<h1 style="text-align:center;">The Second Annual Impact Report</h1>RENEW announces the Impact Angel Network’s (IAN) second annual impact report. We hope it will give you key insights into the IAN’s vision, the portfolio in Ethiopia and the IAN itself, and in doing so, we will take you back to the source of some of Ethiopia’s greatest resources.With seven investments in Ethiopia, the IAN now supports 1,490 jobs, with 812 having been created post investment. Our portfolio companies now source from more than 4,300 small holder farmers. Read our Impact Reports: •<a href="https://latest-api.renewcapital.com/uploads/RENEW_Impact_Report_2017_c0d6c8251c.pdf"> Impact Report (June 2017)</a> • <a href="https://latest-api.renewcapital.com/uploads/RENEW_LLC_Impact_Report_2016_d7bb848962.pdf">Impact Report (June 2016)</a><figure class="image"><img src="/uploads/renew_report_cover_fotor_001380ba9e.jpg"></figure>

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The Second Annual Impact Report

<h1>Love And Tough Love: Our Take On 8 African Startup Ecosystems</h1>Our bird’s eye summary on the heels of our investment tourRenew Capital, along with a growing network of angel investors from around the world, have spent over a decade immersing ourselves in the vibrant cultures and entrepreneurial spirit of Africa. We initially focused on Ethiopia - not easy, but rich in culture and packed with potential - and have recently expanded across the continent into 9 countries. We’ve had wins, losses, and an amazing investment experience…and we’re just getting started.&nbsp;&nbsp;Each day we see new signs of growth. Laura and I recently embarked on a six-week investment trip across East and Southern Africa, including a visit to Ghana in West Africa. We engaged with more than 100 founders with the aim of selecting the best deals for our upcoming Renew Venture Lab Fund, which is a feeder fund to our venture capital fund. What we observed was a brilliant, diverse and energetic blend of talent, culture and progress. Africa is without a doubt changing and developing, much faster than most of the world may even be aware of. I hope this brief recap sheds light on this potential and inspires some of you to get on a plane and join us for an unforgettable investment experience.&nbsp;<div class="raw-html-embed"><style>
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</div><h3>A short manifesto&nbsp;</h3>I believe (and hope) that in the next ten years, the West’s perspective of Africa will undergo a radical paradigm shift, resulting in the redirecting of billions of dollars given each year in the form of aid and charity to investments in Africa’s burgeoning startup ecosystem.&nbsp;There has not been one discussion I have had in the last 5 years where I heard an African advocate for more charity or aid. The continent seeks partners that believe in their potential and will invest in their future. And that future is being written in the code of startups and the strategies of relentless entrepreneurs.&nbsp;At Renew Capital, we're working with a global network of investors who are not just observers; they are actively participating in this transformation. And the founders we are backing are embracing their new role as the ambassadors of Africa’s future.&nbsp;Africa is not just rising – it's thriving, innovating, and redefining possibilities.Now, let's delve into the highlights of our visits to various countries, shedding light on their entrepreneurial spirit and investment potential.<h3>Addis Ababa, Ethiopia: Awakening the Sleeping Giant (our home)</h3>Please note that I’m biased in my analysis of Ethiopia. It’s our Africa home and I have a deep place in my heart for this great country. I also have some tough love for her; earned through holding our ground during a civil war and losing a number of investments in that season.&nbsp;Ethiopia, historically considered a dormant tech market, is experiencing a surge in fintech interest. The introduction of&nbsp;<a href="https://www.renewcapital.com/newsroom/m-pesa-launches-in-ethiopia">M-PESA</a> sets the stage for exponential growth, with innovative partnerships and government initiatives fostering a conducive environment. Renew Capital, present in Ethiopia for 12 years, believes in the awakening of this market. That said, we’re moving with caution. While the capital markets are opening up, it takes time for the motivations of leaders to work their way down to the rank-and-file bureaucrat who approves or rejects your investment license. We’re ready to fight for every approval - Ethiopia is a sleeping giant and its tech scene is 20 years behind others, but when it decides to move it will be huge.&nbsp;<h3>Accra, Ghana: A Rising Star in Fintech?</h3>Ghana is gaining attention as an emerging destination in the African fintech landscape. Comparisons to stable Rwanda and entrepreneurial Uganda create a market balancing stability with innovation. Ghana's focus on financial inclusion and cross-sector collaborations indicates a promising future. We're excited to make an investment there, soon!<a href="https://www.mckinsey.com/industries/financial-services/our-insights/fintech-in-africa-the-end-of-the-beginning#:~:text=Ghana%20and%20francophone%20West%20Africa%20are%20expected%20to%20show%20the%20fastest%20growth%2C%20at%2015%20percent%20and%2013%20percent%20per%20annum%20respectively%2C%20until%202025.">15% per annum</a>: Ghana is the fastest-growing fintech market in Africa.&nbsp;<h3>Dar es Salaam, Tanzania: Kickstarting the Ecosystem</h3>In some ways, Dar es Salaam reminds me of Addis - starting up and ripe with potential. But we need to get movement to go from potential energy to kinetic energy, and that’s going to require some big, focused pushing.&nbsp;When we were there the ecosystem seemed close-knit and small. There was a youthful energy to the meet-ups we hosted and attended. It seems the government is supporting tech and innovation, so, while our pipeline was thin, we are eager to roll up our sleeves and start working “in and on” the ecosystem. I give it another 12 to 24 months and we’ll start seeing an impressive pipeline of deals coming out of Tanzania.&nbsp;I would have liked to see a bit more innovation and more traction from the companies that pitched to us. That said, we’ll definitely be coming back to a few of them (awesome founders), soon.&nbsp;<h3>Lusaka, Zambia: Discipline and Stability are Good for Growth</h3>Lusaka mirrors Rwanda's disciplined setup, offering stability and potential for growth. Investments in tech infrastructure and educational initiatives to bridge the skills gap contribute to a conducive environment for tech companies. It was hard for me to get a strong read on the ecosystem, so we’ll need to spend more time getting our heads around how the cultural environment impacts its investment potential. Oddly I would say of all the places, Zambia was the most polished culture I have engaged with. I found myself looking for some grit, but there were a few founders there that I liked. I was also impressed with the budding angel investment ecosystem; I see co-investment potential on the horizon. I also didn’t feel like the Zambian startups were trying to punch above their weight class - which was nice. They seemed realistic about valuations and their heads weren’t too big, which was a welcome refresher from some countries we visited.&nbsp;<h3>Kampala, Uganda: Dynamic Private Sector Amid Political Transitions</h3>Uganda was the first place I started to do my work in Africa years ago. And its private sector culture has remained a unique blend of chaos and growth. Uganda's laissez-faire strategy is working. But everyone seems worried about the upcoming leadership transition - so we’ll keep an eye on that. But I loved the energy of Uganda and there are some sharp founders doing great work there.<h3>Kigali, Rwanda: Investments and Excitement Bearing Fruit</h3>Rwanda radiates hope for the future. The country is positioning itself as a regional launchpad for startups. International collaborations, outside universities, and a government keen on fostering innovation make Kigali a hub for cross-border startup innovation. “Yeah, but it’s small…” is a true and cliche thing to say. But like Seattle weather, we know there is a lot of sun, and we just hope not too many people find out about it before we get a head start. Rwanda, we're ready!&nbsp;<h3>Nairobi, Kenya: Awesome but Pricey Amid Economic Concerns</h3>Nairobi stands out with sophisticated founders pitching innovative ideas, but (currently) expensive valuations. It’s November 2023, not 2022. Plus, the country is having macroeconomic challenges. All that to say, the talent and maturity of the pipeline in Nairobi is exceptional. I loved it. They have a rapidly evolving fintech ecosystem but we’re navigating it carefully. There is some&nbsp;soft money still sloshing around buying companies at prices that would make you shake your head. The strategic founders will readjust quickly, and position their current raise in a way that enables a faster raise in 12-18 months once the dust settles.&nbsp;&nbsp;<h3>Maputo, Mozambique: A Great Afro-European Vibe and Emerging Tech Scene</h3>Maputo, with its Afro-European fusion, faces some structural challenges but exhibits immense entrepreneurial resilience and potential. Financial inclusion initiatives and international investments in natural gas provide optimism for economic growth. A lot going on with the government "sandbox" initiative. Most companies were too early, but a few...could break out. We are excited to hopefully make our first investments there soon!In conclusion, we're very excited and were amazed by how much diversity and growth potential we saw! Now, it's time to make the hard decisions about who to back and how to come back to.As we continue to expand into some of these untouched and potential-rich markets, we will continue to share our insights with the larger community. We’re driven by a broader mission to change the way the world engages Africa, from giving to investing. It won’t be easy - transitioning and learning to invest. But fortune favors the brave! If you’re looking for an unforgettable experience or you’d like to share your own stories, please don’t hesitate to reach out!&nbsp;Renew Capital aims to back the founders leading Africa's startup revolution. We're gearing up to make significant investments in ventures across 10 countries and 8 sectors. We work with a global network of investors who believe in Africa's immense potential and the power of the private sector to drive innovation and economic development. If you are an accredited investor and would like to learn more, take 2 minutes to&nbsp;<a href="https://www.renewcapital.com/apply">apply to Renew Capital Angels™</a>&nbsp; to schedule a meeting with our team.This blog is intended for informational purposes only and does not constitute investment advice or a recommendation to you, or an offer to sell or solicitation to buy any security. Investments with Renew Capital are speculative in nature and involve a high degree of risk. The Renew Capital Angels invest in companies located and doing business in sub-Saharan Africa. Investors should understand and be willing and able to handle the risks of investing in such frontier markets, which are more significant than the risks associated with investing in securities of U.S. companies or in other developed countries and include the risk of total loss of an investor’s entire investment.

