<h1 style="text-align:center;">Industry Profile: The Dairy Industry</h1><figure class="image image-style-align-center image_resized" style="width:33.22%;"><img src="/uploads/ethiopia_feb_26_to_mar_4_2012_268_c378a92ee7.jpg"></figure>Ethiopia seems to have significant potential for dairy development due to its large livestock population (10 million cattle produce meat and milk), favorable climate for improved, high-yielding animal breeds, and relatively disease-free environment. Despite having the largest livestock population in Africa, Ethiopia’s milk production is relatively low. Additionally, increasing demand for milk and milk products from a growing population offers an opportunity for milk producers and processing cooperatives to increase productivity.*Even though the general milk production and consumption in the country is still minimal, the milk market networks seem to be improving in the past few years. Findings showed that milk cooperatives were the dominant milk buyers from producers. Recently, milk cooperatives have been increasing in number in Ethiopia.*The dairy sector in Ethiopia seems to be characterized by the transition towards a market-oriented economy and appears to be moving towards a takeoff stage. Consumers are also getting the products at their doors or in shops specialized in supplying dairy products. Cooperatives and unions established for these purposes are playing a crucial role in changing the marketing landscape of the sector.*This shift towards a market economy is creating large opportunities for private investment in urban and semi-urban dairying. As a result, significant development interventions for the industry aimed at addressing both technological gaps and marketing problems are being practiced in the country. Other factors also support the promotion of private investment to introduce new technology in the sector including improved genotypes, feed and processing, and integration of crossbred cattle into the smallholder sector.*The dairy sector in Ethiopia is expected to continue to grow over the next decade as the growth in demand for dairy products increases.*The New Agriculturist, Boosting Ethiopia’s small-scale dairy industry, August 2011 *ILRI, Sustainable Livestock Digest, Diary intensification and milk market quality in Amhara Region, Ethiopia, December 2011 *Ethiopian Business Review, Milk Market New Actors In the Milk Supply Chain Are Changing The Market For Good 2013-2014 *International Food Policy Research Institute, Dairy Development in Ethiopia, October 2004

Ethiopia seems to have significant potential for dairy development.

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Industry Profile: The Dairy Industry

<h1 style="text-align:center;">Mama Fresh Re-launches its Brand in the U.S. Market</h1>Mama Fresh Injera PLC, an Ethiopian company that is the largest commercial manufacturer and exporter of fresh-baked injera in Ethiopia, has re-launched its brand in the U.S. market and is now exporting injera and other Mama Fresh products to the United States.Injera is a staple bread of Ethiopian cuisine made from teff, a gluten-free, ancient grain. The Mama Fresh product line also includes other Ethiopian staples such as berbere, kocho, mitmita, shero, duro wat, and a variety of other products and spices. Mama Fresh products are now being distributed throughout the Washington, D.C, Virginia, and Maryland areas at local shops and restaurants.The owners of Mama Fresh, husband and wife team Hailu Tessema and Konjit Zewdie, are in the Washington, D.C. metro area through May 9, 2014 for a launch event with Mama Fresh investors and customers of Mama Fresh. The launch event on Saturday, May 3, 2014, will feature Mama Fresh products and provide a chance for customers and investors to meet.Investors in Mama Fresh, who are members of RENEW’s Impact Angel Network, will also be present at the event. RENEW LLC, based in Washington. D.C. and Addis Ababa, Ethiopia, introduced the U.S.-based investors to Mama Fresh on various trips to Ethiopia in 2012 and 2013. RENEW supports a global network of accredited angel investors dedicated to making positive social and financial returns on their investments.Mama Fresh sources teff from hundreds of smallholder farmers and employs more than 90 men and women in the company’s bakeries and kitchens. The company sells products domestically in Ethiopia and currently exports to Germany, Sweden, Norway, Nigeria and the United States. To find out more, visit <a href="http://www.mama-fresh.com/">www.mama-fresh.com</a>.Contact us at <a href="mailto:renew@renewcapital.com">renew@renewcapital.com</a> or follow us on Twitter @RENEWLLC to find out more.

Mama Fresh Injera will hold a launch event in Washington, D.C., this Saturday.

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Mama Fresh Re-launches its Brand in the U.S. Market

