Investment Portfolio

Past and current portfolio companies

<h1 style="text-align:center;">&nbsp;Press Release: Roadrunner Technology Solutions to Expand in Ethiopia</h1>&nbsp;<a href="https://drive.google.com/file/d/1zHV1Spbj3_uXgJvTQyL0-2yt-VKhLeES/view?usp=sharing">Download the Full Press Release</a><hr>Addis Ababa, Ethiopia, March 8, 2022 -- Roadrunner Technology Solutions LLC (Roadrunner), a partner of <a href="https://deliveraddis.com/">Deliver Addis</a> (the d/b/a name of Universal Courier Services PLC), continues to see rising demand for its services and has attracted capital in its endeavor to be Ethiopia’s premier e-commerce and food delivery platform. The company has recently secured an investment from a blended finance vehicle that invests in Ethiopia, Uganda and Rwanda. The investment will help the company expand its delivery fleet, enhance its technology platform, and implement measures and systems to become a leading business in climate- and gender-smart practices.&nbsp;Deliver Addis is a pioneer in the e-commerce space and has been making deliveries in Ethiopia since 2015. Over the past three years, the company has expanded significantly, delivering food to tens of thousands of consumers around Addis. The company also proudly supports more than 130 restaurants and was one of the reasons hundreds of employees in the restaurant industry were able to stay employed during the pandemic. Through its online marketplace, Deliver Addis is now selling groceries, flowers and other consumer goods.&nbsp;<figure class="image"><img src="/uploads/DSC_0080_9599e166a0.JPG"></figure>“We're proud to bring on new partners that share our perspectives on sustainable growth and usher in a new era of service enhancements while continuing to build a forward-thinking workplace,” said Deliver Addis founder, Feleg Tsegaye, recently.&nbsp;“This investment will not only introduce new technology and an expanded fleet to increase Deliver Addis’s capacity, but will also introduce an expanded platform to improve the customer experience and lower delivery times, support women’s entrepreneurship through a new GIG model, and encourage a green economy through the use of E-bikes,” noted JC Oelofse, RENEW’s Group COO, Shared Growth Services. “We are excited about the opportunities this investment will bring and look forward to opportunities to better serve Deliver Addis’s customers.”About&nbsp; RENEW - RENEW is an impact investment firm with offices and teams across East Africa. RENEW specializes in small and medium enterprise (SME) investing and private sector development in Africa. RENEW believes that targeting employment through SMEs is, dollar-for-dollar, the most effective and sustainable way to reduce poverty. The investments made by <a href="https://www.renewcapital.com/what-we-do/investing">The Impact Angel Network</a> and other blended finance vehicles that RENEW manages have been made possible because of RENEW’s partnership with Global Affairs Canada (GAC), USAID and other development partners. RENEW’s blended finance partnerships aim to support high potential, responsible SMEs across East Africa, providing them with the tools, resources and training they need to attract and efficiently use finance to grow, thereby enabling them to play a stronger role in the economy.&nbsp; To find out more, please visit<a href="http://www.renewcapital.com"> www.renewcapital.com</a>.###&nbsp;

Roadrunner Technology Solutions to Expand in Ethiopia

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 Press Release: Roadrunner Technology Solutions to Expand in Ethiopia

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Renew Capital Angels invested in Roadrunner Technology Solutions LLC, which partners with Universal Courier Services PLC (Deliver Addis) to expand the burgeoning logistics and e-commerce industries in Ethiopia. Deliver Addis is a technology-enabled, online delivery company.

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<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

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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<h1 style="text-align:center;">An In Depth Interview with Eyob Bekele of Desta Garments</h1>For more pictures from Desta, download our recent <a href="https://latest-api.renewcapital.com/uploads/RENEW_2020_2021_Impact_Report_web_5e1a98866d.pdf">Impact Report</a>, and read an abbreviated version of the following story called “Building Community and Industry Despite a Textile Supply Chain Shutdown” on page 17 of the report.When markets shut down in 2020 and consumers in lockdown across the world no longer ventured to malls to shop for the season’s fashions, the global textile supply chain stalled. Ripple effects were felt hard in countries like Ethiopia, which has been investing for years to grow its textile industry to compete with Asia’s manufacturing hubs.&nbsp;Desta, the textile company in which the IAN invested in 2015, was no exception to these hardships. While managing the setbacks of orders being delayed and canceled, Desta founder Eyob Bekele took seriously the high risk of potential virus spread in the factory, doubling down on Desta’s commitment to corporate and social responsibility to protect the jobs and safety of more than 1,300 employees and their supporting local communities.&nbsp;<figure class="image"><img src="/uploads/eyob_6377d6d2e3.jpg"><figcaption>Eyob Bekele - Image by Ian Christmann: www.ianchristmann.com</figcaption></figure>Here’s what Eyob had to say during a recent conversation.About Eyob’s and Desta’s Experience of the Pandemic... As soon as the pandemic broke out, the major challenge was the cancellation of orders. The second was the stability of workers. Everyone was nervous about how to be in the work environment. We ended up closing the factory for 2 weeks and then came the government policy that said we could not let go of workers. No terminations were allowed. All of that added up to big challenges. Revenues were done. Workers were not stable. And the government policy said that we had to pay salaries.&nbsp;Along with the policy from the government that you were not allowed to terminate jobs, came a policy that said the government was going to be flexible and allow us to use raw materials to produce goods for the local market. The challenge always gives you an opportunity. Because people could not fly, the local market did not have as many resources, materials or products. So that opened up the local markets.&nbsp;Also, thankfully some of our international orders actually increased. The uniforms business helped us get through. Previously, we had orders 6 months in advance. Order flow was a challenge during the pandemic. And we were no longer able to travel to see customers.&nbsp;About Desta’s Expansion... I focused on our expansion in Butajira. We are trying to finalize and organize the Butajira factory. We currently have eight production lines and we are moving to 11. We have a canteen for employees where we make and provide bread and tea. We currently employ 500 in Butajira, making us the largest employer in the area and another 700 at our factory in Addis. This year, we hope to add at least 300 more employees to the Butajira factory.&nbsp;We’ve made a long term commitment to Butajira and are working with the community on several fronts. We distributed masks during COVID. We are currently planning to provide clean water to the community along with educational support and health care. We have started, with our sister company, to move into the construction of a 50-bed hospital. During COVID, we provided 20 hospital beds for the current Butajira hospital.&nbsp;Desta’s COVID-19 efforts... During COVID, we believe that between the Butajira and Addis factory, we have reached more than 200,000 people and communities with COVID-related education and provided more than&nbsp; 150,000 masks to the community free of charge.&nbsp;Pandemic Learnings... 2020 was a challenge all its own. We had to come up with solutions on a day to day basis. We learned how to survive a pandemic including hand washing training and temperature tests for workers. Some of the health efforts will likely remain with us in our factory health practices. It is still not business as usual. Out of the box solutions have helped us survive with production. Flexibility is important. The pandemic has caused us to think differently.&nbsp;Video conference and Whatsapp and telephone have replaced the in person sales meetings. We started a virtual trade show. We now do video chats, virtual tours and virtual audits. Nothing replaces face to face, but we have found a way. Also, travel was a big part of how I learned. Limited travel means limited exposure. To be honest the things I know are the things I saw a year ago. I really miss that piece of travel. It’s a big gap for me.&nbsp;Outlook on the Pandemic in Africa... For me, I do not believe we have not seen the full impact of the pandemic yet. Whatever is happening in the rest of the world, we are yet to see in Africa. So unfortunately we may feel the impact in a year, and we should be prepared for it. Ethiopia is not only experiencing COVID, it has other challenges with economic impact, including the slow devaluation of the currency. We have to prepare for the worst.&nbsp;Commitment to Workers... One thing we decided is that we need to keep our workers. Maintaining the work environment is key. Our employees are the lifeblood of the factory. It may eat into our profits now, but it is key that workers who have been trained stay with us. That is our priority right now.&nbsp;Desta’s Vision... What we have done in 2020, we will continue to do. Our vision is to be the #1 garment facility in Ethiopia, and the preferred partner for garment makers. We continue to be committed to compliance with many different standards. In 2020, we achieved ISO 9000 certification. We are the only one in East Africa with STeP OEKO-TEX certification.&nbsp; Disclaimer: The information included in this blog is provided as a recounting of the IAN’s interactions with Desta and the happenings at Desta. It is not intended as performance data related to the IAN’s investment in Desta and is not indicative of other companies in the IAN’s portfolio, their social impact or the performance of investments in them. Any discussion of Desta’s achievements or social impact is no guarantee that such outcomes or impact will be realized by Desta in the future, or by other IAN portfolio companies or other investments managed by RENEW, now or in the future. &nbsp;

