<h1>Smart Philanthropy: Use Your DAF to Shape Africa’s Future</h1>Using a Donor-Advised Fund (DAF) for impact investing in Africa is a smart way to gain tax benefits while making a positive difference. This guide explains how to use your DAF effectively, the benefits of investing in African ventures and the steps to start this impactful journey.<img src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXdYtY1Zcl0tvoTkHoaWNzCcYIMLQrLqaydOeUM4zCXxlFNQ5mss00Y5dOxOHirfM4rEYllxZgk32jjWsHaGvYXT7V1H1dYqdtKGN9O0TC2KXJrJatrOeX5iNJpVUrZmaoCD6afpZQ?key=iJTOOe2QxD9-YSlET2v78_Z2" alt="Graphic of Renew Capital's model for impact investing in Africa through a Donor-Advised Fund (DAF), illustrating how investors can fund impactful ventures across the continent.">Source:&nbsp;<a href="https://www.renewcapital.com/">Renew Capital</a>Understanding Donor-Advised Funds (DAFs)A&nbsp;<a href="https://www.fidelitycharitable.org/guidance/philanthropy/what-is-a-donor-advised-fund.html">Donor-Advised Fund</a> is a charitable investment account for philanthropic giving. You can donate cash or assets to this account, get a tax deduction right away and then decide over time which charitable organizations will receive the funds. This approach offers flexibility and potential tax benefits for charitable contributions.&nbsp;<h2>The Rise of Impact Investing</h2><a href="https://www.ifc.org/en/our-impact/impact-investing-at-ifc">Impact investing</a> refers to investments made with the intention to generate positive, measurable social and environmental impact alongside a financial return. This approach has gained traction as investors recognize the potential to address global challenges through strategic capital allocation. By aligning investments with personal values, donors can support initiatives that drive social change while achieving financial objectives.&nbsp;<h2>Why Africa?</h2>Africa presents a&nbsp;<a href="https://blogs.cfainstitute.org/investor/2022/10/14/eight-reasons-why-africa-is-primed-for-impact-investing/">unique opportunity</a> for impact investing due to its rapid economic growth, youthful population and abundant natural resources.<ul><li>Economic Growth and Potential:&nbsp;Sub-Saharan&nbsp;<a href="https://www.worldbank.org/en/region/afr/overview">Africa's economy</a> is projected to grow by 3% in 2024, up from 2.4% in 2023, with expectations to accelerate to 4% in 2025 to 2026.&nbsp;This growth is driven by increased private consumption and investment.</li><li>Youthful Demographics:&nbsp;Africa has the&nbsp;<a href="https://au.int/en/youth-development#:~:text=Africa%20has%20the%20youngest%20population,development%20index%20of%20African%20nations.">youngest population</a> in the world with more than 400 million young people aged 15 to 35. Harnessing this potential through education and skill development is crucial for sustainable growth.</li><li>Technological Advancements:&nbsp;The continent is experiencing a digital transformation, with mobile technology and internet penetration opening new avenues for entrepreneurship and access to global markets. Initiatives like the African Continental Free Trade Area (AfCFTA) aim to create the&nbsp;<a href="https://www.ft.com/content/2b867f0f-522e-47e4-b619-aa3b728a7cfd">world's largest free trade area</a>, involving 54 African nations and 1.47 billion people, by reducing tariffs and fostering intra-African trade.</li><li>Natural Resources:&nbsp;Africa's&nbsp;<a href="https://www.unep.org/regions/africa/our-work-africa#:~:text=The%20largest%20reserves%20of%20cobalt,internal%20renewable%20fresh%20water%20source.">abundant natural resources</a>, including minerals, oil and arable land, offer significant opportunities for investment and development. The largest reserves of cobalt, diamonds, platinum and uranium in the world are in Africa. Sustainable management of these resources can lead to long-term prosperity.</li></ul><h2>Benefits of Using Your DAF for Impact Investing in Africa</h2><ul><li>Tax Advantages: Contributions to a&nbsp;<a href="https://money.usnews.com/investing/investing-101/articles/what-are-donor-advised-funds">DAF are tax-deductible</a> and any investment growth within the fund is tax-free. This structure allows for more capital to be allocated toward impactful investments.&nbsp;</li><li>Flexibility: DAFs provide the flexibility to recommend grants to various charitable organizations and invest in initiatives that align with your philanthropic goals.&nbsp;</li><li>Amplified Impact: By&nbsp;<a href="https://www.renewcapital.com/newsroom/investing-in-africa-with-a-daf">investing in African startups</a>, you support economic development, job creation and innovation in regions that can benefit significantly from such investments.&nbsp;</li></ul><h2>Steps to Start Impact Investing in Africa with Your DAF</h2><ul><li>Research and Identify Opportunities: Begin by researching sectors in Africa that align with your interests, such as renewable energy, healthcare or education.&nbsp;</li><li>Set Up a DAF:&nbsp;Choose a financial institution or donor-advised fund sponsor to establish your DAF. Organizations like&nbsp;<a href="https://www.uicharitable.org/">UI Charitable Advisors</a>,&nbsp;<a href="https://impactassets.org/">Impact Assets</a> and&nbsp;<a href="https://www.impactfoundation.org/">Impact Foundation</a> can help guide you through the setup process, offering strategic advice to align your DAF with your philanthropic goals.</li><li>Assess Market Risks: Understand the unique market risks associated with African investments, including political instability, currency fluctuations and regulatory challenges. Renew Capital keeps track of the momentum of&nbsp;<a href="https://www.renewcapital.com/newsroom/the-momentum-of-african-startup-ecosystems-in-a-snapshot">African startup ecosystems</a>.&nbsp;</li><li>Partner with Experienced Organizations: Collaborate with organizations experienced in African markets to navigate the complexities of investing in the region. For instance, Renew Capital focuses on investing in growth-oriented companies in Africa.</li><li>Monitor and Measure Impact: Establish clear metrics to assess the social and financial impact of your investments. Regular monitoring ensures that your investments are meeting your philanthropic objectives.&nbsp;</li></ul><h3>Conclusion</h3>Leveraging your Donor-Advised Fund for impact investing in Africa allows you to align your philanthropic goals with investment strategies that drive meaningful change. By supporting early-stage African startups and ventures addressing critical challenges, you can make a difference while enjoying financial benefits. Start exploring opportunities today and put your DAF to work in Africa to make your money make a difference.For a detailed guide on how to invest in Africa with your Donor-Advised Fund, check out<a href="https://docsend.com/view/4ab7rf7hs33a6wvm">&nbsp;this comprehensive resource</a>.

