<h1 style="text-align:center;">Looking Through A New Lens</h1>RENEW believes Ethiopia and other developing economies are rife with opportunity for investment. Early adopters on both small and large scales agree – and have already <a href="http://www.wsj.com/articles/rock-star-bob-geldof-spearheads-u-s-private-equity-push-into-ethiopia-1427706330">acted on</a> these beliefs by investing in these budding economies. RENEW and the Impact Angel Network just made their fourth investment since opening RENEW’s Ethiopia office in 2013, and are set to close another investment soon.Despite this upward trajectory of investing in developing economies, many investors are still squeamish when they hear ‘Africa’ and ‘investment’ in the same sentence. While investing in frontier markets can be a challenging endeavor, with potential risks of inflation, currency depreciation, political instability, natural disasters and other uncertainties associated with developing countries, the social impact and opportunities to create financial returns are great.So how can impact investment advisory firms help Western investors to see Africa as a land of opportunity and to become comfortable with investing in frontier markets?THE SOLUTIONRENEW strives to provide the members of the Impact Angel Network an unforgettable investment experience. In order to achieve this goal and address the very real challenges that investing in developing countries bring, RENEW's team provides full on-the-ground support to investors looking to invest in frontier markets, but who typically do not have the local presence to source, conduct due diligence and monitor their investments on their own. The majority of RENEW’s team works in our Addis Ababa office in Ethiopia, full-time, to maintain a presence on-the-ground. We believe this component is crucial to the success of investments in frontier economies.<figure class="image"><img src="/uploads/econ_tourism_2015_overview_solution_collage_ebe839ff1f.jpg"></figure>RENEW tailors the investment experience to our members' specific needs. Investors are encouraged to travel to Ethiopia and participate in an Econ-Tourism trip, during which they can meet with entrepreneurs, tour their facilities and see the current state of the businesses first-hand. This experience provides investors with the chance to gain a better understanding of the economic and investment environment in Ethiopia. This in turn allows our members to invest with confidence, knowing that RENEW is selecting high-growth potential companies, properly vetting the entrepreneurs and managing all investments post-closing.THE OUTCOMEInvestors are usually surprised to see so much development, growth and opportunity in Ethiopia. They notice signs of a rising middle class and are encouraged by the wonderful people they meet who want to work and build their country into an economic powerhouse. Our investors see first-hand the desires of Ethiopians to work and partner with U.S. investors, and the wide range of sectors in which to invest, from manual labor to technology.<figure class="image"><img src="/uploads/econ_tourism_2015_overview_outcomes_collage_0_d2c06f0b5f.jpg"></figure>As Econ-Tourism trip participants speak with Ethiopian entrepreneurs, they often comment about the positive attitudes and drive of the management teams they meet, the signs pointing to growth in the agriculture, healthcare, energy, and technology sectors, and the work of the companies to improve the lives of employees. &nbsp;

How impact investment advisory firms can change the way Western investors see Africa.

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Looking Through A New Lens

<h1 style="text-align:center;">Why Are Angel Investors Important?</h1>On June 30th, RENEW provided a private equity training for the World Bank’s Ethiopia Climate Innovation Center (ECIC), an initiative that “supports Ethiopian small and medium enterprises (SMEs) that are developing innovative solutions to address climate change challenges”. The training provided an introduction to private equity, with the goal of familiarizing ECIC entrepreneurs with equity mechanisms for raising funds.<figure class="image"><img src="/uploads/img_1970_e405ad70c7.jpg"></figure>One such mechanism is through angel investing. Private equity angel investors (like members of RENEW’s <a href="https://www.renewcapital.com/investing">Impact Angel Network</a>) provide SMEs much-needed access to investment capital and business expertise, as well as access to new markets and foreign partners. This in turn allows companies to scale at a much faster rate than they would be able to do on their own. And while changes to the structure and management of the company are to be expected (such as the implementation of an advisory board), the relationship aims to ultimately provide long-term growth potential and stability to the company.Overall, the training was a success with around 20 entrepreneurs in attendance. At the end of the training, participants came away with a better understanding of private equity, why it is important for entrepreneurs who are looking to expand their company’s operations, and the essential role of angel investors.If you are interested in additional information about RENEW or an upcoming private equity training, please contact us at <a href="mailto:renew@renewcapital.com">renew@renewcapital.com</a> to learn more.

RENEW provides private equity training in Ethiopia to discuss.

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Why Are Angel Investors Important?