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An In Depth Interview with Eyob Bekele of Desta Garments

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Renew Capital Angels invested in Desta PLC, a textile and apparel manufacturing operation located in Ethiopia. The company produces and exports fabric and garments and provides cut-and-sew, knitting and embroidery services to domestic and international clients. Desta is committed to fair treatment of its employees and adherence to guiding principles of sustainability, setting it apart from the trajectory this industry has taken in many other low and middle-income countries.

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<h1 style="text-align:center;">An in-depth interview with Samrawit Moges of Travel Ethiopia​​</h1>For more pictures from Travel Ethiopia, download our recent<a href="https://latest-api.renewcapital.com/uploads/RENEW_2020_2021_Impact_Report_web_5e1a98866d.pdf"> Impact Report</a>, and read an abbreviated version of the following story called “Seizing Open Opportunities Despite Closed Borders” on page 19 of the report.&nbsp;In January of 2020, Samrawit Moges had a thriving tourism business with 25 years of experience and 60 staff. A female business owner and visionary for gender equality, 40% of Moges’ employees are women, and her company was the first in Ethiopia to hire and train female tour guides.&nbsp;&nbsp;In late 2019, she completed RENEW’s Exec’s Program and received an investment from the IAN Women’s Fund, just in time for the global travel and tourism industry to be shuttered. “The hospitality industry has been hit harder than many other sectors,” Moges explained, reflecting on a year of closed borders, grounded airlines and very few inbound tourists.&nbsp;&nbsp;While travel restrictions to Ethiopia have begun to ease, Ethiopian tourism faces a double struggle of security concerns for travelers on top of the health issues that the industry must overcome. Yet, Moges is committed to standing her ground. Her vision is to continue to diversify her business and open new opportunities that will allow her to weather any future storms she and her employees may come against. “I see a bright future because our mentality has changed for the better,” she says. “We’ve already seen improvement from 2020 into 2021; 2022 will be a great year!”&nbsp;Here’s what Samrawit had to say during a recent conversation.<figure class="image"><img src="/uploads/IMG_030_2e0d615e0e.jpg"></figure>First, can you tell me how you experienced the pandemic?&nbsp; As we all know, most sectors have been hit by the pandemic and bombed in terms of finance. The hospitality industry is among them, and I am one of them being a tour operator in Ethiopia.We had rented our vehicles to the Ministry of Health to transport their doctors and medicine. The payment is low and slow coming but it’s helping us. We are paying salaries still, and we had two big opportunities in March and April 2021. 2020, we were supposed to have clients coming but it didn't happen. One of the issues we are facing is a double hit as a result of the issues of security on top of the health issues that other countries are facing.&nbsp;Did you have to close your business? Did it affect your employees and income? We didn't have any intention to close the company. The main issue here for businesses can be rent which we didn't face. I used to go to the office 6 days a week before, but now the marketing and sales team are working from home where we installed internet for them. We also provided transport for anyone that came to the office. We didn't have to close our business.&nbsp;How did you adapt to your new way of working? Did you have to change your business model? Yes, I had taken The Exec’s Program at RENEW, and we were trying to implement things when COVID hit. Since my two other managers took the training with me, we worked to completely adopt the whole training which was very effective. We have implemented standard operating procedures, position agreements and an annual management plan. The only thing that the pandemic restricted us from getting done was forming a board.We sent out promotions and video clips which we disseminated to all our clients, and it showed a coffee ceremony and said: we are going to meet again, stay safe. These shows are still working and active despite the issues we faced.&nbsp;Are you familiar with the phrase “Standing Ground”? What does it mean to you as an entrepreneur? I started this business in 1994 in my bedroom when I lived with my mother. When I opened my office, I thought it was the path for me. I believe in starting small and growing big. My fellow Rotarian had given me his first client. The package they purchased was hyena watching in Harar, and while they were watching this spectacle, a hand grenade was thrown, and my guide died. All people said it was a bad omen for my business. But since tourism is my passion, I had to move on from this. I bought insurance for the very small team I had at that time. There were challenges with the family too, but this made me even stronger afterward. I couldn't give up. It’s all in the mind. If I had stopped, I would have given up this business.&nbsp;One needs to be courageous in what they are doing when faced with struggles. This kept me going and never giving up. I realized nothing could stop me.What was the hardest part of the pandemic for your business? One hard thing was understanding the issue when the pandemic hit. Panic doesn't help anyone. People must know how to tackle a problem. Optimism is one of the best things for the human mind. We stayed home for weeks and thought about “what will I do with my business?”. So, I sat and started reading about it. And of course, Matt and Laura provided a ZOOM call on how to survive during a crisis. I then followed many podcasts which helped me to know about COVID and how to work through it.As you look forward, further into 2021, and beyond the COVID-19 pandemic, what dreams and visions do you now have for your business growth? We always face a problem getting a booking in the Semien area and the demand is very high. I was planning for our own lodge in that area. Even if I invest in this lodge, I need a partner to help me in managing it. I want to take Travel Ethiopia to the highest place. I would like to bring an expat to manage this business and work on taking it to another level.&nbsp;Disclaimer: This blog is provided as a recounting of the IAN’s and RENEW’s interactions with Travel Ethiopia and the happenings at Travel Ethiopia. This blog is not intended as performance data related to the IAN’s investment in Travel Ethiopia. Information about Travel Ethiopia pertains only to Travel Ethiopia and is not indicative of other companies in the IAN’s portfolio or the performance of investments in them. Any discussion of the performance of Travel Ethiopia or its social impact is no guarantee that such performance or impact will be realized by other IAN portfolio companies or other investments managed by RENEW, now or in the future.