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Love And Tough Love: Our Take On 8 African Startup Ecosystems

<h1>Lithium and the Race for Africa</h1><figure class="image"><img src="/uploads/shutterstock_1914908425_0e17232030.jpg" alt="Photo of lithium, a key component in electric vehicle manufacturing, with projections indicating Africa could supply one-fifth of the world's lithium by 2030."></figure>Africa's most significant bilateral trading relationship is with China, reaching a staggering $254B in 2021, surpassing U.S.-Africa trade by four times.&nbsp;Additionally, China holds the top position as the primary contributor of foreign direct investment in Africa, supporting hundreds of thousands of jobs on the continent—approximately twice the volume generated by U.S. foreign direct investment. This dynamic economic partnership underscores China's substantial influence and engagement in the region and the United States’ weakness around investing in Africa.&nbsp;<h4>Figure 1</h4>From 2013 to 2021, Chinese Net Foreign Direct Investment (FDI) into Africa averaged $3.7B annually, while U.S. Net FDI averaged $-.1B over the same period indicating a trend towards US divestment from Africa.Chinese Net FDI Flows vs. U.S. Net FDI Flows to Africa (USD, Billions, Unadjusted)<figure class="image"><img src="/uploads/Images_Website_Ratio_3_297a099f71.png" alt="Chinese Net FDI Flows vs. U.S. Net FDI Flows to Africa (USD, Billions)."></figure>Source: The Statistical Bulletin of China's Outward Foreign Direct Investment, U.S. Bureau of Economic AnalysisChinese funding to Africa peaked at over $28B in 2016, just three years after it announced the&nbsp;<a href="https://www.cfr.org/backgrounder/chinas-massive-belt-and-road-initiative">Belt and Road Initiative</a>, an international infrastructure development strategy intended to boost China’s influence around the world. However, by 2021 funding fell to $1.22B and then fell again to just $994.48M in 2022. China’s challenges create an opportunity for other global players including the United States to invest in the continent and for African countries to develop more comprehensive strategies to capitalize on their natural wealth and build their own manufacturing capabilities.&nbsp;While Chinese investment in Africa over the past two decades far outweighs the U.S., in 2023, Chinese investment has decreased dramatically as a result of challenging economic conditions at home and the global economic impact of the pandemic.&nbsp;One of the ways African countries are stepping up is by developing new local manufacturing facilities for lithium batteries, which could increase the export value of their local lithium and contribute to Africa’s developing local Electric Vehicles (EV) manufacturing market.<h3>The Global Lithium Race</h3>Projections indicate that by 2030, Africa could contribute one-fifth of the world's lithium requirements<figure class="image"><img src="/uploads/Images_Website_Ratio_ec78ab6879.png" alt="Infographic depicting projections that Africa could provide one-fifth of the world's lithium needs by 2030, highlighting contributions from Australia, China, Chile, Zimbabwe and Africa, as forecasted by The Economist."></figure>The lithium mining and battery manufacturing industry is experiencing a growing demand due to the global EV market which is projected to be valued at $1.6T by 2030. Therefore, battery manufacturers need new lithium sources for the long-term supply to serve the growing market. Importantly, Africa's resources, particularly its lithium reserves, play a&nbsp;<a href="https://foreignpolicy.com/2023/08/16/zimbabwe-china-lithium-exports-green-technology-africa/#:~:text=The%20world%E2%80%99s%20clean,domestic%20processing%20there.">critical role&nbsp;</a>in the global shift toward clean energy.There are 98 million metric tons of lithium resources across the globe. South American countries namely Argentina, Bolivia and Chile account for 53%, the largest portion, followed by European countries with approximately 7.4 million tons and Africa with approximately five million tons of lithium resources.&nbsp; Africa's production is expected to continue to grow, increasing the continent’s role in global lithium supply chains.<h4>Figure 3&nbsp;</h4>5% of the global total lithium deposits are located in Africa% of Lithium deposits globally<figure class="image"><img src="/uploads/Images_Website_Ratio_2_4cf3e131f6.png" alt="Global Lithium Deposits: Pie chart indicating Africa holds 5% of global lithium deposits."></figure>Source: Yahoo FinanceThe surge in Electric Vehicles (EVs) in industrial powerhouses like the U.S., China and Europe has prompted strategic attention to Africa's resources in foreign policy agendas.&nbsp;China presently holds a substantial influence over the lithium supply in Africa. China is the largest investor in Zimbabwean <a href="https://foreignpolicy.com/2023/08/16/zimbabwe-china-lithium-exports-green-technology-africa/#:~:text=However%2C%20China%2C%20which%20controls%20the%20world%E2%80%99s%20critical%20minerals%20supply%20chain%2C%20is%20ideally%20placed%20to%20reap%20benefits%20in%20these%20situations%2C%20because%20several%20Chinese%20owned%20companies%20have%20recently%20completed%20processing%20plants%20in%20the%20country." target="_blank" rel="noopener noreferrer">lithium processing</a>, which has the largest deposits on the continent.&nbsp;However, in December 2022, the U.S. took decisive measures to secure its lithium supply. During the U.S. and Africa Leaders Summit in Washington, the United States signed a trilateral Memorandum of Understanding (MOU) with the Democratic Republic of Congo (DRC) and Zambia. The agreement aims to establish a seamless production system for EV batteries, covering the entire supply chain from mineral extraction to assembly line development.By doing so, the U.S. positions itself strategically to counterbalance China's significant influence in the mining sectors of both DRC and Zambia.&nbsp;<h3>Africa is Building Production Capacity</h3>In Morocco plans are underway to build the first operational super-sized battery manufacturing plant capable of producing batteries that can store at least&nbsp;<a href="https://africabriefing.com/africas-first-gigafactory-for-ev-batteries-could-mark-a-turning-point-in-the-continents-energy-transition/">one billion watt-hours</a> of electricity.&nbsp;These plants would not only be able to produce the batteries needed to power EVs but also contribute to broader public energy demands.Moreover, many African governments are recognizing the broader potential beyond raw materials in the global minerals race. Zimbabwe and Tanzania have proactively taken legislative measures to ensure that lithium processing occurs within their borders. To fully capitalize on the lithium boom, both countries are banning raw lithium exports aimed at maximizing profits derived from lithium extraction and processing rather than just exporting raw materials.<figure class="image"><img src="/uploads/Images_Website_Ratio_1_a99712b4b8.png" alt="China's Mineral Imports from Africa: Graph of China's mineral and metal imports from Africa in billions."></figure>After banning raw lithium exports last year, in the first nine months of 2023, Zimbabwe registered a revenue of $209M (ZWD 76B) from lithium exports, which is approximated to be three times as much as last year’s revenue, indicating that local processing rather than raw material exports can increase returns for African governments.&nbsp;<h3>Conclusion</h3>Despite recent efforts by Western and African governments to invest in the EV supply chain, China still dominates.&nbsp;Chinese firms control at least half of the production of battery parts and, in some cases, more than 70% of the manufacturing process for some specific components. The COVID-19 pandemic underscored the risks associated with abdicating control of key supply chains to just one country,&nbsp;<a href="https://www.freightwaves.com/news/how-three-chinese-companies-cornered-global-container-production">as experienced with China and shipping containers during the pandemic</a>. Therefore, it is imperative to take action to diversify control over battery supply chains, particularly as global efforts intensify to reduce carbon emissions. Furthermore, by shifting focus towards the local processing of minerals and the production of EV components and batteries, African nations with abundant mineral resources stand to benefit significantly from the shift to clean energy. Considering China's dominant position in Africa's lithium market and its substantial control over key components in the electric vehicle supply chain, it is crucial for African nations to proactively diversify and localize their production of EV components and batteries, utilizing their abundant mineral resources to seize opportunities in the global shift towards clean energy. At the same time, western governments must aim to invest in EV supply chains to mitigate Chinese dominance over one of the most critical sectors promoting the global transition to clean energy, if they want to remain competitive.

One of the ways African countries are stepping up is by developing new local manufacturing facilities for lithium batteries..

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Lithium and the Race for Africa