Learn how to use your DAF to support early-stage startups in Africa and drive impactful change.

Learn how to use your DAF to support early-stage startups in Africa and drive impactful change. (1).png

Smart Philanthropy: Use Your DAF to Shape Africa’s Future

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

SAWA ENERGY TEAM-52.JPG

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

<h1>Renew Capital Legal Brief - October 2024</h1>The latest changes in Africa's regulatory environment<figure class="image"><img src="/uploads/Newsletters_and_Legal_Brief_3e57dfff40.png" alt="Photo of Renew Capital's October 2024 Legal Brief document."></figure>Renew Capital monitors Africa’s evolving legal landscape, sharing key insights with investors, entrepreneurs and policymakers in Africa’s dynamic business environment. Explore our curated&nbsp;<a href="https://www.renewcapital.com/newsroom/the-momentum-of-african-startup-ecosystems-in-a-snapshot">snapshots</a> for a closer look at African startup ecosystems.Ethiopia:<ul><li>The National Bank of Ethiopia (NBE) Reviews FX Trading Fees - NBE now requires banks to clearly separate foreign exchange (FX) trading spreads and disclose FX fees to clients, effective October 15, enhancing transparency in Ethiopia’s FX market.</li></ul>Ghana:<ul><li>The Ghana Investment Promotion Centre (Amendment) Bill (GIPC Bill) Goes Public -&nbsp;The GIPC Bill, under public review until October 31, aims to reduce barriers for foreign investors by potentially removing share capital requirements for foreign-owned businesses and reserved activities for locals.</li></ul>Kenya:<ul><li>Court Strikes Down Derivatives Tax, New Horticulture Bill Introduced -&nbsp;The High Court deemed the 2023 Income Tax regulations on derivatives unconstitutional, promoting the adoption of these financial products. Additionally, a new Horticulture Crops Authority Bill proposes stricter regulations and penalties for the horticulture sector.</li></ul>Nigeria:<ul><li>The Central Bank of Nigeria (CBN) Establishes FX Market Principles - CBN released a draft Foreign Exchange Code, modeled on the FX Global Code to ensure transparency and fairness in the FX market, encouraging foreign investment.</li></ul>Rwanda:<ul><li>Contracts for the International Sale of Goods (CISG) Accession Effective October 1, 2024 -&nbsp;Rwanda’s accession to the UN Convention on Contracts for the International Sale of Goods (CISG) took effect on October 1, 2024, impacting international sales contracts.</li></ul>South Africa:<ul><li>New Dividend Tax for Kuwaiti, Dutch and Swedish Shareholders -&nbsp;New tax protocols require Kuwaiti, Swedish and Dutch shareholders to pay a 5% to 10% dividend tax, potentially affecting foreign investments.</li></ul>Tanzania:<ul><li>The Bank of Tanzania (BoT) Launches Domestic Gold Purchase Program - BoT now buys gold domestically, offering competitive prices and incentives, including zero-rated VAT and reduced fees. This strategy aims to bolster the nation's gold reserves while strengthening the local currency, the Tanzanian shilling.</li></ul>Uganda:<ul><li>Parliament Dissolves NITA-U -&nbsp;Uganda’s Parliament passed a bill to dissolve the National Information Technology Authority Uganda (NITA-U), integrating it into the&nbsp;Ministry of Information, Communication Technology (ICT), aligning with the government’s rationalization policy.</li></ul>Pan-African:<ul><li>Regional Competition Authority Becomes Operational -&nbsp;ECOWAS Regional Competition Authority (ERCA) became operational on October 3, 2024, overseeing cross-border transactions within ECOWAS that meet merger notification thresholds.</li></ul>Visit our blog for insights on&nbsp;<a href="https://www.renewcapital.com/newsroom/the-momentum-of-african-startup-ecosystems-in-a-snapshot">Africa’s startup ecosystems</a>, or contact us at renew@renewcapital.com Stay tuned for more updates!Disclaimer: The information included in this blog does not constitute legal advice. Consumers should consult their legal advisors.

The latest changes in Africa's regulatory environment.