How Travel Ethiopia Navigated the Pandemic

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An in-depth interview with Samrawit Moges of Travel Ethiopia

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The Renew Capital Angels invested in Queen of Sheba LLC, a woman-led tourism company which partners with Travel Ethiopia PLC in Ethiopia to provide high-quality ecotourism and safari services.

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<h1 style="text-align:center;">Press Release: RENEW &amp; the IAN Close Investment in Diaper Company</h1><a href="https://latest-api.renewcapital.com/uploads/Press_Release_Kijani_FINAL_457b9dc5ff.pdf">Download the Full Press Release.</a>Denver C.O. and Addis Ababa, Ethiopia, July 17, 2019 -- RENEW’s <a href="https://www.renewcapital.com/what-we-do/investing">Impact Angel Network</a> (IAN) has made their first investment in Uganda from their recently capitalized women-focused investment fund. The fund was set up to invest in female entrepreneurs in Ethiopia and Uganda, and the first company to receive an investment is Kijani Baby (<a href="https://www.kijanionline.com/">Kijani</a>).Kijani is a cloth diaper company founded and led by Valerie Muigai and her husband, Mugai Ndoka. Ms. Muigai launched Kijani in 2013. After buying cloth diapers for her first child, Ms. Muigai learned how to make her own diapers for their second child. When the couple moved to Uganda, Ms. Muigui brought the extra diaper fabric and began making diapers for friends as baby gifts, at which point she realized there were no modern cloth diapers available in the Ugandan market. The couple saw an opportunity and established Kijani Baby.Kijani is Swahili for green, and was chosen to reflect the company’s commitment to environmental sustainability. Kijani’s vision is to provide a high-quality, affordable, environmentally-friendly alternative to disposable diapers and to provide positive employment opportunities for Ugandan women. The company aims to create well-paid jobs and a good work environment for its employees.<figure class="image"><img src="/uploads/kijani_collage_b3cf8f84d7.jpg"><figcaption>Image Source: <a href="https://www.facebook.com/kijaniuganda/">Kijani Baby - Uganda/ East Africa Facebook Page</a></figcaption></figure>“We at Kijani are very excited to begin this partnership with RENEW,” said Valerie Muigui. “This investment will be instrumental to scale our production and improve our systems, so we can grow and make washable diapers affordable and accessible for more families in East Africa.”“As an entrepreneur myself and a mother of an infant daughter, I really respect Valerie and what she has built at Kijani Baby,” said Laura Davis, partner at RENEW. “We are excited to partner with Kijani to help the company expand in East Africa, and I will continue to use the company’s high-quality products to diaper our little one.”RENEW and the IAN committed capital to a fund dedicated to investing in women-owned and led companies in Ethiopia and Uganda. The fund is considering investments in other female entrepreneurs, pending completion of due diligence. The fund was designed by RENEW and the IAN to address social and financial barriers holding back female entrepreneurs in Africa. The fund, which supports the <a href="https://sustainabledevelopment.un.org/?menu=1300">Sustainable Development Goals</a> (SDGs) and will support job creation for women and youth and empower women entrepreneurs in Ethiopia and Uganda, was made possible by RENEW’s partnership with Global Affairs Canada under the Accelerating Business Growth (ABG) project.<a href="https://latest-api.renewcapital.com/uploads/Press_Release_Kijani_FINAL_457b9dc5ff.pdf">Click here for the full Press Release</a>About the Impact Angel Network and RENEWThe IAN is one of the most active private equity investors in Ethiopia. Its members seek to achieve both significant positive social impact and financial returns through investments in small and medium enterprises (SMEs) in Africa, a proven engine of economic growth and job creation which often lack capital due to their size. RENEW and IAN members believe that targeting employment through SMEs is, dollar-for-dollar, is the most effective and sustainable way to reduce poverty.RENEW, with its largest office in Addis Ababa, Ethiopia, manages the IAN’s investment operations and provides investment advisory and consulting services in support of its investments. RENEW’s work in Ethiopia was piloted with USAID and is currently undertaken with financial support from the Government of Canada provided through Global Affairs Canada. The project, Accelerating Business Growth, aims at sustainable job creation for low-skilled workers, including women and young adults, through a dynamic and growing small and medium business sector in Ethiopia.&nbsp;###&nbsp;To find out more, please visit <a href="../../index.html">www.renewcapital.com</a>.

Part of RENEW’s women-focused fund and the first investment in Uganda.

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Press Release: RENEW & the IAN Close Investment in Diaper Company

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Renew Capital Angels invested in Kijani Baby, a cloth diaper and baby products company launched in 2013 to address Uganda’s need for modern, high-quality and environmentally-friendly cloth diapers and baby products. The company now sells baby products in Uganda and international markets. Kijani Baby is committed to offering positive employment opportunities for Ugandan women.