Renew Capital is at the forefront of Africa's startup revolution. We're gearing up for our most significant venture yet—an investment in up to 20 African startups sourced from 10 countries and 8 sectors. If you are an accredited investor and interested in learning more, take 2 minutes to <a href="https://www.renewcapital.com/apply" target="_blank" rel="noopener noreferrer">apply to Renew Capital Angels™</a> and be part of the transformation.<h1>Embracing Africa's Startup Revolution</h1>Our Journey Through 8 Countries Meeting 50 Startups in 60 Days<div class="raw-html-embed"><style>
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</div>Across the continent in 60 days: snapshots from a few of the countries on Matt and Laura’s whirlwind tour. Photos courtesy of Renew Capital.After living and investing in Africa for more than a decade, we've embarked on what could only be described as an extraordinary adventure. Through the highs and lows, successes and setbacks, we've been building what we envision to become one of the region's premier investment firms.Our story is one of true entrepreneurship, marked by the same trials and triumphs faced by those we invest in. From our base in Ethiopia, the "sleeping giant" of the African investment landscape, we've expanded across nine countries. Our recent marathon journey through 8 countries, meeting 50 startups, has reaffirmed a few things:<h2>Africa’s Moment Is Now</h2>The Western perspective on Africa is due for a paradigm shift. The era of simply giving is being outpaced by a more impactful strategy: investing in Africa’s future. The continent is not looking for handouts; it is seeking partners in progress. Partners who understand that the future is being written in the code of startups, in the strategies of entrepreneurs who are as visionary as they are relentless.At Renew Capital, we're not just observers; we're active participants in this transformation. Our history on the continent has shown us the undeniable: Africa is not just rising - it's thriving, innovating and redefining what's possible.<h2>Calling All Angels: Rise to the Investment Challenge</h2>We stand at a pivotal moment. To those on the outside looking in, this is your call to action. Renew Capital is backing startups and becoming part of a revolution that’s redefining supply chains and creating jobs. We are investing in the innovators who are shaping Africa’s tomorrow.It’s time to transcend the old ways of nepotism and cronyism. To those successful African entrepreneurs and investors, investing in innovation is investing in a legacy that will endure. Political leaders and decision-makers, the resources at your disposal have the power to ignite change or stifle potential. The choices you make today will echo through the annals of history.<h2>Our Pledge: Renew Capital’s Largest Investment Offering</h2>In the coming weeks, Renew Capital will unveil its most diverse and comprehensive investment package to date. We are selecting up to 20 tech-enabled startups from a pool of talent that spans 10 countries and 8 sectors. These startups are not just businesses; they are beacons of hope and progress.Our commitment goes beyond capital. We provide a scaffold of training and coaching that prepares these startups for the journey ahead. We’re calling on investors who are ready to be part of something transformative. Join us. Invest with intention. Let’s write history together.If you’re ready to rise to this challenge and back the next generation of African entrepreneurs,&nbsp;<a href="https://www.renewcapital.com/apply">apply now to Renew Capital Angels™.</a> After submitting the 2-minutes application, accredited investors will have access to our largest investment opportunity to date. We will be sharing more in our Renew Capital Angels Members’ Call on Wednesday, November 15, so be sure to submit your application before then.The time to act is now. Be a part of this landmark shift in how the world engages Africa. Your involvement is not just an investment in a company; it’s an investment in the future of a continent on the rise.<h2>The Future Awaits. Let’s Build It Together</h2><img src="https://lh7-us.googleusercontent.com/Uv9vJEC-PzrRb-zP5GZzBD6OS08lpKlXjf8QRer6mFYHMoAPcA2-xMvOojQGTgef_n0kF9YAcsfuCK8CcZzUigHHJbm6f3j3eutEQs1d26RHPMbs-JAUFSfdUxfN2N39fSxnRbNmZncMch6qz5oaUZo" alt="Renew Capital's upcoming investment package featuring up to 20 early-stage companies from 10 countries and eight sectors, highlighting the firm's commitment to investing in Africa. "><h2>Here are some interesting facts about Africa:</h2><ul><li>Venture Capital Funding: In 2022, Africa raised $5.2 billion in venture capital across 786 deals, accounting for 3% of the total volume and 1.2% of the total value of global venture funding. Despite a global downturn in venture capital,&nbsp;<a href="https://www.avca.africa/data-intelligence/research-publications/2022-venture-capital-in-africa-report/#:~:text=Africa%20raised%20US%245,US%2450%20million%20compared%20to%202021">Africa's market remained relatively stable</a>, with only a slight decrease in funding compared to the previous year​​. However, it is important to note that the majority of these transactions were relatively small, with&nbsp;<a href="https://www.brookings.edu/articles/figures-of-the-week-venture-capital-trends-in-africa/#:~:text=However%2C%20the%20majority%20of%20VC,in%20the%20United%20States">65% of VC deals attracting less than $5 million</a> in investments​​.</li><li>Urbanization Trends: Africa is experiencing a significant urbanization trend. While its population has been largely rural, the continent is now driving urbanization at&nbsp;<a href="https://www.dw.com/en/africa-drives-global-urbanization/a-65653428#:~:text=05%2F17%2F2023,This%20is">a pace similar to Asia's in previous decades</a>​​. Sub-Saharan Africa, in particular, has seen a consistent increase in its urban population, with a&nbsp;<a href="https://www.macrotrends.net/countries/SSF/sub-saharan-africa-/urban-population#:~:text=Sub,as%20defined%20by%20national">3.92% rise from 2020 to 2021</a>​​. This urbanization is significant as it often correlates with increased economic activity and can provide a fertile ground for startups and investors.</li><li>Projected Growth in VC Investment: There was an expectation that VC investment in Africa would sharply increase to between $3.8 billion and $4.7 billion in 2022, with projections reaching up to&nbsp;<a href="https://www.statista.com/chart/24911/vc-investment-by-country-in-africa/#:~:text=In%202022%2C%20VC%20investment%20is,investment%20in%20Africa%20is">$6.8 billion by 2023</a>​​. However,&nbsp;<a href="https://restofworld.org/2023/african-startups-vc-funding-decline/">a decline in venture capital funding</a> in the African tech startup ecosystem has been observed in 2023, which has raised concerns among entrepreneurs and investors about the potential stagnation of the sector if the funding does not meet the needs of growing companies​​.</li><li>Emerging Opportunities and Sectors: The technology sector in Africa is burgeoning, and there is a growing acknowledgment that venture capital can support the expansion and innovation of tech startups on the continent. Moreover, the agriculture technology sector is seen as a&nbsp;<a href="https://www.caban.co.za/venture-capital-opportunities-in-africa-in-2023/#:~:text=Top%2010%20Venture%20Capital%20Opportunities,improve%20agricultural%20productivity%20in%20Africa">promising area</a> where venture capital can address food security issues and improve agricultural productivity​.</li><li>Unicorn Status Achievements: The rise of significant startups is underscored by achievements such as unicorn status, with MNT-Halan becoming Africa's first unicorn of 2023 and Egypt's first unicorn after raising&nbsp;<a href="https://techpoint.africa/2023/03/15/african-venture-capital-funding-in-february-2023/#:~:text=Egypt%20was%20by%20far%20the%20country%20that%20got%20the%20most%20funding%20%E2%80%94%20%24437%20million%20%E2%80%94%20due%20to%20MNT%2DHalan%27s%20%24400%20million%20raise.%20South%20Africa%20followed%20in%20second%20place%20with%20%24173.7%20million%2C%20while%20Nigeria%20(%2436%20million)%20and%20Kenya%20(%2415.8%20million)%20rounded%20up%20the%20top%20four.">$400 million</a>​.</li></ul>This summary is intended for informational purposes only, is subject to change, and does not constitute investment advice or a recommendation to you. This summary is not intended as an offer to sell or a solicitation of an offer to buy an interest in any company (a “Company”) managed by Renew Capital or its affiliates. Such an offer to sell or solicitation to buy an interest in a Company may be made only by the delivery of subscription agreements relating to such Company and specifically delivered by Renew Capital to the recipient thereof. Investment in a Company is open solely to “accredited investors” (as defined by the SEC under the Securities Act of 1933, as amended) and, in addition, is intended only for sophisticated investors who meet the investor suitability requirements described in the subscription agreements and who can bear the risk of investment losses, including the potential loss of their entire investment.Investments with Renew Capital are speculative in nature and involve a high degree of risk. The Renew Capital Angels invest in companies located and doing business in sub-Saharan Africa. Investors should understand and be willing and able to handle the risks of investing in such frontier markets, which are more significant than the risks associated with investing in securities of U.S. companies or in other developed countries and include the risk of total loss of an investor’s entire investment.