Newsletters & Legal Brief.png

Renew Capital Legal Brief - October 2024

<h1>Why We Invested in Octavia Carbon: A Climate Game-Changer</h1><figure class="image"><img src="/uploads/Linkedin_Templates_10_fd0f99e3ea.png" alt="A photo of the Octavia Carbon team demonstrating their direct air carbon capture technology in the Nairobi, Kenya lab and factory."></figure>Octavia Carbon, Kenya-based and the first Direct Air Capture (DAC) startup in the Global South, is leveraging the country’s geothermal energy, favorable geology and local talent to pioneer carbon capture solutions. Their mission: to pull CO₂ from the air, fight climate change and create carbon credits that offset emissions affordably.<h2>Why Kenya?</h2><ul><li>Geothermal power provides over 85% of the energy needed for DAC, making carbon capture more affordable and greener.</li><li>The Rift Valley's basaltic rock can safely store CO₂ for millennia, offering a long-term carbon solution.</li></ul><h2>Innovation and Traction</h2><ul><li>Octavia’s Project Hummingbird: Africa’s first DAC plant will capture 1,000 tons of CO₂ annually​ (<a href="https://vc4a.com/ventures/octavia-carbon/">VC4A</a>).</li><li>Five large-scale DAC machines have been built by Octavia and the company plans to move to mass production soon.</li><li>Carbon credits are already offered by Octavia, aligning with global climate goals ​(<a href="https://fsdafrica.org/blog/using-direct-air-carbon-capture-technology-to-address-emissions/">FSD Africa</a>).</li></ul><h2>Growth Potential</h2>Octavia Carbon partners with global platforms like Cella, Klimate.co and Tomorrow’s Air to scale DAC technology. Their model will hopefully help Kenya and Africa emerge as a carbon credit leader, building resilience through technology and sustainable economic growth​ (<a href="https://nextbillion.net/news/kenyan-climate-tech-startup-octavia-carbon-secures-funding-for-carbon-capture-technology/">NextBillion</a>).<a href="https://www.wri.org/blog/2020/03/to-unlock-the-potential-of-direct-air-capture-we-must-invest-now">Investing in DAC</a> now is critical to reducing future costs. This, based on the current pace of climate change, will be ever more important as carbon dioxide removal becomes even more necessary (<a href="https://www.wri.org/insights/direct-air-capture-resource-considerations-and-costs-carbon-removal">WRI</a>).&nbsp;<h2>Quote from Renew Capital</h2>"Octavia Carbon is redefining climate action by leveraging Kenya’s strengths. This investment reflects our belief in Africa’s ability to lead in this space." – Lucas Robinson, Principal - Consulting, Renew Capital.

Learn why we invested in Octavia Carbon, an early-stage startup using Direct Air Capture (DAC) technology to extract CO₂ from the atmosphere and deliver innovative climate solutions.