<h1 style="text-align:center;">Sustainatopia Impact Conference 2014</h1>Leaders in impact investing convened in Miami for <a href="http://www.connectionmiami.com/">Sustainatopia's Impact Conference 2014</a>. RENEW partner, <a href="https://renewcapital.com/team/tom-scriven">Tom Scriven</a>, joined leaders of global banks, impact investing firms, NGOs and governmental and international agency officials for a three-day conversation about trends and challenges in the fast-growing impact investing industry. They gathered Wednesday night for a fashion show and Sustainability Awards ceremony attended by local advocates for sustainability and impact investing working in fashion (Amber Arbucci, photographer and former Victoria's Secret model, other fashion models and designers), local government officials (Philip Levine, Miami Beach mayor), architecture (Chad Oppenheim) and international finance (JP Capello), among others advancing sustainable development.Keynote speaker Bina Venkataraman (Senior Advisor to the President of the United States on Climate Change Innovation) opened the conference speaking on President Obama's initiatives to use big data to evaluate and promote sustainable development solutions.Tom joined leaders of other firms catalyzing impact investments in speaking on their work with early stage and other companies underserved by the capital markets. Tom and <a href="http://www.connectionmiami.com/2014-speakers">fellow panelists</a> spoke on the importance of intermediaries' work in readying SMEs in emerging markets for foreign investment and in catalyzing that investment into frontier markets, such as East Africa, rural communities in the United States and Southeast Asia.A recurring theme of this discussion and others at the conference, including one led by Cornerstone Capital founder and former head of research at UBS, Erika Karp, was that demand for impact investments continues to grow, particularly as intergenerational transfers of wealth occur from baby boomers to their millennial children. The impact investing community needs to respond to this demand by offering a range of investment products across asset classes for both accredited and retail investors.Contact us at <a href="mailto:renew@renewcapital.com">renew@renewcapital.com</a> or follow us on Twitter @RENEWLLC to find out more.

RENEW's Tom Scriven joined other leaders in the impact investing field in Miami last week.

Sustainatopia Impact Conference 2014

<h1 style="text-align:center;">Real Stories of Real Investments</h1>One of RENEW's core beliefs is that great businesses are the engines of a thriving economy. Over the past year, RENEW 's Impact Angel Network has invested in three incredible businesses in Ethiopia. We believe that investing in these businesses and others like it will create the engine that lifts nations out of poverty.<figure class="media"><oembed url="https://youtu.be/KXJfBFJXoPQ"></oembed></figure>To celebrate these successes, we've created a short video that tells part of the story of each entrepreneur. Celebrate with RENEW, the Impact Angel Network and the entrepreneurs behind these growing companies by watching their stories unfold.Contact us at <a href="mailto:renew@renewcapital.com">renew@renewcapital.com</a> or follow us on Twitter @RENEWLLC to find out more.

Watch a video that tells the story of three investments that RENEW's Impact Angel Network made in the last year.

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Real Stories of Real Investments

<h1 style="text-align:center;">Sesame: A Tiny Seed Has Great Potential in Ethiopia's Economy</h1>&nbsp;<figure class="image image-style-align-left image_resized" style="width:32.94%;"><img src="/uploads/photo_sesame_0_7f156b2c73.jpg"></figure>In less than a decade, Ethiopia jumped from being a minor producer of sesame to one of the top five sesame producers in the world. At the same time, the international demand for sesame continues to increase every year. The world’s traded sesame seeds recently surpassed one million tons per year, valued at roughly $850 million. In the last 15 years, the world's trade in sesame has increased by nearly 80%. Sesame seeds are Ethiopia’s 2nd largest cash export crop behind coffee, and largest in terms of weight. The near-organic production practices enhance Ethiopia’s global reputation for producing high quality sesame.Ethiopia possesses favorable agro-climatic conditions for sesame production, as well as abundant land for agricultural activities. This makes the country one of the top raw sesame seed exporters in the world, supplying 14% of the global market for raw seeds. These seeds are then processed abroad. The domestic processing capacity in Ethiopia is currently quite limited, presenting a significant opportunity for investment. Currently Ethiopia is losing out on the opportunity to increase sesame revenues by mainly exporting seeds raw. Therefore, developing hulling facilities and other value addition facilities will position the country to grow its sesame market and better establish its international market position.Some target consuming markets of sesame such as the U.S. and Mexico primarily demand hulled sesame, which leaves Ethiopian sesame exporters unable to meet the requirements. RENEW is currently looking at existing sesame exporters and processors to identify investment opportunities. Such investments would help close the gap in revenue per ton between Ethiopian sesame and the global average in these hulled-sesame purchasing markets.Contact us at <a href="mailto:renew@renewcapital.com">renew@renewcapital.com</a> or follow us on Twitter @RENEWLLC to find out more.

A glimpse into Ethiopia's growing sesame market.

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Sesame: A Tiny Seed Has Great Potential in Ethiopia's Economy

<h1 style="text-align:center;">Private Equity: New Options for Finance in Ethiopia</h1> Last week, RENEW's Matt Davis presented an equity investment workshop in Addis Ababa in partnership with USAID's AGP-AMDe. Workshop participants included commercial bankers, local entrepreneurs and government officials of Ethiopia.<figure class="image image-style-align-left image_resized" style="width:21.37%;"><img src="/uploads/img_1717_0f5131f911.jpg"></figure>The key topics raised included: what private equity (PE) is and why is it important to Ethiopia; how PE investors evaluate opportunities; how the PE process works and how to attract PE investors. The purpose of the training was to increase understanding among participants on what, how and why PE works for Ethiopia, how each group can benefit from PE and how to attract equity and “pitch” one's business to investors. A key learning point was how PE differs from debt, which was a main question among participants. Watching a live demonstration of pitching and the conversation between investors and business owners helped clarify their understanding. Overall, the training was a success in creating a general understanding about the PE world, and many of the trainees left with new knowledge on how PE could be a part of their individual stories and how PE will help grow the capital markets of Ethiopia.Individual comments from the day included: “PE investment is a brand new industry in Ethiopia. PE firms will help grow the untapped small enterprises and economy of the country."“Know your numbers. PE is like getting married. The training enhanced my understanding about the PE market, the process involved in PE, the requirements of investors and how to best pitch to investors."Contact us at <a href="mailto:renew@renewcapital.com">renew@renewcapital.com</a> or follow us on Twitter @RENEWLLC to find out more.