After living and investing in Africa for more than a decade, co-founders Matt and Laura Davis believe we stand at a pivotal moment. 

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Embracing Africa's Startup Revolution

<h1>On World Food Day, Renew Capital Reflects on Famine Mitigation</h1>At the intersection of academia, technology and investing, ag experts and companies come together to address shortfalls in food production and distribution, as well as potential growth. Whether she’s comparing satellite imagery to the crops she's traversing with farmers by foot as she heads up the Africa section of NASA's food and agriculture program, talking to her restaurateur-turned-farmer mother about her yields in Uganda, or teaching classes at University of Maryland, in the United States, 2020 Africa Food Prize winner <a href="https://geog.umd.edu/facultyprofile/nakalembe/catherine">Dr. Catherine Nakalembe</a> is constantly thinking about how civil conflicts, the war in Ukraine, trade barriers, disruptions to last-mile delivery and climate change are contributing to a looming famine which could become the worst East Africa has seen in decades. She’s also thinking about the communities behind the related data she’s analyzing.&nbsp;<figure class="image"><img src="/uploads/Whats_App_Image_2022_10_19_at_5_12_42_PM_1_2ec373e657.jpeg"></figure>“These are actual people who have worked so hard, and everything gets completely scorched by the sun or washed away by the rain,” she told Renew Capital. “There are these tools that you could use to predict, to give some sort of guidance, some sort of early warning— two weeks, four weeks, six weeks before.”&nbsp;Used in consultation with government agricultural divisions and farming cooperatives across Africa, her team’s research and tools do precisely that. She applauds the efforts of other African researchers, scientists, and organizations in building out solutions that leverage the insights from satellite data and feed into the goal of greater food production and access.&nbsp;<figure class="image"><img src="/uploads/291146909_huge_a9fb009976.jpg"></figure>On Sunday, the United Nations Food and Agriculture organization will observe World Food Day 2022 with the motto “No One Left Behind.” Renew Capital is taking that day to reflect on how its own work as an Africa-focused impact investment firm can contribute. Renew Capital operates on the premise that the private sector can spark innovation and competition; create more sustainable jobs; lower consumer costs; drive policy change and greater trade; and ultimately have positive, more equitable impacts on the lives of diverse communities. Last month, the firm closed a package of tech and tech enabled companies that included investments in <a href="https://inputi.market/">Inputi</a> and Quest Digital Finance’s <a href="http://akellobanker.com/">Akellobanker</a>, two digital platforms from Uganda embracing and implementing the kind of innovation &nbsp;Nakalembe wants more people to be able to access.&nbsp;Investing in Small Farmers and Rural EntrepreneursInputi 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 investment from Renew Capital, it hopes to profile and aggregate input dealers, farmers and farmer groups to provide linkages in trade and to financial institutions and insurance firms.&nbsp;<figure class="image"><img src="/uploads/Inputi_5_d6607c024c.jpg"></figure>“We cannot eliminate famine caused by climate change, but we can mitigate that by improving food distribution systems,” Inputi chief executive officer David Lukwago told Renew Capital. “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;Nakalembe believes an input platform like this one can be faster and more efficient than systems coming from the government because they are less encumbered by bureaucratic red tape and are driven by consumer demands.&nbsp;“You could explore one thing and try it for a few months, and if this doesn't actually turn out to be working really well, a company has that flexibility to reevaluate their model,” she said, noting that regular outreach into the communities through organizations such as farming cooperatives can be key to building trust and setting up a system where both sides inform each other of latest trends and best practices in their business models. In fact, she noticed in her own in-person field visits that farmers thrive on opportunities to share with each other about what crops are proving to produce the highest yields or offer the most nutrition.&nbsp;Eventually, Inputi hopes to do exactly that. As it stands, farmers are essentially telling suppliers what fertilizers or pesticides they need by what they end up requesting, something that in time could lead to higher quantities of organic inputs, Lukwago says. At the same time, they’re trusting that the platform will give them reliable information about when those inputs will hit the agri shop closest to them so that they don’t waste precious time and fuel trying to get there, only to come up empty-handed. Early warning sign data is also on the horizon, and that could be instrumental in helping farmers shift what to grow or how much to store, versus how much to send into the broader market.&nbsp;Over the coming 10 to 20 years, the next one billion people will be on the African continent, said Lukwago, referencing the region’s rapidly growing population. “Demand for food is going up but food productivity is actually declining. The only way to solve this problem is to bring technology onto smallholder farms to help us leapfrog all these other broken pieces along the value chains.”&nbsp;<figure class="image"><img src="/uploads/273131299_789512975326040_4991063558167214495_n_06e58c53b4.jpg"></figure>But it’s impossible to move forward with buying many inputs without the credit to do so. That’s where products like Akellobanker come in. Run by Ugandan tech company Quest Digital Finance, this platform helps&nbsp;savings and credit cooperatives (SACCOS) and micro-finance institutions to digitize reporting and accountability records that de-risk small farmers, making it easier for them to obtain formal bank accounts and the larger options for credit that come with them.