Linkedin Templates (17).png

Why We Invested in Octavia Carbon: A Climate Game-Changer

<h1>Secrets of Tanzania Momentum</h1><figure class="image"><img src="/uploads/TZ_20b5289fec.png" alt="A fisherman guides his boat at sunset, escorting passengers back to Zanzibar after a picturesque lake ride in Tanzania."></figure>Image: Sunset dhow ride back to ZanzibarTanzania is strategically positioned as a gateway to East African regional markets, offering significant potential for growth. While some may find the pace of development more measured than some of its neighbors, the country possesses abundant untapped resources that could drive a thriving startup ecosystem. The community is close-knit, providing a solid foundation for collaboration and support among entrepreneurs. The meet-ups we hosted and attended were filled with youthful energy, showcasing a promising entrepreneurial spirit.The government has demonstrated a commitment to supporting tech, innovation and private sector growth, with legislative reforms aimed at improving the business environment. For instance,&nbsp;<a href="https://dailynews.co.tz/tz-enjoys-investment-boom/">The Tanzania Investment Act, 2022</a> reduced the minimum investment capital required to access incentives (as outlined by the Tanzania Investment Center – TIC) for local investors to $50K and introduced enhanced online facilitation through the Tanzania Electronic Investment Window (TeIW), which began operations in October 2023. Additionally, the government launched a fintech sandbox earlier this year to boost the country's fintech ecosystem. Renew Capital remains optimistic about the potential for a stronger investment pipeline in Tanzania.<figure class="image"><img src="/uploads/Linkedin_Templates_11_2e83a919ea.png" alt="Vast miles of lush sisal fields stretch across the countryside of Tanzania's mainland, showcasing the agricultural landscape."></figure>Driving through the countryside of Tanzania's mainland, there are miles of sisal fields.<h2>Key Momentum Points</h2><ul><li>Tanzania's Standard Gauge Railway (SGR) project aims to boost economic growth, regional integration, infrastructure development and national pride. In&nbsp;<a href="https://www.thecitizen.co.tz/tanzania/news/national/tanzania-set-to-launch-sgr-services-4655934">June 2024</a>, the Tanzanian government launched the SGR project. It aims to facilitate faster, more&nbsp;efficient transportation of people and goods. Two routes have been in operation -– the Dar es Salaam to Dodoma route (approximately 450 km) and Dar es Salaam to Morogoro route (approximately 190 km).&nbsp;</li></ul><figure class="image"><img src="/uploads/Linkedin_Templates_18_cf51859c3d.png" alt="An impressive view of the improving railway infrastructure in Tanzania, featuring a train on the tracks amidst scenic landscapes."></figure>Image Source:&nbsp;<a href="https://www.thecitizen.co.tz/tanzania/news/national/tanzania-ready-for-sgr-services-launch-between-dar-es-salaam-and-dodoma-on-july-25-4679416">The Citizen</a>Importantly, the railway is expected to&nbsp;<a href="https://www.thecitizen.co.tz/tanzania/news/national/tanzania-to-boost-intra-africa-trade-with-sgr-expansion-4710098">expand</a> in East Africa and the Southern African Development Community (SADC), including countries such as – Burundi, Rwanda, Zambia, DRC, Mozambique and Malawi.&nbsp;<ul><li>Digital adaptation is accelerating: Since Tanzania&nbsp;<a href="https://www.thecitizen.co.tz/tanzania/news/business/tanzania-s-5g-coverage-rapidly-expands-to-15-percent--4699090">launched</a> 5G last year, usage grew to 15% of the population by Q2 2024. The Tanzania Communications Regulatory Authority’s (TCRA)&nbsp;<a href="https://www.tcra.go.tz/uploads/text-editor/files/Communication%20Statistics%20report%20for%20end%20of%20June%202024_EN_1721315046.pdf">June 2024 report</a> further specified that 4G and 3G coverage had reached&nbsp;<a href="https://www.thecitizen.co.tz/tanzania/news/business/tanzania-s-5g-coverage-rapidly-expands-to-15-percent--4699090">83% and 89%</a> of the population, respectively. This growth is crucial for boosting the country’s tech-enabled startup ecosystem.</li><li>In 2024, Tanzania launched a fintech regulatory sandbox to boost the fintech ecosystem: On&nbsp;<a href="https://www.clydeco.com/en/insights/2024/08/the-fintech-regulatory-sandbox-regulations-2024">July 2024</a>, the Bank of Tanzania published a sandbox regulation framework for fintech startups, aiming to reduce regulatory burdens and promote innovation while maintaining oversight for consumer protection, financial inclusion and financial system stability. The Fintech Regulatory Sandbox Regulations of 2024 outline eligibility criteria, application procedures and a nine-month testing period, aiming to increase Tanzania's fintech sector.</li></ul><figure class="image"><img src="/uploads/TZ_3_038dceb737.png" alt="A Tanzanian woman hands cash to a mobile money agent, highlighting the growth of fintech in Tanzania's financial landscape."></figure><a href="https://www.ports.go.tz/index.php/en/dar-es-salaam-port">Dar es Salaam&nbsp;</a>is Tanzania's principal port. It handles 95% of the country's international trade and has a capacity of 14.1 million dry and 6 million bulk liquid cargo. It serves landlocked countries such as Uganda, Zambia, DRC, Burundi, Rwanda, Malawi and Zimbabwe, making Tanzania a critical access point to the continent.&nbsp;Final thoughts…The Tanzanian economy is expected to&nbsp;<a href="https://www.imf.org/en/Publications/CR/Issues/2024/06/25/United-Republic-of-Tanzania-Third-Review-Under-the-Extended-Credit-Facility-Arrangement-and-550949">grow</a> in the coming years due to an improved business climate among other factors. For example, the real GDP growth rate is expected to increase from 5% in 2023 to approximately&nbsp;<a href="https://www.imf.org/en/Publications/CR/Issues/2024/06/25/United-Republic-of-Tanzania-Third-Review-Under-the-Extended-Credit-Facility-Arrangement-and-550949">6.5%</a> by 2029, according to IMF projections, while inflation is expected to remain within the central bank's&nbsp;<a href="https://drive.google.com/file/d/1QeMZMyI_-PpeIG-KYdrH4MmyC1rVO8jw/view?usp=drive_link">5%&nbsp;</a><a href="https://www.imf.org/en/Publications/CR/Issues/2024/06/25/United-Republic-of-Tanzania-Third-Review-Under-the-Extended-Credit-Facility-Arrangement-and-550949">target</a> range.&nbsp;For a host of reasons, Tanzania is a market to explore!&nbsp;<h3>Tech Hubs</h3><ul><li><a href="https://www.costech.or.tz/bunihub">Buni Hub</a>: supports ideation and prototyping under the&nbsp;<a href="https://www.costech.or.tz/">Tanzania Commission For Science And Technology (COSTECH)</a>), a government agency supporting Tanzanian innovation and technological growth.&nbsp;</li><li><a href="https://teknohama.or.tz/">DTBi</a>: focuses on the commercialization under the COSTECH.</li><li><a href="https://www.linkedin.com/company/westerwelle-startup-haus-arusha/?originalSubdomain=tz">Westerwelle Startup Haus Arusha</a>:&nbsp;supports entrepreneurship and economic growth.</li><li><a href="https://www.pesatechafrica.com/">PesaTech</a>:&nbsp;is&nbsp;an accelerator program under UNCDF that specializes in Fintech.</li><li><a href="https://funguo.org/">Funguo</a>: is an accelerator program under UNDP that aims to scale and support startups. Currently, it has reached 934 startups.</li><li><a href="https://www.vda.co.tz/">Vodacom Accelerator:</a> has a digital accelerator program capacitating startups.</li></ul>Innovation Nelson Mandela Hub: is a program under the<a href="https://nm-aist.ac.tz/"> Nelson Mandela Institute of science and technology University</a> in Arusha, Tanzania. It supports startups or individuals starting from the prototype stage.Go Deeper on Tanzania?<ul><li><a href="https://latest-api.renewcapital.com/uploads/FINAL_Tanzania_Fact_Sheet_1a0d49728a.pdf" target="_blank" rel="noopener noreferrer">Tanzania's Startup Ecosystem Fact Sheet</a></li><li><a href="https://www.google.com/maps/@-6.756524,39.1765061,12z/data=!4m2!11m1!2s5Q-w_tnFSTOizJTBasGPQg?entry=ttu&amp;g_ep=EgoyMDI0MTAxNC4wIKXMDSoASAFQAw%3D%3D" target="_blank" rel="noopener noreferrer">Tanzania's Startup Ecosystem Google Map</a></li></ul>Interested in other African Startup Ecosystems? Download Renew Capital’s Factsheets on other <a href="https://www.renewcapital.com/newsroom/the-momentum-of-african-startup-ecosystems-in-a-snapshot" target="_blank" rel="noopener noreferrer">Ecosystems</a>. We’ll be adding new ones every few weeks!&nbsp;

Explore Tanzania's startup ecosystem, highlighting government initiatives, fintech growth and the Standard Gauge Railway project driving economic momentum.


