning of several meetings with the U.S. team to connect about investor management, company operations and marketing. I love the creativity we get to use around the investor experience. We consistently work to improve current efforts and to implement new ideas that deliver our Ethiopian portfolio companies' amazing stories to the real heroes of this narrative – the investors of the Impact Angel Network. Not every day is so full of meetings, but a few days out of the week are. In working across time zones, Skype has indeed become our best friend.5 PM – Active pipeline meeting begins. During this time, we have the Ethiopia team and U.S. team all together to discuss the latest on new deals that have come across our desks, as well as to provide updates on our progress in structuring and closing investments.7:30 PM – Drinks with friends or partners at one of the hotels in Addis. We tend to end up at the Sheraton or the Radisson, two establishments that provide nicely predictable service.9:30 PM – It’s popcorn time! One of the things I cherish about Ethiopia is the population’s love affair with popcorn, or fantasia - as it is locally known in Amharic. Now, when I order some at a hotel or local restaurant without ordering buna (coffee) as well, they look at me like I am crazy. But regardless, it’s readily available for consumption at home or anywhere they are performing a <a href="https://www.renewcapital.com/newsroom/Out%20and%20About%20in%20Ethiopia%20%20The%20Coffee%20Ceremony">coffee ceremony.</a>Come see us in Addis sometime. We promise we’ll keep the team meetings to a minimum and will take you around to meet the companies and entrepreneurs involved in Ethiopia’s vibrant economy.<figure class="image"><img src="/uploads/day_in_the_life_blog_collage_ee75f12018.jpg"></figure>