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<h1 style="text-align:center;">Tebita &amp; WSU: Working Together to Save More Lives</h1>Of the many goals we set out to achieve alongside our portfolio companies and their driven entrepreneurs, such as social impact and financial returns, RENEW and the Impact Angel Network (IAN) also seek to add value to the companies in the form of strategic relationship building.Members of the IAN closed an investment in EAES in May 2015. EAES serves providers of emergency medical services and training in East Africa, Ethiopia in particular, in order to ensure that international and domestic clients have access to reliable, high-quality emergency care. EAES works in partnership with local firms, such as Tebita, by offering business development, procurement, and administrative support. This support drives medical service companies to operate more efficiently and thus, frees them up to focus on their core functions; providing quality medical care for patients in crisis.<figure class="image"><img src="/uploads/desktop20_e32f0440f8.jpg"></figure>EAES and Tebita, together, aim to improve the quality of and access to emergency healthcare services across Ethiopia and beyond. And now, we’re excited to announce that through RENEW and EAES’ business development efforts, Tebita will have a U.S. partner to assist them in the coming years on their journey to becoming a leader in emergency healthcare and response - <a href="http://www.weber.edu/CHP/EthiopiaEMS.html">Weber State University</a>.In July 2016, Bill Robertson, department chair and assistant professor of emergency medicine at Weber State University (WSU), spent a week in Ethiopia accompanied by Lisa Trujillo, director of clinical education in WSU’s Respiratory Therapy Program. Robertson and Trujillo met with the Kibret Abebe (founder of Tebita) and his team, visited the company’s training center and spoke with the deputy director to the Ethiopian Ministry of Health to discuss the future of EMS in Ethiopia.Robertson and Abebe collaborated on how WSU’s emergency care and rescue department could assist Tebita with developing programs that will further the efforts to establish educational and credentialing standards, and to provide a sustainable workforce of qualified emergency medicine providers for Tebita, as well as other agencies in Ethiopia.“With the development of newer educational technologies, and the ever-increasing availability of broad-band internet capabilities in the developing world, we are able to collaborate with areas of the world such as Ethiopia in offering at least the didactic component of medical education,” Robertson said. “The face-to-face component of medical education that is necessary for skills and hands-on training is still a must, but with the ability to lecture from a distance, the time we spend there in person has become much more practical.”As this relationship between WSU and Tebita continues to flourish, so too will the overall quality of emergency medical care in Ethiopia, leading to the prevention of unnecessary deaths and thousands of more lives saved. And that is a success story we all can get behind!

A new partnership that will lead to better emergency care in Ethiopia.

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Tebita & WSU: Working Together to Save More Lives

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Renew Capital Angels invested in East Africa Emergency Services LTD (EAES), which partners with Tebita Ambulance. The company helps ensure that international and domestic clients have access to reliable, high-quality emergency care in Ethiopia. Tebita is the first private-sector ambulance company in Ethiopia.

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<h1 style="text-align:center;">RENEW Facilitates Investment into dVentus Technologies</h1>RENEW is pleased to announce the close of an investment into dVentus Technologies, an Ethiopian clean energy company. The investment was capitalized by members of the Ethiopia Angel Network (EAN), the Charlotte, North Carolina-based chapter of RENEW's global Impact Angel Network, along with other members throughout the U.S.<figure class="image"><img src="/uploads/photo_dventus_b547c80ff5.jpg"></figure>dVentus Technologies is a clean energy company based in Ethiopia focusing on system integration and energy efficiency solutions for renewable energy projects and advanced transportation. The angel investors began discussions with dVentus' CEO Daniel Gizaw in February 2013 during an <a href="https://renewcapital.com/investor-lounge/econ-tourism">Econ-Tourism trip</a> to Addis Ababa.The EAN was drawn to dVentus both for the high potential for social impact and the company's exemplary management team. Mr. Gizaw has 25 years' experience developing and manufacturing the latest energy conversion technology. He and members of his team have worked on a variety of high technology innovations for General Electric, Ford Motor Company, NASA and United Technologies, among others.The investment will allow dVentus to develop prototypes of energy efficiency products including smart grid application solutions. dVentus plans to manufacture and deliver these technologies to Ethiopian and international clients. The efficiencies created by these systems could save the equivalent of a large hydroelectric dam. Anticipated social impacts include 200 new highly skilled, professional and primarily engineering jobs and millions of Ethiopians with access to more reliable, efficient energy.<figure class="image"><img src="/uploads/photo_dventus3_69cd87cf94.jpg"></figure>Tip Moore, one of the members of the Ethiopia Angel Network, is hopeful about the implications the investment will have for Ethiopia and other African countries. "We are extremely excited about our investment in dVentus. This investment will allow dVentus to take their operations to an even greater level and help Ethiopians better manage their energy. Energy management is the wave of the future and dVentus is helping lead the way."RENEW is excited to be part of Africa's changing story and we are thrilled to see the potential of this investment unfold in Ethiopia. &nbsp;

RENEW closes an investment into an Ethiopian clean energy company.

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RENEW Facilitates Investment into dVentus Technologies

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dVentus Technologies is committed to innovating Ethiopia’s energy sector. With funding from Renew Capital, dVentus developed prototypes of energy efficiency products including smart grid solutions, with a view to manufacture and deliver the technologies to Ethiopian utilities and later expand to regional and global markets.

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Renew Capital Angels invested in ET Fresh, LLC (ET Fresh). The Company was founded to increase the branding, value and market reach of Ethiopian products in the Middle East and other markets.

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<h1 style="text-align:center;">RENEW's Impact Angel Network to Invest in FC Specialty Restaurant PLC</h1>Download the Full Press Release.RENEW and members of the Impact Angel Network (IAN), through IAN-Chicken, LLC, have closed an investment in FC Specialty Restaurant PLC, an Ethiopian company founded by Tseday Asrat and Elias Ketema Sima, the founders of Kaldi's Coffee and Gusto Restaurants. FC Specialty Restaurant PLC will launch a quick service restaurant (QSR) franchise in partnership with an international brand and aims to become the largest international food franchise conglomerate in Ethiopia within seven years, and the fourth largest franchise operator on the continent of Africa.<figure class="image"><img src="/uploads/fastchicken_1_12cdd2fe57.jpg"></figure>With a focus on local sourcing, the franchise intends to invest in Ethiopia's poultry value chain, thereby positively impacting the livelihoods of thousands of smallholder farmers, manufacturers and supply chain actors. The company seeks to transform Ethiopia's poultry and food services industries with a focus on ethical management, excellent customer service, and the adoption of international food quality, safety and health standards."We are excited to partner with a global brand to bring the first international chicken franchise to Ethiopia," said Mr. Sima. "By partnering with RENEW and the Impact Angel Network, we believe we will be bringing the strongest possible partnership together to launch the international brand, here in Ethiopia.""RENEW, the Impact Angel Network and our local partners are grateful to our stakeholders in Ethiopia and to Global Affairs Canada, which make our investment work in one of the fastest growing countries in the world possible," said Matthew Davis, CEO of RENEW. He added, "We focus on supporting new ventures and small and medium enterprises (SMEs), and aim to create sustainable impact through strategic investing, management consulting and targeted training programs we offer our portfolio companies."RENEW and the Impact Angel Network have built one of the most active investment firms in Ethiopia. The investment in IAN-Chicken, LLC and its investment in FC Specialty Restaurant PLC, is the Impact Angel Network's tenth investment in a portfolio of nine companies in East Africa.<figure class="image"><img src="/uploads/fastchicken_2_75768669c0.jpg"></figure>To find out more about RENEW, please visit <a href="../../index.html">www.renewcapital.com</a>. The Impact Angel Network (IAN) is one of the most active private equity investors in Ethiopia. RENEW's work in Ethiopia was piloted with USAID and is currently undertaken with financial support from the Government of Canada provided through Global Affairs Canada. The project, Accelerating Business Growth, aims at sustainable job creation for low-skilled workers, including women and young adults, through a dynamic and growing small and medium business sector in Ethiopia.RENEW manages the IAN and provides professional management and consulting services to portfolio companies.To find out more about Kaldi's Coffee, visit <a href="http://kaldiscoffeeethiopia.com/">http://kaldiscoffeeethiopia.com</a>. To find out more about Gusto Restaurants, visit <a href="http://gustoaddis.com/">http://gustoaddis.com</a>.