&nbsp;Akellobanker hopes to eventually deliver bundled products and services to farmers and entrepreneurs and other value chain actors on credit. Renew Capital’s investment will help Akellobanker expand its reach to more than 100 cooperatives serving over 100,000 farmers and micro, small and medium enterprises (MSMEs) in Uganda. Akellobanker hopes to integrate over 350,000 farmers and entrepreneurs into the digital economy and use data to deliver desired products and services on credit.Breaking with traditional banking and lending, which has a high barrier to entry throughout Sub-Saharan Africa, Akellobanker team lead Jean Onyait says this platform makes the financial sector more accountable to consumers.&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 Onyait. “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.”Partnering Up for Greater Training and Information SharingOne of the ways Renew Capital sets itself apart from other investment firms is that it blends money from its Renew Capital Angels network with funding from multilateral institutions and government agencies, such as the U.S. Agency for International Development (USAID) and the Government of Canada, to test different strategies for better business; mobilize capital for SMEs and the missing middle; and ultimately shift policy making toward investment in SMEs as the agents of change in advancing international development goals. At the same time, Renew Capital bolsters this effort by partnering with non-governmental agencies to develop and deliver robust executive business training, private equity training and one-on-one coaching sessions to prepare SMEs to receive financing and grow into market leaders.&nbsp;The non-profit organization the Alliance for Green Revolution in Africa (AGRA) partners with Renew Capital to provide the firm’s executive training to African women in farming. The upcoming Enhanced Accelerated Women Exec’s Training, to be facilitated in partnership with Renew Capital and AGRA, begins on October 17 and ends on October 21. The five-day training aims to help female agri-business owners learn how to create a disciplined accounting and financing function; how to generate, read and analyze financial statements; and how to manage a 13-week cash flow. It will also help them understand the core components of and the differences between topics such as marketing and sales functions.AGRA’s Head of Partnership Jennifer Baarn, who works in Africa and represents the diaspora by way the Caribbean nation of Suriname, manages the AGRA Africa’s premium Food Systems Forum. She says these trainings are key to helping entrepreneurs not only navigate their businesses but the entire agri-investment ecosystem in which they are trying to produce and distribute their food products.&nbsp;Part of her job is to help AGRA stakeholders be they government agencies, multilateral institutions, non-governmental organizations and impact investment firms recognize that private enterprise encompasses a wide array of activities.“When it comes to private sector, we often think about big multinationals and well-established retail chains. But in essence, everybody who puts their own capital and equity at risk is in the private sector, isn’t it?” she says. “So our small smallholder farmers, small traders and transporters -&nbsp; the middle men, small-skill processors or even vendors on the side of the road with their frying pans full of mandazi (fry bread).”&nbsp;Investing for Immediate and Long-term ImpactBaarn’s colleague,&nbsp;<a href="https://agra.org/zt_team/dr-jean-jacques-mbonigaba-muhinda/">Jean Jacque Muhinda</a>, a Rwandan agricultural engineer and soil scientist who serves as AGRA’s East Africa regional head, says investments in areas like food production and distribution cancontribute to stabilizing regions even as they are facing internal conflicts.&nbsp;“Some of these local conflicts emerge because of a lack of opportunity, such as a lack of employment opportunities for young people, a lack of resources and a lack of equity and inclusivity,” said Muhinda. &nbsp;<figure class="image"><img src="/uploads/Whats_App_Image_2022_10_14_at_9_49_38_AM_6949fb74f5.jpeg"></figure>And while one country in a geographic region or one area within a country may be facing a food shortage, another country or region might have a food surplus. Investments in the right planning tools and last-mile delivery services can help to balance those scenarios. This month, for example, the news media has been reporting on famine in Somalia and parts of Uganda, but the United States Department of Agriculture reported that Ethiopia is now the second largest producer of wheat on the continent, after Egypt.&nbsp;“I've been reflecting with my organization and my colleagues trying to understand really why we Africans and African countries, especially in East Africa, are affected by a conflict that's taking place 7,000 kilometers away,” said Muhinda, referring to a shortage in grain and wheat imports due to the conflict in Ukraine, one of the world’s largest wheat exporters. “This is a wake up call. In the next four or five years, Ethiopia can be self-sufficient in terms of wheat, rice and oil seed production. It also has the potential for feeding the rest of the countries in the region in a value chain where they have comparative advantage.”<figure class="image"><img src="/uploads/INPUTI_IMAGES_29_e0fe6e4a83.jpg"></figure>All of these advances align with Renew Capital’s ambitious goal of promoting growth in small and medium enterprises across half of Africa’s 54 countries by 2027.“With blended finance commitments in place to fund Renew Capital for the next seven years, the timing is right for the firm to make a big push forward,” Renew Capital co-founder and chief executive Matthew Davis said.&nbsp;“We strongly believe Africa’s private sector is the future of the continent, and we are more committed to our mission to grow companies, build nations and leave a legacy than ever,” managing partner Laura Davis said.&nbsp;– Don’t miss the upcoming&nbsp;<a href="https://agra-org.zoom.us/meeting/register/tZEpdOGgrTMoH90mY1F3qvShTQW-UhzrO_UY">Enhanced Accelerated Women Exec’s Training</a>, to be facilitated in partnership with Renew Capital and AGRA October 17 to October 21. &nbsp;