Linkedin Templates (18).png

Secrets of Tanzania Momentum

<h1>Press Release: Agenz Provides Transparency and Real-Time Data to Morocco’s Real Estate Market</h1>The platform provides real-time property valuations, market insights, and transparency in real estate transactions<a href="https://latest-api.renewcapital.com/uploads/FINAL_Agenz_Press_Release_2c02663edd.pdf " target="_blank" rel="noopener noreferrer">Download full press release</a>Casablanca, Morocco, October 10, 2024 – Agenz, a data-driven platform that provides real-time property valuations and market insights in Morocco, has secured investment from Renew Capital. The company uses advanced data intelligence to provide instant property valuations, which allows users to set accurate pricing for sales or gauge current market values. The platform also offers a range of services, including buyer and seller lead generation and comprehensive market insights.<figure class="image"><img src="/uploads/Linkedin_Templates_14_60fd73a77e.png" alt="Image of Renew Capital co-founders and Morocco's Investment Ecosystem Development Manager alongside Agenz founder."></figure>“We’ve built Agenz to bring transparency and clarity to the real estate market,” said Malik Belkeziz, Founder of Agenz. “Our platform helps people make smarter decisions by providing accurate data on property values and market trends. This investment allows us to expand our services and reach more people across Morocco and Africa.”Agenz not only supports individuals looking to buy, sell, or rent properties but also offers professional tools for real estate agents, including advanced valuation and market research solutions. The platform ensures that users, whether homeowners or professionals have the data they need to navigate the real estate process with ease.“Agenz is tackling one of the key challenges in the real estate industry—access to reliable and transparent data,” said the Investment Ecosystem Development Manager at Renew Capital, GRII Nihal. “By delivering real-time property valuations and insights, Agenz is giving buyers, sellers and real estate professionals the tools they need to make informed decisions. We’re excited to back Malik and his team as they scale their impact on Morocco’s real estate market.”Renew Capital continues to invest in growth-oriented entrepreneurs who are driving innovation and building scalable solutions for Africa’s most pressing needs. Our ambition in Morocco is to support even more startups and help them scale across Africa.&nbsp;Support to Renew Capital portfolio companies is provided in partnership with Global Affairs Canada.<h2>Agenz Apporte Transparence et Données en Temps Réel au Marché Immobilier Marocain</h2>La plateforme fournit des évaluations immobilières en temps réel, des analyses de marché et de la transparence dans les transactions immobilières.Casablanca, Maroc 10 octobre 2024– AGENZ, le site immobilier leader au Maroc,&nbsp; accueille le fond panafricain Renew Capital dans son tour de table. Grâce à une intelligence de données avancée, AGENZ révolutionne le marché de l’immobilier au Maroc en permettant à ses utilisateurs d'évaluer avec précision les prix de vente et de naviguer en toute confiance dans leurs transactions.Avec AGENZ, acheteurs, vendeurs, promoteurs et banques bénéficient d'outils puissants pour accélérer et simplifier leurs démarches. La plateforme va bien au-delà des évaluations immobilières précises : elle optimise les transactions grâce à un réseau de plus de 300 commerciaux, internes et externes, déployés à travers tout le pays.Malik Belkeziz, fondateur d'AGENZ, explique : « Nous avons fondé AGENZ pour fluidifier les transactions immobilières et démocratiser l’accès à des informations fiables et transparentes. Cet investissement de Renew Capital va permettre à AGENZ d’étendre ses services au-delà du Maroc, tout en renforçant notre impact local sur le marché immobilier. »GRII Nihal, Responsable d’investissement et&nbsp; développement des écosystèmes chez Renew Capital, ajoute : « AGENZ résout un problème fondamental du marché immobilier : la transparence des informations. Leur technologie d'évaluation et leurs analyses en temps réel offrent aux acteurs du marché les outils nécessaires pour effectuer des transactions rapides, efficaces et sécurisées. Nous sommes fiers de soutenir Malik et son équipe dans leur mission de transformer le marché immobilier africain. »Renew Capital continue d’investir dans des entreprises qui révolutionnent les secteurs clés en Afrique. Leur soutien à AGENZ renforce leur ambition de contribuer à l’écosystème entrepreneurial marocain et de promouvoir l'innovation sur tout le continent.Le support accordé à notre portefeuille d’entreprises est fourni en partenariat avec Affaires mondiales Canada.À propos de Renew Capital&nbsp;: Renew Capital est une firme d'investissement panafricaine spécialisée dans les startups à fort potentiel de croissance. Nous soutenons activement les entreprises africaines en leur offrant non seulement du capital, mais aussi des ressources pour se développer sur le marché. Pour plus d'informations, suivez-nous sur nos réseaux sociaux.Clause de non-responsabilité:&nbsp;Ce communiqué de presse a été traduit de l'anglais. Nous vous remercions de votre compréhension pour d'éventuelles maladresses ou imperfections de traduction.