Announcing the IAN's tenth investment in a portfolio of nine companies in East Africa

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RENEW's Impact Angel Network to Invest in FC Specialty Restaurant PLC

FC Specialty Restaurant PLC, an Ethiopian food and beverage company, was founded by the owners of Kaldi’s Coffee and Gusto Restaurants in pursuit of developing a quick-service restaurant option for Ethiopia.

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<h1 style="text-align:center;">METAD, an SDG Case Study</h1>The following blog is taken from our <a href="https://latest-api.renewcapital.com/uploads/RENEW_Impact_Report_2017_c0d6c8251c.pdf">2017 Impact Report</a>. Be sure to download the report to read more about RENEW’s approach to the United Nations Sustainable Development Goals.The expression, “It’s not our job, it’s theirs” is a phrase that resonates with the RENEW team. As we look around our portfolio, we see great examples of Ethiopian entrepreneurs, committed to their businesses and communities and making significant impact that aligns with the SDGs. METAD is one such example.The IAN closed an investment into METAD, an Ethiopian specialty coffee company, in October 2013 and made a second investment in 2015. The investments helped establish two coffee processing facilities on the METAD coffee farms, located near Yirgacheffe in the districts of Hambela and Gedeb in the Oromia region of Ethiopia. At the end of 2017, the company reported they were employing 200 people on a permanent basis and 1,200 seasonal laborers, in addition to supporting 5,400 out growers.<figure class="image"><img src="/uploads/moving_dried_coffees_to_the_hambela_warehouses_d435e600d1.jpg"></figure>We sat down recently with METAD’s CEO Aman Adinew and this is what he said.What’s your vision for METAD? From a business standpoint, we aim to be the best in specialty coffee. We started out to build a company that is socially responsible, environmentally conscious and making the highest possible impact in the community. That’s why we chose coffee. We saw the gaps and problems in the value chain, and we’ve focused on the opportunity of building a trusted, specialty coffee brand. Enhancing the lives of the people we work with…that’s the vision. That’s the biggest impact we can make.How do you engage the community? It’s key to meet leaders, elders and the community. Once you gain acceptance, they treat you like their son. They trust and respect you. We’ve been lucky at both our processing sites. The people welcomed us and truly know we are there to help them. We’ve significantly raised the average price per kilogram of coffee for the farmer by 30-40%.We focus a lot on education. It matters, because we have the opportunity to groom the next generation of leaders. Ethiopia is still a tribal place. My farm is in an area dominated by a tribe that is not my own. My presence and community engagement is breaking down stereotypes. The people see me putting additional money in their pockets, educating their children and helping to build the community. This is more satisfying than the EBIDTA that I have been able to accomplish.Specifically, we subsidize teacher salaries; we have built a school that holds 800 students; and we are adding an additional wing this year. The community leaders are asking for water, so we are hoping to build a well soon. We also sponsor 105 students from the area to attend college at Gilla University. For our 5,400 out growers, we have built a community center where we provide training to enable them to get premium values for their coffee, and we make a second payment to them at the end of the year, to essentially share our profit with them. We’ve been able to get all of them certified organic. The community center is also used for community meetings and other trainings including family planning seminars. The average family size is 12 in their area. Some families have 15-20 children which is unfortunately some of the highest per capita in the world.<figure class="image"><img src="/uploads/408_students_received_new_uniforms_edfae8f0a2.jpg"></figure>What kind of diversity are you aiming for in your work force? At the farm about 70% of our workers are women. At our headquarters, it’s about 50%. I won’t say there aren’t challenges, it’s hard for women from our headquarters to be taken seriously by some in the field near the farm, but we are working on it. Our staff are highly paid in our industry. We try to recruit the best, and then when the company grows, they benefit. We also encourage our team to take courses. Our high performing people attend conferences and also learn the export side of the business. Above all, I try to lead by example. I even stay at the farm for two months during the coffee harvest to show them that I am committed and with them.Any special programs for women? We helped bring Grounds for Health to Ethiopia and they run a program in coffee areas to screen workers and out growers, and others in coffee for cervical cancer. It’s an important and lifesaving initiative, we are proud to be a part of.We are also founding members of a group called Equal Origin which encourages women in coffee. Currently of our 5,400 out growers, most are men, but this doesn’t mean that the women don’t play a key role in the coffee production. So, we are educating families about equal rights, and in partnership with some of our buyers, including Intelligentsia, we are encouraging husbands, brothers and fathers to register their wives, sisters and daughter on the land documentation. Women are doing a lot of the work, and we, along with our buyers, are willing to pay a premium for families who are willing to recognize equal rights. Some people are rigid, but what we find in the communities where we work, is that most are open to change. And the economic benefit helps too!Why do your customers choose METAD? Our customers care about our story. That’s the beauty of specialty coffee. Specialty coffee is all about the community in which the coffee is produced. Buyers are willing to pay for good coffee. A whole story like METAD is exciting to them. Coffee they can find anywhere. But good coffee with a story is what our buyers are looking for

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METAD, an SDG Case Study

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METAD is an Ethiopian specialty coffee company with a vision for crop-to-cup coffee. The Company has strengthened Ethiopia’s coffee brand in the international market, and helped local farmers improve the quality and value of their harvested crop.

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Sadura Food Processing Plant produces quality beverages for the local Ethiopian food and beverage market.