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On World Food Day, Renew Capital Reflects on Famine Mitigation

<h1 style="text-align:justify;">Ethiopia to Open Up the Banking Sector for Foreign Investors: Here's What We Know</h1>For a long time, Ethiopia’s banking sector had a reputation of being traditional and out of reach to most citizens, including many entrepreneurs who needed credit to run or set up their businesses. The credit provision system was believed to favor the large corporations and affluent people with enough collateral and longtime relationships with the banks.&nbsp;One of the biggest problems was the lack of market competition. The banking sector had been off limits to foreign investors since 1974, and as a result, the market was only served by domestic service providers, which have been criticized for being static. But that dynamic is about to change.&nbsp; On September 3, the Council of Ministers adopted a policy presented by the National Bank of Ethiopia to open the banking sector to foreign investors.&nbsp;&nbsp;<figure class="image"><img src="/uploads/Money_bfe7a95e65.png"></figure>What Do We Know About the Policy?The move affirmed rumors that had been circulating for several years, and even though the full policy details have not been made public, some information about it was disseminated through a&nbsp; Council of Ministers press release.&nbsp;The government expects this policy to improve the quality of the service provision in the sector with knowledge and technology, establish links with the global market, increase the competitiveness, effectiveness and efficiency of the financial sector, ensure a sufficient supply of finance and foreign currency, increase the number of job opportunities created and improve economic efficiency.During a state television interview held the same day as the decision, NBE Banking Supervision Director Frezer Ayalew said foreign banks will be allowed to enter into the Ethiopian market in four modalities:&nbsp; a subsidiary model, branch model, joint venture with existing banks or through a commercial representative office. And according to a news story by&nbsp;<a href="https://www.thereporterethiopia.com/26647/">The Reporter Ethiopia</a>, an NBE official speaking on the basis of anonymity told the publication that this policy allows foreign investors to buy up to a 40% equity stake in existing Ethiopian banks, with a maximum of 5% allowed for individual foreign investors, 5% for non-bank investors and 30% for foreign banks.What’s in It for the Private Sector?Small and medium enterprises are expected to reap some of the biggest benefits of this decision since foreign banks will likely offer innovative credit facilities that promote greater competition among commercial banks and thus attract an influx of foreign currency.What Needs to be Done?The arrival of foreign banks is no guarantee of anticipated benefits. A dramatic forex inflow will largely hinge on the liberalization of the country’s capital accounts and floating the currency.&nbsp;What is Next?Following the policy’s full approval, the government will pass different legislation to carry it out. This includes amending the country’s banking and investment laws which currently prohibit foreign investors from participating in the financial sector. Multiple stakeholder consultations are anticipated to occur in the interim, which could alter some of our perceptions of the mechanics. Whatever the case, we will soon see foreign banks operating in Ethiopia.&nbsp;

Small and medium enterprises are expected to reap some of the biggest benefits.

