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Since opening the RENEW office in Ethiopia in 2012, the Impact Angel Network (IAN) has made four investments in East Africa. Be sure to look for several exciting announcements of new investments in the coming weeks! In the meantime, RENEW is proud to report on the accomplishments our portfolio companies have made in East Africa.
dVentus continues to make strides in building its local capacity and in new product development. The company has successfully designed and built a prototype and system for smart meters to improve the reliability, security and efficiency of African and Middle Eastern power grids and is now working on certifying the prototype to customer’s specifications. Since the IAN made it’s investment in dVentus, the company has increased the number of individuals employed by approximately 21%.
METAD AGRICULTURAL DEVELOPMENT PLC
METAD continues its preparation for the 2015 coffee harvest season, which begins in November. At the Hambela farm, the farm workers are clearing additional land for more planting, fertilizing the soil and drilling wells for the nursery. METAD continues to support local small farmers by purchasing their coffee crops or by providing technical training on coffee farming best practices to ensure the region is growing coffee is a sustainable and ecologically mindful way. METAD is also actively using its coffee laboratory to generate brand recognition and revenue. Since the lab’s opening, METAD has cupped 70 varieties of coffee for global firms and has also been training local and international cuppers.
In 2014, METAD adopted a school of 478 students in Hambela. They have provided school uniforms to the students, purchased benches and tables and increased the teachers’ salaries by 50%. METAD has plans to increase the number of students it is supporting for the next school year, which starts in September 2015. METAD also hired additional teachers for the school and began paying their full salaries.
MAMA FRESH INJERA PLC
Mama Fresh is making strides in increasing operational capacity and certifications with the ongoing implementation of good manufacturing practices in partnership with a Fortune 500 food company. The company continues to source raw materials from more than 300 rural farmers. Mama Fresh is exploring additional U.S. markets in the coming months with new, innovative Ethiopian food products.
EAST AFRICA EMERGENCY SERVICES LTD
RENEW and the IAN closed the investment in East Africa Emergency Services LTD (EAES) in May 2015. Since closing the investment, RENEW and EAES has been partnering with an Ethiopian company, Tebita Ambulance and Pre-Hospital Emergency Medical Service PLC’s (TEBITA), on a long-term business plan and strategy to position the company for growth.
In June 2015, the company finalized the purchase of three additional ambulances and other equipment to respond to growing demand for company’s emergency medical services. Two of the new ambulances will serve clients in remote areas and one ambulance will service peace of mind clients in Addis Ababa. The company also opened a training center in Addis Ababa, providing increased capacity for first aid training of non-health professionals and emergency response training for health professionals. During the last quarter, TEBITA provided training services to several international organizations.
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Renew Capital is an Africa-focused impact investment firm that backs innovative companies with high-growth potential. 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. For the latest on investing in Africa, subscribe and follow us at our social links below.
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