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<h1 style="text-align:center;">Press Release: Official Launch of KROTAJ Tahini Manufacturers PLC’s Processing Factory</h1><a href="https://renewcapital.com/sites/default/files/02.11.2019_-_press_release_-_krotaj_launch_final_1.pdf">Download the Full Press Release.</a>Addis Ababa, Ethiopia February 11, 2019 -- On February 12, 2019, KROTAJ Tahini Manufacturers PLC (KROTAJ), will host a formal launch event to celebrate the opening of its tahini factory in Addis Ababa. Visitors will witness the production of tahini at the newly certified factory and sample the product.Date: February 12, 2019 Time: 3 PM in the afternoon Location: Nifas Silk Lafto Sub City Woreda 12 (Lebu, Mebrat hayel behind Haile Garment)KROTAJ is an international partnership of sesame experts and investment professionals formed to produce world-class tahini close to the source of some of the world’s finest sesame from the Humera region of Ethiopia. The company’s mission is to become the leading provider of tahini to the international food processing industry.<figure class="image"><img src="/uploads/img_5956_40fb42729f.jpg"></figure>Sesame is one of the leading agricultural products exported by Ethiopia, generating a significant amount of foreign currency revenue for the country. Value addition to sesame in Ethiopia has so far been limited, but has the potential to both increase overall revenue for Ethiopian sesame producers and open up new markets worldwide.The company, by sourcing sesame locally, will support thousands of smallholder farmers and strengthen the sesame industry in Ethiopia. The new factory plans to produce 3,758 tons of tahini per year and directly employ more than 40 staff at full capacity. KROTAJ is anticipated to have a significant impact on the local economy and its shareholders and managers are excited to celebrate this milestone of opening a state-of-the-art tahini processing factory in the home of the some of the world’s best sesame. “We are grateful for our Ethiopian, Israeli and U.S. partners who have helped us get to this stage of launching a tahini factory in Ethiopia,” CEO, Dr. Mulugeta Kidanemariam, recently said.<figure class="image image_resized" style="width:100%;"><img src="/uploads/tahini_fotor_2_0_a31a796afd.jpg"></figure>“Our partners include Wegagen Bank, many Government partners, and several U.S. investors, including RENEW and the Impact Angel Network,” said Meseret Kidanemariam, sister to Dr. Mulugeta and a co-founder. “Each group has been integral in helping us get to this key stage. Now it’s time to produce and export exceptional tahini to the world market,” she continued.As a key stakeholder, RENEW and the Impact Angel Network (IAN) are proud to partner with KROTAJ Tahini Manufacturers PLC.&nbsp;###

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Press Release: Official Launch of KROTAJ Tahini Manufacturers PLC’s Processing Factory

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Krotaj Tahini Manufacturers is an FSSC 22000 certified sesame company that produces tahini from some of the world’s finest sesame grown in Ethiopia’s Humera region.

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<h1 style="text-align:center;">Press Release: Easy Matatu Expands its Ridesharing Minibus Services in Uganda</h1>Renew Capital Angels invest in Easy Matatu's vision to disrupt Ugandan transport.<a href="https://latest-api.renewcapital.com/uploads/FINAL_Press_Release_Easy_Matatu_881ec88bbe.pdf" download="download">Download the Full Press Release</a>KAMPALA, Uganda, October 4, 2022 – In Kampala, a bustling city of 3.6 million people, commuting can be fraught with challenges. An estimated 80% of Kampala's transportation system is matatus—local minibuses which are often dirty, overcrowded, poorly maintained and a major contributor to the city's carbon monoxide pollution. Many matatu drivers are also underpaid, lack formal training and operate congested and time-consuming routes.But Easy Matatu, a minibus ridesharing service, is leading the charge to reform such conditions with an investment from Renew Capital, an impact investment firm growing small and medium-sized businesses in Africa through its network of investors, the Renew Capital Angels. The investment will help Easy Matatu to grow its already successful end-to-end technological platform in which riders reserve a seat on a well-maintained and refurbished matatu through a smart phone app, and once aboard, their highly trained, competitively paid drivers take them on a faster, safer and more comfortable commute. Some of the matatus even come with refreshments and Wi-Fi.&nbsp;<figure class="image"><img src="/uploads/Renew_Strategies_Easy_Matatu_6_0ae6f34755.jpg" alt="An Easy Matatu-branded public transportation bus navigating a busy street in Kampala, Uganda, filled with commuters."></figure>“We realized that beyond just building an app that connects people from Point A to Point B, public transportation in African cities needed to be reformed or disrupted, and technology really presented the best tool to do that,” says Easy Matatu co-founder Carl Andrew Lema.Thanks to this investment, Easy Matatu will grow its fleet of vehicles and increase its capacity to handle more than 200,000 monthly rides. Moving forward, Easy Matatu hopes to scale its platform to provide safe, clean and reliable transportation in other African cities.“Public transport in Africa is broken. Every day, 50 million commuters on the continent struggle to get to work, home or move around. We want to be part of the solution that fixes that,” Lema added.&nbsp;"Commuters in Kampala, where I live, and many cities across the region, face huge challenges simply getting to and from work. The current mobility solutions are not sufficient. The problem is even more acute for women commuters,” says Renew Capital Senior Investment Manager for Uganda, Diana Njuguna. “Easy Matatu is not only revolutionizing the transport sector by making it safer for commuters, but also by using data and analytics to create optimized routes that increase efficiency. In addition, Easy Matatu offers a properly serviced fleet, cutting down on emissions and pollution. It's a great company for these many reasons, and for the fact that it’s playing a pivotal role in driving infrastructure development. We're proud to add them to our expanding Uganda portfolio."For more information on Renew Capital visit&nbsp;<a href="http://www.renewcapital.com/">www.renewcapital.com</a>.About Renew CapitalRenew Capital is an Africa-focused impact investment firm that backs innovative companies with high-growth potential. With a presence in Ethiopia, Rwanda and Uganda, Renew Capital manages investments made on behalf of the Renew Capital Angels, a global network of angel investors, foundations and family offices who seek financial returns and sustainable social impact. Since the establishment of the network in 2012, the Angels have been actively investing in the region, mobilizing millions of dollars into Africa's middle market.

Easy Matatu enhances transport in Kampala with innovative ridesharing solutions backed by Renew Capital, providing safer and more efficient commuting options.

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Press Release: Easy Matatu Expands its Ridesharing Minibus Services in Uganda

Easy Matatu is changing transportation for millions of Ugandans through an end-to-end digital ride-hailing platform for commuters and drivers. The Company leases pre-vetted and inspected vehicles with trained drivers and enables commuters to book safer and more efficient rides through the platform.