Agenz, a Moroccan real estate platform, secures investment from Renew Capital, offering real-time property valuations and market insights.

Linkedin Templates (14).png

Agenz Provides Transparency and Real-Time Data to Morocco’s Real Estate Market

<h1 style="margin-left:0px;">Press Release: ChipChip Makes Online Shopping Cheaper with Group Buying</h1>The platform connects consumers directly with suppliers to drive down costs.<a href="https://latest-api.renewcapital.com/uploads/24_10_8_FINAL_Chip_Chip_Press_Release_b816fb1c7a.pdf" target="_blank" rel="noopener noreferrer">Download full press release</a>Addis Ababa, Ethiopia,&nbsp;October 8, 2024 - ChipChip, an innovative e-commerce platform bringing consumers and suppliers together through group buying, has secured investment from Renew Capital as lead investor as well as other international co-investors. Since its launch, <a href="https://chipchip.social/" target="_blank" rel="noopener noreferrer">ChipChip</a> has been changing how consumers purchase fresh produce and fast-moving consumer goods (FMCG) by enabling them to unlock bulk prices through collective purchasing.&nbsp;<figure class="image"><img src="/uploads/Linkedin_Templates_16_1e3cf6fbe2.png" alt="A photo of the ChipChip team based in Addis Ababa, Ethiopia, who work on connecting consumers directly with suppliers through group buying to make online shopping more affordable."></figure>ChipChip allows users to form groups, pool orders and buy directly from farmers and suppliers. By eliminating intermediaries, ChipChip allows users to enjoy bulk savings while supporting local farmers and suppliers. This community-based approach makes it easier for consumers to access high-quality, locally sourced products at lower prices.“We believe that group buying can change e-commerce in Africa by making it more affordable and impactful,” said Amir Redwan, Co-CEO of ChipChip. “Our platform helps consumers save while supporting local suppliers. With this investment, we’re excited to expand our reach and continue delivering value to communities across Africa.”ChipChip also caters to businesses like restaurants and hotels, providing access to bulk purchases of essential goods. With a seamless shopping experience and exclusive deals, the platform ensures consumers and businesses alike benefit from trusted and affordable access to products.“ChipChip is tackling some of the biggest challenges in Africa’s e-commerce - affordability and access to high-quality products,” said Adam Abate, Principal, Investment Management at Renew Capital. “By giving consumers direct access to suppliers, they’re not only making everyday products more affordable but also building lasting relationships between local producers and buyers. This model is transforming the way communities engage with commerce. We are proud to support Amir and his team as they lead this shift.”ChipChip employs 40 full-time staff and 50 sourcing agents, with 33 women and 57 men. By the end of the year, the company plans to grow to 400 employees, with a strong focus on promoting women, while also prioritizing the recruitment of top-quality talent with the support of Renew Capital.Renew Capital remains committed to supporting growth-oriented entrepreneurs who drive innovation and deliver scalable solutions to Africa’s most pressing needs.Support to Renew Capital portfolio companies is provided in partnership with Global Affairs Canada.

ChipChip, an Ethiopian e-commerce platform, secures investment from Renew Capital to expand its group buying model.

Linkedin Templates (16).png

Press Release: ChipChip Makes Online Shopping Cheaper with Group Buying

<h1>Reflecting on Two Years at Renew Capital: An Interview with Chukwudi Ofili</h1><figure class="image"><img src="/uploads/Linkedin_Templates_b7aeec3f66.png" alt="Professional portrait of the Director of Legal at Renew Capital, based in Lagos, Nigeria."></figure>Two years ago, Chukwudi Ofili shared his&nbsp;<a href="https://www.renewcapital.com/newsroom/homecoming-my-journey-to-renew-capital">journey</a> of returning to Nigeria after a stint abroad as part of a successful legal career to date. Since then, he’s been on an exciting chapter of professional growth while witnessing significant developments across Africa's investment landscape. In this follow-up interview, Chudi reflects on the lessons he’s learned and the future he envisions.Chudi, it’s been two years since you joined Renew Capital. Can you tell us about your experience so far and what stands out for you as the firm grows across Africa?It’s been an exciting two years with Renew Capital as we’ve expanded across 14 countries in Africa. With this growth, I’ve had the chance to learn a lot, both personally and professionally. Over time, I’ve learned a few lessons that have really shaped my experience here.<ul><li>Adaptability.&nbsp;This has probably been the most essential skill. With things moving so fast, being prepared for every situation just isn’t realistic. You have to stay flexible, find ways to add value on the fly and embrace the challenges as they come.</li><li>Learning never stops.&nbsp;I have had to unlearn and learn during my time at the firm. I’ve learned to navigate the nuances involved in closing venture capital (VC) investments in tech-enabled startups across different jurisdictions in Africa. At the same time, I have had to build capacity in relation to fund formation and compliance in the United States.&nbsp;</li><li>Curiosity. This is highly encouraged at Renew Capital as we are always looking for new opportunities and different ways to create value for our founders. That mindset has been vital for me.</li><li>Africa’s potential is undeniable. Having been actively involved in ecosystem development, deal reviews and engaging with founders from across the continent. There’s an abundance of opportunities for disruption and innovation with the accelerated adoption of technology.&nbsp;</li><li>Legal frameworks are catching up.&nbsp;Some governments are recognizing that innovation needs the right legal environment to thrive. We’re seeing progress, but founders still need strong legal support to build scalable and investment-ready businesses.</li></ul>You’ve mentioned how law plays a role in innovation. How have you seen governments across Africa support this?At Renew Capital, we’ve been keeping track of these changes through our monthly Legal Briefs. We have, for example, seen updates to corporate laws that are supposed to help startups grow in places like Nigeria, South Africa, Ethiopia and Kenya. For example, in the&nbsp;<a href="https://www.renewcapital.com/newsroom/renew-capital-legal-brief-september-2024">September 2024</a> legal brief, the Ethiopian Capital Markets Authority (ECMA) launched a regulatory sandbox that allows fintech companies to test new products in a controlled space. This trend is also taking place in countries like Nigeria, Ghana and Rwanda. We’re also seeing increased adoption of startup and finance laws across Africa in places like Nigeria, Kenya, Morocco and Ethiopia.You also highlighted adaptability as a key lesson. Why do you think that’s been so important for you?As we’ve grown so quickly, we had to make a lot of changes as we entered new markets, which also comes with its own fair share of new challenges. Being adaptable has been essential for navigating all of that. Whether it’s changing our processes or adjusting to different legal and business environments across Africa, you’ve got to be flexible to succeed here.Looking forward, what excites you most about the next generation of African entrepreneurs?&nbsp;I believe that there is a general consensus that Africa is the world’s next growth market. With the many challenges that we face across the continent, African founders within Africa and in the diaspora are utilizing technology to innovate and provide solutions to the socio-economic challenges that we face on the continent. However, lack of access to capital and the lack of the necessary skills to build scalable and profitable businesses remain pain points for many founders. Notwithstanding, there has been increased activity by Africa-focused and experienced investors who are working hard to close this gap and address these challenges. There is optimism about the African potential.