<h1 style="text-align:center;">The Next Big Thing in Gluten-Free Foods</h1> The world is catching on: CNN recently highlighted <a href="http://www.mama-fresh.com/">Mama Fresh</a>, one of RENEW’s portfolio companies, during it’s weekly show Inside Africa. According to <a href="http://www.cnn.com/2015/05/01/travel/why-your-next-food-porn-will-come-from-ethiopia/">CNN</a>, this show “highlights the true diversity of the continent as seen through the prism of different cultures and religions and the mediums of art, music, travel and literature.”* It comes as no surprise then that Inside Africa, and its host, Soni Methu, highlighted Ethiopia’s rich and flavorful cuisine, with one of the focal points of the episode being teff - an ancient, nutrient-rich and gluten-free grain native to Ethiopia.Teff can be eaten in a variety of ways, including being used as the main ingredient in an Ethiopian staple bread product, injera. To make injera, teff grain is first ground into flour, then combined with water, allowed to ferment over several days, and finally baked into a spongy, unique and sourdough-like flatbread that is enjoyed with other meats and spices at every meal.Mama Fresh is the country’s largest commercial manufacturer and exporter of fresh-baked injera. Hailu Tessema, the founder and owner of Mama Fresh, is profiled in the episode (click on the photo below and jump to one minute, four seconds to see the segment on Mama Fresh) explaining the process of making injera at a commercial level, and the unique spin that Mama Fresh has given this classic Ethiopian food.<figure class="image"><a href="http://www.cnn.com/2015/05/01/travel/why-your-next-food-porn-will-come-from-ethiopia/"><img src="/uploads/blog_11d60d4684.png"></a></figure><a href="http://www.cnn.com/2015/05/01/travel/why-your-next-food-porn-will-come-from-ethiopia/">Story By Colin Hancock and Daisy Carrington, for CNN</a> &nbsp;

How teff and Mama Fresh are contributing to the latest food craze.

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The Next Big Thing in Gluten-Free Foods

<h1 style="text-align:center;">RENEW Featured in the Washington Post</h1>The <a href="http://www.washingtonpost.com/business/economy/physicist-turned-businessman-seeks-opportunities-in-sub-saharan-africa/2015/05/03/53c3de08-f03f-11e4-8abc-d6aa3bad79dd_story.html">Washington Post</a> highlighted RENEW LLC and the compelling story of its founders Matthew and Laura Davis. The Post's Thomas Heath wrote about three of the Impact Angel Network's investments which RENEW facilitated as part of our strategy to promote thriving businesses, create jobs, grow Ethiopia's economy and generate financial returns for investors. "This is Capitalism 101" [Matt] says. "If you do it well, you can lift yourself out of poverty."<figure class="image"><a href="http://www.washingtonpost.com/business/economy/physicist-turned-businessman-seeks-opportunities-in-sub-saharan-africa/2015/05/03/53c3de08-f03f-11e4-8abc-d6aa3bad79dd_story.html"><img src="/uploads/blog_2_0f8f02d7e0.png"></a></figure>(Photo Credit: Ricky Carioti/The Washington Post)

The Washington Post highlights RENEW LLC and the compelling story of its founding.

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RENEW Featured in the Washington Post

<h1 style="text-align:center;">An Evening of Stories and Impact</h1>This past Friday evening, members of the Impact Angel Network (IAN) and distinguished guests met at the Cosmos Club in Washington, D.C. for their first annual National Gathering.<figure class="image"><img src="/uploads/img_7051_e33990fe28.jpg"></figure>The event started with guests mingling and enjoying cocktails in the West Garden. Members then moved into the Cosmos Club's Powell Room to hear the former Director of the CIA,&nbsp;<figure class="image"><img src="/uploads/img_7382_0_0644dbdea7.jpg"></figure>and now Chair of KKR's Global Institute, General (ret.) David H. Petraeus, share stories and insights on leadership, investing, Africa and Ethiopia. The evening continued as members gave toasts and shared stories throughout dinner of their Econ-Tourism trips and their investments in Ethiopia. The night concluded with Aman Adinew, CEO of <a href="http://metadplc.com/">METAD</a> , sharing how his specialty coffee farm created 500 jobs in 2014, positively impacted the local community and is on course to quadruple in size this year.Members of the IAN met the next morning for a breakfast to discuss multi-generational and legacy investing, and the next evening at the residence of the IAN's Washington D.C. chapter chair - <a href="http://renewcapital.com/impact-angel-network/chapters">Dr. Andrew Umhau</a>, to discuss updates on the portfolio and upcoming investment opportunities.The RENEW team would like to thank General Petraeus, Ambassador Tebege Berhe, and the IAN chapter chairs, Dr. Andrew Umhau, Jeff and Donna Turi, and Alan Gardner, and the staff of the Cosmos Club for helping deliver an unforgettable event. We also thank the members of the IAN and their families for coming to D.C. for a memorable spring weekend.If you are interested in learning more about RENEW, please contact Kathleen DeLaHoussaye at <a href="kdelahoussaye%40renewstrategies.html">kdelahoussaye@renewcapital.com</a>.