RENEW presents an equity investment workshop in Addis.

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Private Equity: New Options for Finance in Ethiopia

<h1 style="text-align:center;">RENEW Speaks at the Leeds School of Business</h1>RENEW's Tom Scriven was invited to speak to a class of about 30 MBA students at the University of Colorado's Leeds School of Business on March 4. The topic was "Financing Sustainable Change: Cleantech and Impact Investing."Among topics discussed were the opportunities and challenges facing Ethiopia as its economy grows. Significant investments in infrastructure and a growing middle class in the second most populous country in sub-Saharan Africa present remarkable opportunities for business growth at rates which would be seen as "too good to be true" in most other countries of the world. The conversation also included discussing ways to minimize some of the risks associated with these investments and opportunities to attract more public and private sector funds into investments that have potential for both significant financial and social returns.<figure class="image"><img src="/uploads/20140304_183658_9dcc35a44c.jpg"></figure>Contact us at <a href="mailto:renew@renewcapital.com">renew@renewcapital.com</a> or follow us on Twitter @RENEWLLC to find out more.

RENEW's Tom Scriven speaks at the Leeds School of Business.

RENEW Speaks at the Leeds School of Business

<h1 style="text-align:center;">RENEW Welcomes Two New Team Members</h1>Berkessa Behailu and Lulit Negash, both of Ethiopia, join the RENEW team.<figure class="image image-style-align-left image_resized" style="width:23.97%;"><img src="/uploads/2014_lulit_and_berkessa_18f50c1cc2.jpg"></figure>RENEW is pleased to announce the addition of two new team members in the Addis Ababa office.<a href="https://renewcapital.com/team/berkessa-behailu">Berkessa Behailu</a> joins RENEW as an analyst and will be focused on investment analysis and due diligence. Berkessa worked previously at Precise Consult International as the project manager of the business and advisory department. He has a bachelor's degree in business administration and information technology from Addis Ababa University.<a href="https://renewcapital.com/team/lulit-negash">Lulit Negash</a> joins RENEW as a junior analyst and will focus on research and portfolio management. She joins RENEW from Nexus Investment Solutions, where she worked in market research. Lulit has a bachelor of arts degree in economics from Addis Ababa University.RENEW is thrilled to welcome Berkessa and Lulit to the team!Contact us at <a href="mailto:renew@renewcapital.com">renew@renewcapital.com</a> or follow us on Twitter @RENEWLLC to find out more.

RENEW welcomes two new members to the Ethiopia office.

RENEW Welcomes Two New Team Members

<h1 style="text-align:center;">Crowdsourcing Better Deals</h1><figure class="image image-style-align-left image_resized" style="width:21.64%;"><img src="/uploads/giin_logo_ffa8da7d81.jpg"></figure>RENEW has been selected as one of the winners of the Africa Impact Economy Innovations Fund (IEIF), funded by the Rockefeller Foundation and the Tony Elumelu Foundation, in partnership with the Global Impact Investing Network (GIIN).IEIF provides grant capital for entrepreneurs with projects that create jobs in underserved sectors and supports proposals geared toward enabling capital solutions, fostering entrepreneurial ecosystems and promoting impact investing industry infrastructure. In addition to RENEW, Investisseurs &amp; Partenaires (Senegal), M.Lab Africa (Kenya), Policy and Economic Research Council (Tanzania), Doreo Partners (Nigeria), GIMPA Centre for Impact Investing (Ghana) and SliceBiz (Ghana) were selected as winners.The vision for the winners is to enable through their various projects, opportunities for additional entrepreneurship activities across Africa to thrive. “The winners were selected for their work in bridging the gap between African businesses and financing options. We, at the Foundation are excited to be part of the process of supporting interventions that contribute to sustained economic development across the continent.” Dr. Wiebe Boer, CEO of the Tony Elumelu Foundation, explained.RENEW is delighted to be selected and will be using the grant to pilot a methodology, originally developed by Global Giving in the non-profit space, to test whether crowdsourced qualitative data can be used to help impact investors identify quality deals in developing countries. "The high costs associated with finding and vetting companies is one of the barriers preventing more investors from investing in countries like Ethiopia. We are hoping this approach may uncover the potential for new types of data to enter the investment process." said Matthew Davis, a partner at RENEW.Contact us at <a href="mailto:renew@renewcapital.com">renew@renewcapital.com</a> or follow us on Twitter @RENEWLLC to find out more.