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<h1>Press Release: Quest Digital Finance Connects the Unbanked to Formal Credit Systems</h1>Renew Capital Angels invests in the firm’s Akellobanker platform for financial inclusion and agricultural growth&nbsp;<a href="https://latest-api.renewcapital.com/uploads/FINAL_Press_Release_Akellobanker_0c77041f0e.pdf">Download the Full Press Release</a>&nbsp; Kampala, Uganda, October 14, 2022 – Uganda is home to 25 commercial banks, four microfinance deposit-taking institutions (MDIs), three credit institutions and more than 300 non-deposit-taking microfinance institutions (MFIs). However, according to the 2018 Finscope Survey, which is published by the think tank&nbsp;Financial Sector Deepening Uganda, an estimated 89% of the adult population is still “unbanked,” meaning that they don’t have an account with a formal banking institution. Not only that, the economic data collection website Trading Economics estimates that 74.45% of Uganda’s 45.7 million inhabitants live in rural areas.<figure class="image"><img src="/uploads/273131299_789512975326040_4991063558167214495_n_715387d09e.jpg"></figure>Lacking access to banks and the credit they offer hinder these populations’ ability to access the basic commodities and resources needed to build successful businesses. And yet, these days smallholder farmers and other entrepreneurs in rural and periurban Uganda are finding it’s not the plow, but rather the smartphone, that goes before the horse. Quest Digital Finance, a Ugandan tech company, is changing that by placing the power of banking and service delivery in the palms of the farmers and entrepreneurs using its digital platforms.&nbsp;The platform enables SACCOS (Savings and Credit Cooperatives) and micro-finance institutions to achieve end-to-end digital transformation and hence, improve reporting and accountability which derisks these entities. Consequently, they are able to access credit from financial institutions. Akellobanker hopes to eventually deliver bundled products and services to farmers and entrepreneurs and other value chain actors on credit.&nbsp;Renew Capital, an impact investment firm growing small and medium-sized businesses in East Africa through its Renew Capital Angels investor network, is now furthering that effort by providing the funds Akellobanker needs to expand its reach to more than 100 cooperatives serving over 100,000 farmers and micro, small, and medium enterprises (MSMEs) in Uganda. Akellobanker will focus on its digitization agenda of integrating over 350,000 farmers and entrepreneurs into the digital economy and using data to deliver desired products and services on credit.&nbsp;“If you look at finance 10 years ago, commercial banks were the owners of financial inclusion. But five years ago, fintech—small financial technology companies—came over and showed banks that we were able to break through places they weren’t reaching,” says Jean Onyait, Akellobanker’s team lead. “That’s breaking a monopoly and creating healthy competition, which goes a long way in reducing prices and making services much more affordable for the local communities.”“The market potential and long-term commercial viability of Akellobanker attracted Renew Capital, particularly as the need to access finance increases,” says Renew Capital Head of Shared Growth Services JC Oelofse. “Developing a digital platform that aggregates financial data generated by the unbanked to provide easy access to credit is a key lever of growth in the informal sector. This credit from financial institutions facilitates sales of inputs to grow the informal economy and brings a well-defined impact case.”&nbsp;&nbsp;About Renew CapitalRenew Capital is an Africa-focused impact investment firm that backs innovative companies with high-growth potential. With a presence in Ethiopia, Rwanda and Uganda, Renew Capital manages investments made on behalf of the Renew Capital Angels, a global network of angel investors, foundations and family offices who seek financial returns and sustainable social impact. Since the establishment of the network in 2012, the Angels have been actively investing in the region, mobilizing millions of dollars into Africa's middle market.&nbsp; &nbsp;

Renew Capital Angels invests in the firm’s Akellobanker platform for financial inclusion and agricultural growth 

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Press Release: Quest Digital Finance Connects the Unbanked to Formal Credit Systems

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Quest Digital Finance, under the name AkelloBanker, deploys digital platforms that foster digital access to agri products and services on credit for millions of low-income earners. The company’s platform facilitates sales of inputs, provision of advice to farmers on agronomical practices and aggregates farmer data to facilitate provision of credit from financial institutions.

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<h1>Press Release: Inputi Receives an Investment to Grow Smart Technology for Food Security</h1>Renew Capital Angels want to see the private sector put more food on African tables.&nbsp;<a href="https://latest-api.renewcapital.com/uploads/FINAL_Press_Release_Inputi_00cfaad0fb.pdf">Download the Full Press Release</a>KAMPALA, Uganda, October 11, 2022 —Food security. It’s a challenge in many parts of the world, especially as global supply chains break down and environmental imbalances leave lands barren. The Ugandan tech company Inputi is improving the odds in its region with funding from Renew Capital, an impact investment firm growing small and medium-sized businesses in East Africa through its network of investors, Renew Capital Angels.&nbsp;Inputi is an online marketplace, aggregator and distributor for farm inputs. Through versatile digital platforms, it delivers quality crop and livestock inputs such as fertilizers and pesticides to 1,000 rural agro shops, 20 dairy cooperatives and 12 meat cooperatives, sending them directly to buyers or to regional agro and vet shops at a fixed transportation cost. Inputi is projecting 50% growth in the coming year and, with the Renew Capital investment, it hopes to profile and aggregate input dealers, farmers and farmer groups to provide linkages in trade and to financial institutions and insurance firms.<figure class="image"><img src="/uploads/INPUTI_IMAGES_24_2000px_f11f0a57a9.jpg" alt="Two farmers offloading fresh agricultural produce from a lorry in Kampala, Uganda, showcasing local farming practices and food distribution."></figure>“We cannot eliminate famine caused by climate change, but we can mitigate that by improving food distribution systems,” says Inputi chief executive officer David Lukwago. “The private sector plays a critical role in building efficient, effective and sustainable means to move food from one point to another point where the food is needed. Sustainability can be achieved if the private sector is fully empowered and brought to the table of food security.”&nbsp;“We are excited about the end-to-end value chain connectivity solution for crop and livestock farmers that Inputi is building. This solution delivers agri inputs to the farmer at an affordable cost while providing farmer-centric training to create a thriving agricultural ecosystem sustainably,” says Renew Capital Head of Shared Growth Services JC Oelofse.

Renew Capital invests in Inputi, a Ugandan agritech startup enhancing food security by connecting farmers with vital agricultural inputs through an innovative online marketplace.

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Press Release: Inputi Receives an Investment to Grow Smart Technology for Food Security

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Inputi is an online marketplace serving individual farmers (directly or through agro/vet shops), cooperatives, buyers and processors. The Company delivers quality crop and livestock inputs at a fixed transportation cost, and also profiles and aggregates input dealers, farmers and farmer groups to provide linkages.