Impact Angel Network members came together in Washington D.C. for the first annual National Gathering.

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An Evening of Stories and Impact

<h1 style="text-align:center;">3 Reasons It's Time for Angel Investors to Go Global</h1>Times are changing - Markets around the world are opening up, technology is shrinking 3,000 miles to 30 miles, and angel investing is the new "VC". At RENEW, we think it's time for U.S. angel investors to start going global. Here's why:<figure class="image"><img src="/uploads/renew_banners_connect_grow_1_2296e046e9.jpg"></figure>1. The risk return profile of frontier markets is changing. Small, mid-size and large companies across sub-Saharan Africa are sprouting up to meet growing domestic and international demand. Per the IMF, “the same crucial developments that presaged the arrival of institutional financial investors in emerging markets in the 1980s are taking place in parts of sub-Saharan Africa today—growth is taking off, the private sector is the key driver of that growth.”* Local companies are starved for capital as their financial markets scramble to keep up. This presents a good opportunity for investors to enter into regions where valuations are low. Still, investors must be very cautious. Do your due diligence, partner with people you trust, and know what you are getting into. This is the Wild West.2. Thankfully, frontier markets like Ethiopia, Kenya and Rwanda are more accessible through Western firms that have offices in these countries. Whether it is large institutional players or boutique investment firms, Western investors can find investment professionals working out of offices in Addis Ababa, Nairobi and Accra. In Ethiopia, where RENEW has an office, we offer our angel investors a full, turnkey, in-country investment service. This is encouraging news for investors since “sub-Saharan Africa is expected to continue being the second fastest growing region in the world” with growth rates at around 5% in 2014, and expected rates at 5.75% for 2015.**3. You receive two returns. When you invest in an ethically run company a frontier market, you have the chance of making both a financial return and significant social returns. You can receive the same in developed markets, but the dollar does go a lot farther in countries where wages are low. Last year, RENEW's angels created over 500 jobs. Their investments also help stabilize the economy by generating taxes to offset foreign aid, and bring in hard currency to help stabilize inflation.So, when you find yourself looking for that next big thing or an exciting venture to take on, consider joining the ranks of rock stars like <a href="http://blogs.wsj.com/briefly/2015/03/30/why-private-equity-is-moving-into-ethiopia-at-a-glance/">Bob Geldof</a> and war heroes like <a href="http://media.kkr.com/media/media_releasedetail.cfm?ReleaseID=852684">David Petraeus</a>, and invest in frontier markets like Ethiopia.We welcome U.S. angels to participate in the discussion on angels going global at our May 1 National Gathering in Washington, D.C. Please contact a RENEW team member at <a href="mailto:renew@renewcapital.com">renew@renewcapital.com</a> to find out more.

At RENEW, we think it's time for U.S. angel investors to think about going global...

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3 Reasons It's Time for Angel Investors to Go Global