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 Ethiopia to Open Up the Banking Sector for Foreign Investors: Here's What We Know

<h1 style="margin-left:auto;text-align:justify;">SG2X Playbook Advantage: From the Entrepreneur's Perspective</h1>We look forward to seeing you on September 22 to celebrate the launch of USAID and RENEW’s SME Gender Growth Acceleration (SG2X) Investment Playbook (or “the Playbook”) hosted by the 2X Collaborative. The Playbook is part of their growing toolbox of resources for the responsible investment community.&nbsp;In our past communication, we focused on the purpose of the Playbook and the trainings, templates, tools, etc. it contains. Today, we want to share feedback from entrepreneurs who have first-hand experience with the training and related materials.&nbsp;Most of the SMEs with whom we spoke said the implementation training program changed the course of their companies as well as their day-to-day lives.&nbsp;<figure class="image"><a href="https://us02web.zoom.us/meeting/register/tZYsfumorzMsGNFbdSErJAJWZ99xB9aJMEn9"><img src="https://latest-api.renewcapital.com/uploads/SG_2_X_Promo_V2_2x_253a849373.jpg"></a></figure>“We covered certain foundational principles that I simply didn’t know. This information was not available to me in other business or entrepreneurship training programs that I’ve taken. Things like board governance, gender-smart marketing, cashflow management – I didn’t realize how important they were until after I took the program.”Many of the participating companies joined the training after seeing how their businesses were negatively impacted by the COVID-19 pandemic, and needed to decide how to manage cash flows, add new business lines, or pivot to a new industry.“My company is pivoting in what we do because of COVID-19, and I found the tools to be immensely helpful in executing our new strategy and managing my time as CEO.”“My business badly needed this overhaul at this point in time, especially after COVID-19. My understanding of executive management and having the business move to a more secure future is now much more clear.”Since men still typically dominate the executive space, participants also came to learn the value of gender inclusion and promotion in the business environment.“I appreciated that the program had a consistent message throughout that gender equality contributes to the bottom line. Financial performance and gender equality don’t have to be at odds with one another.”“Even as a female executive, I didn’t understand why I had to intentionally pursue gender equality, but now I understand why it’s so important, which makes it easier to implement. Now that I understand the “why” and have that reasoning in hand, I feel that I can now go to my team and properly explain.”One of the consistent praises from those that have interacted with the Playbook is how accessible and user-friendly it is. We can all understand the frustration of opening up a guidebook and staring down countless pages of description and methodology without a clear step-by-step implementation plan and practical tools to support the process.&nbsp;“I loved the fact that they were brief! I don’t have the time to read really long documents; one to two pages is enough. When you produce a piece of information that’s 30 pages, it’s hard to maintain your attention. The tools are easy to talk about and drum into people’s minds. In fact, my eyes were opened to the potential of tools already at my disposal. I now have a fresh perspective on how to leverage the simplest of tools, like my calendar.”<a href="https://us02web.zoom.us/meeting/register/tZYsfumorzMsGNFbdSErJAJWZ99xB9aJMEn9">REGISTER TODAY</a> to learn more about this innovative toolkit and how it can benefit you and your business(es).&nbsp;<ul><li>DATE: Thursday, September 22, 2022</li><li>TIME: 9:00 a.m.-10:30 a.m. EST; 4:00 p.m.-5:30 p.m. EAT</li></ul>

Hear from entrepreneurs who have directly benefited from the training encapsulated in the SG2X Playbook and how that training transformed their business.

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SG2X Playbook Advantage: From the Entrepreneur's Perspective

<h1 style="text-align:center;">One Investor’s Journey from Giving to Investing&nbsp;</h1>Veteran schoolteacher Julie Baker and her husband Jonathan, a business and organizational management consultant, have spent the better part of their 31-year marriage considering how to best respond to the phrase “to whom much is given, much is expected.” That question became especially poignant while they were working on a short-term mission project in Ethiopia in 2011. Julie was teaching English and Jonathan was working on a renewable energy project. On a return trip, Julie came across the work of RENEW and the concept of impact investing. Shortly thereafter, they joined the Impact Angel Network and today, they are highly engaged members of the 180+ group. Now in its tenth year operating in Ethiopia, RENEW asked Julie to discuss how and why she and her husband pivoted from traditional philanthropy and volunteerism to impact investing.&nbsp;<figure class="image"><img src="/uploads/Julie_Baker_d7696301d9.png"></figure>Q. What kinds of philanthropy and volunteerism were you previously doing and what did you find challenging about it?&nbsp;A. Over the years, we’ve been involved with many NGOs within our community and abroad.&nbsp;Some we founded, and some we support with our time and resources. Generally, the efforts were to restore hope to vulnerable groups with programs that enhanced education or life skills or provided connections otherwise unavailable to them.&nbsp;We had always assumed the phrase “to whom much is given, much is expected” meant we were expected to give generously.During our mission trip to Ethiopia in 2011, someone sent us the book When Helping Hurts, which led us to think that the very things we were doing to help likely weren’t helping at all. Though we loved Ethiopia and still feel that the groups we supported there are excellent, principled organizations, we realized we hadn't put enough thought into how abundant subsidies diminished the sense of urgency around the problems these groups sought to solve.&nbsp;Q. What were some of the pivotal moments that caused you to move from giving to investing?&nbsp;A. One day we got to talking to the director of a program that rehabilitates youth on the streets of Addis Ababa who have become addicted to glue and gas sniffing, an activity commonly used to ease hunger pangs and feelings of depression or helplessness. He said their physical recovery is just the beginning.&nbsp;“Frankly, what they now need most is a decent job, but there aren’t any,” he told me.&nbsp;That got me thinking: “What’s to keep these youths from returning to their old lives?” As such, I started to find ways of helping the youth to transition from selling goods on the street to business roles in the formal economy. I met Laura just as I was researching how to do this work well, and that’s how Jonathan and I were introduced to the concept of impact investing and the longer-term stability a more developed economy could provide.&nbsp;<figure class="image"><img src="/uploads/Julie_Baker_2_5cef6afd3b.png"></figure>Q. What are your preferred types of impact investment deals or industries? What problems are they trying to solve?&nbsp;A. Because I am a teacher, I am interested in companies that serve educational purposes or provide opportunities which empower young people so that they can grow and contribute to economic growth and civic participation.Their creativity and innovation help to grow those companies and stimulate competition in the market.&nbsp;Q. And what characteristics does an impact investing firm need to pull that off?&nbsp;A. The whole point of this work is to make a positive impact in historically tough environments, so a firm and its employees must be absolutely determined to persevere through literal wars, famines, economic challenges and political instability.&nbsp;For that, you’ve really got to think about how to put together the right talent. That comes from recruiting and hiring a diverse group of thoughtful individuals who are eager to show the role business can play in alleviating poverty.Q. Why have you taken a particular interest in investing in women?&nbsp;A. In my experience working with women in Ethiopia, I have found that women-run companies bring a more nuanced perspective to business. Women-led businesses are likely more aware of the cultural or societal demands women face. For example, women typically go to markets on Saturdays to prepare family meals on Sundays. They spend that next day cooking, and then they may be working outside the home the rest of the week, making them some of the busiest members of society. Women managers generally share this experience, so they’re more likely to respect the needs of their employees, offering the kind of workplace flexibility that leads to a happier, more consistent workforce.&nbsp;Greater consistency leads to greater productivity, which is good for all of us. &nbsp;