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<h1>Renew Capital Invests in Ethiopian Audiobook and Podcast Company Teraki</h1>Bringing Ethiopians Together Through Localized Content<a href="https://latest-api.renewcapital.com/uploads/FINAL_Teraki_Press_Release_a2099fbd15.pdf" target="_blank" rel="noopener noreferrer">Download the Full Press Release&nbsp;</a>ADDIS ABABA, Ethiopia, January 3, 2023&nbsp;— In Ethiopia, two tech innovators have created a diverse online audio platform for amplifying Ethiopia’s tradition of storytelling. The company’s name is Teraki, the Amharic word for storyteller, and its two founding entrepreneurs, Nahom Tsegaye and Abel Engida are developing audiobooks and podcasts in various Ethiopian languages. They’re hoping to expand their company’s global reach with a recent financial and technical investment by Renew Capital.<figure class="image"><img src="/uploads/IMG_1460_7a201cd38c.png" alt="Two Founders of Teraki, an Ethiopian audiobook and podcast platform enhancing local storytelling, posing in front of Addis Ababa skyline, showcasing the vibrant cityscape of Ethiopia."></figure>The entrepreneurs began the project in 2019 with just $2,000, using those funds to recruit Ethiopian voiceover and acting talent to record narrations of some of their nation’s most popular books. As of November, the platform had an estimated 38,000 users listening to everything from novels, self-help books and children’s literature to podcasts on tech, entrepreneurship, interpersonal relationships, spirituality and current affairs.According to UN World Population Prospects 2022, 70% of Ethiopia’s population of 120 million is under the age of 30.&nbsp;“Our generation is highly and increasingly dependent on technology, and Ethiopian youth are increasingly using Teraki to understand different current affairs and define our place in this world,” said co-founder Nahom Tsegaye.&nbsp;“The youth really don't have that connection with their elders and those storytellers,” said co-founder Abel Engida.&nbsp;Teraki says over half of its more than 80 podcasts also create opportunities for Ethiopians to create a greater sense of community through online conversation.&nbsp;“We wanted to give a platform to everyone to discuss what it's like to experience feminism, sexism, relationships and other topics and what they mean in our own context,” said Engida.&nbsp;<figure class="image"><img src="/uploads/IMG_9045_d0123bfb52.jpg"></figure> According to 2021 data from the World Bank, &nbsp;Ethiopia is Africa's second largest country after Nigeria, and according to 2018 data from the Ethiopian government, there were three to five million Ethiopians living in the diaspora. This provides Teraki plenty of room for expansion. Teraki knows the diaspora is as Ethiopian as their compatriots living in the mother country, and they are confident their company can strengthen those connections, while reinforcing the linguistic and cultural identities of Ethiopian immigrants and expatriates, especially children enrolled in schools without their home languages.“It’s a really exciting project because we're planning not only to shine a light on these local talents, but also trying to reach out to this global community” said Engida.&nbsp;&nbsp;

Renew Capital invests in Teraki, an Ethiopian audiobook and podcast platform, enhancing local storytelling and connecting Ethiopians worldwide through diverse and localized content.

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Press Release: Renew Capital Invests in Ethiopian Audiobook and Podcast Company Teraki

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Teraki is an audio entertainment platform. Named after the Amharic word for “storyteller,” Teraki’s mission is to connect their customers through Ethiopian and Eritrean audiobooks and podcasts delivered in local languages.

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<h1>Press Release: Renew Capital Invests in BuuPass, a Kenyan Tech Transport Company</h1>Digital infrastructure will streamline long-distance transportation in East Africa<a href="https://latest-api.renewcapital.com/uploads/FINAL_Buu_Pass_Press_Release_e31c1ade91.pdf" target="_blank" rel="noopener noreferrer">Download the Full Press Release</a>&nbsp;NAIROBI, Kenya, February 14, 2023 - Transportation systems in sub-Saharan Africa are challenged and underfunded. More than 30 million Africans rely on inter-city transportation daily, and the domestic transport industry accounts for $40B in yearly spending. And yet, streamlined transportation systems in the region are a challenge due to lack of funds and technology for mass digitization.&nbsp;Renew Capital is helping to address this gap through its recent investment in BuuPass,&nbsp;a Kenya-based tech company with a web-based travel solution and a mission to make long-distance transport more accessible and seamless.BuuPass founders, Wyclife Omondi of Kenya and Sonia Kabra of India, met at Earlham College (Indiana, U.S.)&nbsp;in 2013. Their common interests in entrepreneurship and solving social concerns led them to co-found the college’s first entrepreneurship club and BuuPass, an idea that won them a 2016&nbsp;<a href="https://www.hultprize.org">Hult Prize</a> and the award of a $1M grant. The Hult Prize challenges young people across the globe to solve the world’s most pressing issues through social entrepreneurship.&nbsp;<figure class="image"><img src="/uploads/Whats_App_Image_2022_10_12_at_10_43_05_aa7c115a2f.jpeg" alt="Team photo of BuuPass co-founders, showcasing gender diversity, alongside team members in the Nairobi, Kenya office, highlighting a gender balance in the startup environment."></figure>“We both had experiences with not having accessible transportation,” says Kabra, noting that mass transit was in high demand in their respective home countries but hard to plan. Before BuuPass, most bus users in East Africa had to go to a bus station to purchase their tickets, which were still being processed on pen and paper. The BuuPass platform allows them to buy tickets online in real time.&nbsp;Registered in Delaware, U.S., with subsidiaries in Kenya, Tanzania and Uganda, BuuPass’ B2C platform now processes more than 10,000 bookings per day for bus, flight and train transportation for travelers. It recently added personal and business parcel distribution through its bus network. BuuPass aims to build the digital infrastructure for transport across Africa and capture market share in Eastern, Western and Southern Africa by 2030.&nbsp;&nbsp;The deal was signed as part of a Renew Capital Angels women’s investment package aimed at making East African SMEs more gender-balanced in staffing and services. “We&nbsp;wanted to make sure that we build a company that is true to our values as well as de-risking ourselves by creating the right policies and culture,” said Kabra.“BuuPass has proven to be a pivotal company in the transport industry in East Africa,” said&nbsp;Renew Capital Investment and Project Manager for Kenya, Esther Mwikali. “Renew Capital is proud to be part of this journey with BuuPass, kicking off our Kenyan portfolio.”

Renew Capital invests in BuuPass, a Kenyan startup enhancing long-distance travel in East Africa with innovative online ticketing solutions for long-distance travel.

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Press Release: Renew Capital Invests in BuuPass, a Kenyan Tech Transport Company

buupass.com

BuuPass is an online bus, train and flight ticketing platform that has transformed travel bookings in Kenya and is on a mission to fully disrupt sub-Saharan Africa’s $40B inter-city travel industry. BuuPass works with East Africa’s leading bus, train and flight operators to bring travelers the convenience of digital booking solutions.

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