<h1 style="text-align:center;">RENEW Hosts Impact Investing Luncheon in Utah</h1>Last week, two of RENEW’s partners traveled to Salt Lake City, Utah to meet with local business and community leaders. While visiting, the RENEW team hosted a luncheon to discuss impact investing, angel investing and the U.S. government’s policies and viewpoints on Africa’s private sector.The luncheon opened with a<figure class="image"><img src="/uploads/photo_2_2_c8b88d3cee.jpg"></figure> greeting from Matt Davis, founder and CEO of RENEW, after which he introduced the event’s honored guest, Devin Thorpe. Devin is an <a href="http://devinthorpe.com/author">author</a> and advisor based in Utah who focuses on helping individuals who are “doing good” in the world. He calls himself a "champion of social good”, and as a <a href="http://www.forbes.com/sites/devinthorpe/">Forbes</a> contributor, he covers stories regarding social entrepreneurship and impact investing. During the luncheon, Devin shared his own personal viewpoint on impact investing and how it relates to Utah.For Devin, it’s an exciting and dynamic space to be in because “people with old investment strategies are joining the impact investing movement, and new money is actually coming in to the field.” This space now not only includes the individual investor, but family offices, foundations and institutional investors as well.Matt closed the event by challenging the group to think differently about Africa, as it has moved beyond the image that many of us typically think of when hearing the word, and by speaking about the power of business to achieve a greater good. Overall, it was an encouraging and exciting event - one that has inspired RENEW to pursue launching a new chapter of the Impact Angel Network in Salt Lake City.Matt remarked, “As a Ute, I believe Utah should be a leader in the impact investment space because, 1) we understand ethical capitalism, 2) we are global, and 3) we are entrepreneurial.” RENEW feels that our nation needs more Utah leaders like Jim Sorenson, renowned entrepreneur and founder of the James Lee Sorenson Global Impact Investing Center <a href="http://sgiicenter.com/jim-sorenson/">(SGII)</a>, to venture across the world and bring the concept of U.S. businesses to countries like Ethiopia.<figure class="image"><img src="/uploads/photo_3_2_4e736f3a2b.jpg"></figure>

Two of RENEW's partners traveled to Salt Lake City and met with local business leaders

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RENEW Hosts Impact Investing Luncheon in Utah

<h1 style="text-align:center;">Impact Angel Network 2015 National Gathering</h1><figure class="image"><img src="/uploads/may_event_final_blog_0c240533b9.jpg"></figure>Members of the Impact Angel Network (IAN) and other distinguished guests will be in Washington D.C., May 1 to May 2, for the Network's 2015 National Gathering.The gathering will include a series of events throughout the weekend, with the main event occurring on Friday evening. IAN members and select guests will be spending the evening with politicians, business executives and thought leaders. Experts in the impact and angel investing space will be speaking throughout the night, sharing insights on investing in Africa, as well as other countries on the continent and throughout the world. RENEW aims to elevate the importance of angel and impact investing and how the private sector is driving growth in companies around the world, even in our own back yards.We will also be having an informal gathering for members of the IAN at the home of the IAN’s DC Chapter Chair. We will be providing updates on our current portfolio, as well as discussing our current investment pipeline.*Note: The event has sold out and registration is now closed.

The Impact Angel Network's 2015 National Gathering is to be hosted in Washington D.C.

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Impact Angel Network 2015 National Gathering

<h1 style="text-align:center;">Portfolio Accomplishments: Part Three</h1><figure class="image image-style-align-left image_resized" style="width:37.16%;"><img src="/uploads/metad_logo_rgb_d1f33c42a5.jpg"></figure>To conclude our blog series about our portfolio companies' accomplishments, we move on to <a href="http://metadplc.com/">METAD</a>, an Ethiopian specialty coffee producer and exporter. Over the past month, METAD has been completing work on its new brand (see the sleek new leaf logo above!) and redesigning its website. The company recently launched the <a href="http://metadplc.com/">new website</a>, which highlights METAD’s specialty arabica coffee and notable accomplishments aimed at building Ethiopia’s coffee sectors. Aman Adinew, founder of METAD, has a vision of discerning coffee drinkers around the world enjoying Ethiopian specialty coffee, and of Ethiopia achieving the worldwide brand recognition its coffee deserves. METAD’s new website and brand are key resources the company will use to make this vision a reality.Meanwhile, METAD also is making strides in expanding its operations. The company recently expanded to a new site in Gedeb, where it operates a washing system, dry mill and drying beds. The company continues to operate a 200-hectare original specialty coffee farm in Hambela. Aman is overseeing both sites to ensure the same quality of coffee bean is produced at both sites.<figure class="image"><img src="/uploads/metad_farmsite_ab61dd1576.jpg"></figure>In the process of expanding, METAD has created 545 jobs within the community and has increased sales by 402% since the IAN initially invested in 2013. METAD has come a long way since that investment, and RENEW is excited about the company’s future with Aman at the helm.<figure class="image image-style-align-right image_resized" style="width:22.26%;"><img src="/uploads/kids_8df5424b85.jpg"></figure>Another thing we love about METAD is the company’s dedication to giving back to the local community. Since 2013, METAD has adopted an elementary school with 408 students near its Hambela farm, purchasing benches and tables for the school and subsidizing teachers’ salaries to incentivize them to stay rather than take higher paying jobs in bigger towns and cities.We are proud to be a part of the METAD story.