Julie Baker shares her thoughts on impact investing


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One Investor’s Journey from Giving to Investing	

<h1 style="text-align:center;">Three Reasons to Attend the SG2X Playbook Launch Event</h1>We hope you can join us for the upcoming launch event of the SME Gender Growth Acceleration (SG2X) Playbook, a gender-smart investment toolkit for fund managers and small- and medium-enterprises (SMEs) operating in Africa.<figure class="image"><a href="https://us02web.zoom.us/meeting/register/tZYsfumorzMsGNFbdSErJAJWZ99xB9aJMEn9"><img src="/uploads/SG_2_X_Comms_2_2x_ead7122005.jpg"></a></figure>Here are three reasons why we think you should attend:<ul><li style="text-align:justify;">Engage with the Broader Investment &amp; Development Communities: USAID, RENEW, and a consortium of leading GLI initiatives, including members of the 2X Challenge, will be in attendance to participate in a practical and engaging discussion on barriers affecting the GLI space and solutions.</li><li style="text-align:justify;">Learn Project Best Practices and Key Takeaways: Better understand how you (as a DFI, fund manager, development agency, SME, etc.) can better support the SME asset class to become gender-smart, providing positive portfolio results and catalyzing gender-lens capital into the space.</li><li style="text-align:justify;">Implement the Latest in GLI Resources: The launch event will provide a detailed overview of the SG2X Playbook, including its materials, tools, resources, trainings, etc., which represents the culmination of an 18-month project conducted through USAID’s Women Economic Empowerment Fund.</li></ul>Interested in registering for the launch event? Complete the registration form and mark your calendars!<ul><li style="text-align:justify;">Date: Thursday, September 22, 2022</li><li style="text-align:justify;">Time: 9-10:30 a.m. EST; 4-5:30 p.m. EAT</li><li style="text-align:justify;">Please register via this <a href="https://us02web.zoom.us/meeting/register/tZYsfumorzMsGNFbdSErJAJWZ99xB9aJMEn9">LINK</a> &nbsp;</li></ul>

Join USAID, RENEW, and other leading gender lens investors on September 22, 2022!


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Three Reasons to Attend the SG2X Playbook Launch Event

<h1 style="text-align:center;">Join us at the Audacious Angels Summit &amp; Future of Impact Summit 2022!</h1>RENEW is thrilled to announce that its founders and other members of the Impact Angel Network will be participating in two online global impact investing summits.During the September 12 to 14 <a href="https://www.jellycorn.io/impact-summit2022">Future of Impact Summit 2022,</a> &nbsp;hosted by <a href="https://www.linkedin.com/company/xoco-unlimited/">XOCO Unlimited</a>, RENEW Managing Partner Laura Davis will serve as a panelist for a plenary session titled Women Entrepreneurs, Debunking Stereotypes through Innovation. The summit brings together hundreds of impact-driven entrepreneurs, investors and ecosystem players from more than 50 countries to connect, learn and inspire action towards an equitable, inclusive and sustainable future on the journey to the SDGs 2030. And, as noted by its title, the plenary session seeks to showcase amid a male-dominated businessworld the unique ways women creatively tackle and solve complex problems.“I appreciate Jessica Espinoza’s approach to change and am happy to lend my perspective on this important topic as a female entrepreneur who works with other female entrepreneurs in East Africa,” said Laura Davis recently.RENEW's CEO Matt Davis, who is also a co-founder of RENEW’s Impact Angel Network, will facilitate a panel of angel investors which includes two of our own IAN members, Aaron White and Maureen O'Shea during the September 15 to 16 <a href="https://www.jellycorn.io/angels-summit2022">Audacious Angels Summit 2022</a>. That summit brings together aspiring and experienced angel investors from around the world to demystify angel investing and “supercharge” the next generation of diverse angels.<figure class="image"><img src="/uploads/Audatious_2x_dce2e59d7d.jpg"></figure><ul><li>Future of Impact Summit - September 13 - Women Entrepreneurs – Debunking Stereotypes through Innovation - 4 PM EST - <a href="https://www.eventbrite.de/e/future-of-impact-summit-2022-tickets-335868400427">Get Ticket&nbsp;</a></li><li>Audacious Angels Summit -&nbsp; September 15 - A Showcase of Renew Capital Angels, 17:00 - 18:00 CET, 11:00 - 12:00 PM EST, 11:00 - 00:00 AM Singapore - <a href="https://www.eventbrite.de/e/audacious-angels-summit-2022-tickets-336000706157">Get Ticket</a>&nbsp; &nbsp;</li></ul>100% of tickets are charitable donations for <a href="https://xocounlimited.org/">XOCO</a> empowering vulnerable girls to escape gender-based violence and leapfrog to digital jobs of the future!&nbsp; <a href="https://xocounlimited.org/empowergirls">Learn more here</a>.&nbsp;

RENEW is thrilled to announce that its founders and other members of the Impact Angel Network will be participating in two online global impact investing summits. 