Chukwudi Ofili, Director of Legal and West Africa Investment Manager at Renew Capital, reflecting on his two-year journey at Renew Capital.


Image_20240930_130323_337 (1).jpeg

Reflecting on Two Years at Renew Capital: An Interview with Chukwudi Ofili

<h1>Press Release: Chpter Secures Investment to Drive Sales for African Businesses on Social Media</h1>Changing Africa’s social commerce landscape.<a href="https://latest-api.renewcapital.com/uploads/2024_09_24_FINAL_Chpter_Press_Release_ff5c6b13ff.pdf" target="_blank" rel="noopener noreferrer">Download full press release</a>Nairobi, Kenya, September 24, 2024&nbsp;— Renew Capital has invested in&nbsp;<a href="https://app.chpter.co/">Chpter</a>, an AI-powered conversational commerce platform that enables businesses to sell more on social media platforms such as WhatsApp and Instagram.&nbsp;Founded in 2022, Chpter enables faster and simpler social commerce through automated conversations, marketing and aggregated payments. This helps businesses to increase sales and manage customer interactions more efficiently. With this new funding, Chpter will speed up product development, expand its presence in sub-Saharan Africa and boost its sales and marketing.<figure class="image"><img src="/uploads/Chpter_Cofounders_From_Left_Mark_Kuria_Tesh_Mesongo_00af38c3c5.jpg" alt="A photo of the four co-founders of Chpter, an AI-powered platform helping businesses increase sales on social media platforms like WhatsApp and Instagram."></figure>“At Chpter, we’re dedicated to transforming the way businesses interact with their customers on social media,” said Tesh Mbaabu, Co-Founder and CEO of Chpter. “We look forward to working with Renew Capital to accelerate our growth and further our mission of empowering businesses to elevate their social commerce strategies and take advantage of social media.”&nbsp;Chpter’s platform is already in use in Kenya and South Africa, serving industries such as retail, financial services and education. The company plans to expand into new markets, including Nigeria, Ghana, Egypt and Morocco.“As one of the investors in the consortium, Renew Capital is proud to support Chpter’s innovative approach to social commerce,” said Esther Mwikali, Senior Investment Manager at Renew Capital. “Chpter’s technology solves key problems for African businesses, like shopping cart abandonment and scattered customer interactions. Chpter is ready to drive growth and change the social commerce landscape by making engagement on platforms like WhatsApp and Instagram more effective.”Renew Capital is committed to backing growth-oriented founders who possess a blend of skill, grit and passion. Entrepreneurs seeking financing for asset-light, tech-enabled businesses should check out the&nbsp;<a href="https://venturelab.renewcapital.com/">Renew Venture Lab</a> and apply.Support provided to Renew Capital portfolio companies is generously supported by Global Affairs Canada.

Chpter secures investment to enhance social media sales for African businesses through AI-powered solutions. Learn how this platform is shaping social commerce across Africa.

Chpter-Cofounders_From Left-Mark, Kuria, Tesh, Mesongo (2).jpg

Press Release: Chpter Secures Investment to Drive Sales for African Businesses on Social Media

<h1>Renew Capital Legal Brief - September 2024</h1>The latest changes in Africa's regulatory environment<figure class="image"><img src="/uploads/Sept_Legal_Brief_Ld_08dcd450d9.png" alt="Photo of Renew Capital's September 2024 Legal Brief document."></figure>With a growing presence in Africa’s top startup ecosystems, the Renew Capital team stays on top of the legal landscapes shaping the venture capital and investment space and provides insights for investors, entrepreneurs, industry leaders and policymakers in Africa’s dynamic business environment.&nbsp;Egypt:&nbsp;<ul><li>Non-Resident Foreigners Can Now Own Egyptian Bank Accounts Freely -&nbsp;The Central Bank of Egypt has, via a circular dated August 7, 2024, directed all Egyptian banks to open non-resident bank accounts for foreign customers not residing in Egypt and to grant them access to available banking services. The aim is to expand access by foreigners to a range of banking services while ensuring compliance with account opening regulations, Know Your Customer (KYC) requirements and anti-money laundering laws and regulations.</li></ul>Ethiopia:&nbsp;<ul><li>Capital Market Regulatory Sandbox Launch&nbsp;-&nbsp;The Ethiopian Capital Markets Authority (ECMA) launched the sandbox on August 29, 2024. The sandbox provides a controlled environment for testing new capital market products or services with consumers under temporary regulatory flexibility.&nbsp;This is in line with similar approaches adopted by Nigeria, Rwanda and Kenya which have seen a lot of benefits for startups.</li></ul>Ghana:&nbsp;<ul><li>Ghana is Set to Lift Cryptocurrency Ban, Issues Draft Guidelines on Digital Assets - Draft Guidelines on Digital Assets were issued by the Bank of Ghana (BoG) in August 2024. The Guidelines contemplate the existence of a regulatory framework for digital assets and Virtual Asset Service Providers (VASPs) in Ghana and the licensing duties of both the BoG and the Securities and Exchange Commission. Similar to Nigeria, this should eventually lead to a certain regulatory framework for digital assets and inspire investor confidence in VASPs which were largely neglected in the past because of a lack of regulation and licensing options.</li></ul>Kenya:&nbsp;<ul><li>The Constitutionality of the 2023 Finance Act Remains on the Fence&nbsp;– The 2023 Finance Act was ruled unconstitutional by the Court of Appeal in Kenya in July 2024 due to the National Assembly’s failure to justify its decisions on public proposals and provide revenue estimates. However, the Supreme Court has stayed the lower court’s order pending the outcome of appeals filed on the matter.</li></ul>Nigeria:&nbsp;<ul><li>Tax Holiday for Basic Food Items&nbsp; -&nbsp;From July 15 to December 31, entities can import food items like maize, husked brown rice and wheat with a zero percent customs duty rate and sell them on commodity exchanges without charging value-added tax (VAT). This tax holiday aims to encourage food imports, reduce food inflation and address the food crisis in the country.</li><li>Busha and Quidax Receive Go Ahead to Commence Operations -&nbsp;The Securities and Exchange Commission (SEC) has issued its first approvals-in-principle to digital asset exchanges Busha and Quidax. Full registration will follow as the SEC reviews other participants in its Accelerated Regulatory Incubation Program. This groundbreaking move is expected to set a precedent for other digital asset exchanges to operate in one of Africa’s largest digital assets markets by volume.</li></ul>Rwanda:<ul><li>New Intellectual Property Regime Emerges&nbsp;- The 2024 Law on the Protection of Intellectual Property took effect on July 31, 2024, introducing several changes. These changes include the creation of an independent Intellectual Property Office and the introduction of provisional patent applications for ongoing inventions.</li></ul>South Africa:&nbsp;<ul><li>Satellite Service Operators Prepare for Licensing Framework -&nbsp;The Independent Communications Authority (ICA) has set up an inquiry to establish a licensing framework for satellite services in South Africa, particularly fixed, mobile and broadcasting satellite services. Stakeholders have until November 12, 2024, to submit suggestions to the ICA. This inquiry is a crucial step towards creating a transparent and efficient process for satellite operators, enhancing the delivery of satellite services across the country.&nbsp;</li></ul>Tanzania:&nbsp;<ul><li>Tanzanian Parliament Raises Market Dominance Threshold -&nbsp;&nbsp;The Parliament has endorsed a bill proposing to raise the market dominance threshold from 35% to 40%. Therefore, a single entity will be allowed to control up to 40% of the market it specializes in. This also means that when two or more entities consider a merger, they will not be restricted to the 35% market dominance rule. This is expected to encourage foreign investments whilst also imposing restrictions on the misuse of market holdings by multiple individuals.</li></ul>Uganda:&nbsp;<ul><li>ICT and Communications Laws Face a Likely Merger -&nbsp;The Uganda Communications Commission has declared its intentions to consolidate all ICT and communications laws for better regulation of all media platforms and the media industry.</li></ul>Zambia:&nbsp;<ul><li>Zambia Opens Access to Energy Transmission -&nbsp;Independent power producers can now bypass state-owned Zambia Electricity Supply Corporation Limited (ZESCO) Ltd as the transmission entity and transmit power directly to consumers. This is expected to improve access to power, reduce losses and promote efficient metering.</li></ul>Regulatory&nbsp;<ul><li>More African Governments Gear Towards&nbsp;Artificial Intelligence (AI) Regulation&nbsp;- In August, Nigeria and South Africa joined the growing number of African countries with national AI policy frameworks. Like Kenya and Egypt, they're developing policies to foster AI innovation and growth within their borders.&nbsp;</li></ul>Visit our blog to learn more about some of&nbsp;<a href="https://www.renewcapital.com/newsroom/the-momentum-of-african-startup-ecosystems-in-a-snapshot">Africa’s startup ecosystems</a> or contact us at&nbsp;<a href="mailto:renew@renewcapital.com">renew@renewcapital.com</a> if you need to get up to speed on any of these ecosystems! Stay tuned for more updates in our upcoming briefs!Disclaimer: The information included in this blog does not constitute legal advice. Consumers should consult their legal advisors.

Renew Capital’s September 2024 Legal Brief highlights key regulatory updates in Africa, including banking reforms in Egypt, cryptocurrency guidelines in Ghana and new market regulations in Ethiopia, Kenya and more.