<h1 style="text-align:center;">A Day in the Life</h1>It's 4:00am in Addis Ababa, Ethiopia. The sounds of the July rain hitting the metal rooftops across Gerji, an up-and-coming burrow of Addis, mixed with the call to prayer from the nearby mosque, can easily lull anyone back to sleep. Nonetheless, I get up and brew myself a strong cup of locally roasted coffee. The US team is winding down their day’s work and my inbox is full of questions, ideas and newsbytes. I triage, and fire off as many responses as I can before I begin working through the day’s priorities.By 5:45am we are at the gym getting our morning exercise in. The gym, Maxview, is one of the largest gyms in East Africa, and another sign of Africa’s rising middle class. At 6am the gym is packed with Ethiopians and expats attending spinning classes, lifting weights and running on treadmills. Although some machines are broken, it’s not for a lack of trying by the owners: the parts are either stuck in Djibouti, or their letter of credit (“LC”) is waiting to be approved by the local bank. For Ethiopian companies, one of the biggest challenges is waiting for an LC to get approved so they can import raw materials, spare parts, etc. The names on the list for LC approvals can start piling up in developing countries like Ethiopia, where foreign currency shortages can bring a trading-to-manufacturing economy to a grinding halt.<figure class="image"><img src="/uploads/photo_cac_addis_road_2c9738a9d5.jpg"></figure>By 7:45am we’re at the office. The team rolls in and we have our morning check-in. Dawit is meeting with three new companies. Bethel is deep in analysis on a coffee farm. Biruk is working on getting documents approved by the government…a full time job! Tom, who is normally in the US, but is here to help finalize the closing of an investment, is working through the legal documents that need to get notarized by the government. I am reviewing a term sheet that we’re in the process of negotiating with a local company and preparing for a Skype call with investors back in the US. Laura is following up on Kathleen’s emails regarding an upcoming investor trip, and then on the phone, calling the long list of businesses she’s waiting for documents from.At 10am, I hop in the car with Dawit and we’re off to visit a company in Kality - an industrial stretch of Addis along the main (two lane) road connecting Addis to Djibouti Port, and the rest of the world. I yearn for the new four-lane highway that the Chinese are almost done building to open soon. Towns that happen to be positioned along the highway are already becoming cities. Places like Adama, which five years ago didn’t have much but some small shops, now has a car assembly plant, plans for a cable factory, commercial farms, lodges and hotels. Still, until the highway opens, Dawit and I, and what seems like the rest of Addis, are stuck in traffic. Huge trucks mixed in with small cars provide a nice image of true development; an exciting mess of moving parts, both big and small. Because it’s July, the shoulders of the road are lined with hundreds of Caterpillar graders, Scania trucks, bucket loaders, and all other types of industrial equipment that have been put up for the rainy season. Mechanics are busy fixing gears and wires. Once the dry season returns at the end of September, these machines will be back to work, building one of the fastest growing economies in the world.&nbsp;

A day in the life of the RENEW team in Addis Ababa, Ethiopia...

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A Day in the Life

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

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RENEW closes an investment into an Ethiopian clean energy company.

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RENEW Facilitates Investment into dVentus Technologies

<h1 style="text-align:center;">RENEW Represented on Impact Investing Panel</h1>RENEW's Tom Scriven joined several others in the field of impact investing for a panel discussion at <a href="http://business.gwu.edu/CIBER/facultydevelopment/FDIBWelcome.cfm">George Washington University's School of Business</a> on June 14. The panel, 'Impact Investing: Building Institutions Through Investment', was part of a week-long workshop hosted by GWSB on succeeding in emerging markets and the role of institutions.Tom joined Ambassador John Simon of <a href="http://www.totalimpactadvisors.com/">Total Impact Advisors</a> and Randall T. Kempner of <a href="http://www.aspeninstitute.org/policy-work/aspen-network-development-entrepreneurs">Aspen Network of Development Entrepreneurs</a> for a robust discussion on the topic. The panel was moderated by Dr. Reid W. Click, director of GW-CIBER at GWSB.<figure class="image"><img src="/uploads/gw_panel_0_f82d3af854.jpg"></figure>

RENEW's Tom Scriven joined George Washington University's discussion on impact investing in June.

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RENEW Represented on Impact Investing Panel

<h1 style="text-align:center;">Out and About in Ethiopia - The Coffee Ceremony</h1>The coffee ceremony is part of daily life in Ethiopia. First, the green beans are roasted, creating a glorious aroma. Then the beans are ground, traditionally with a wooden mortar and pestle, but now more commonly in an electric grinder. The ground coffee then goes into a clay vessel, called a jebena, along with water, and the vessel is placed on the fire.Then the fun begins - sweet popcorn, incense and the most delightful brew. I've asked many and they say there is no religious meaning behind the ceremony, but the smells, taste and time to savor offer a welcome relief in the midst of any busy day. Incense, such as frankincense or gum arabic, is burned on hot coals that sit on a tiny clay base. The coffee is poured into small cups - Cini in Amharic - and more rounds are brewed. The first round of coffee is called "Abol," the second "Tona" and the third "Bereka", which means "to be blessed." And one of the most surprising parts for me is that some people choose salt in their coffee instead of sugar!<figure class="image"><img src="/uploads/coffee_ceremony_81936bc994.jpg"></figure>

The coffee ceremony is a daily part of life in Ethiopia...

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Out and About in Ethiopia - The Coffee Ceremony

<h1 style="text-align:center;">In the News…The Africa Beats</h1>Impact Investing Huffington Post - "Impact investing is an effort to nudge more commercial investment capital into the social investing space by getting them to consider the social impacts of their investments alongside financial returns using double or triple bottom line approaches. In its ideal form, impact investing holds great promise for shifting significant sums of capital. According to a recent research report by the Monitor Group, the impact investing industry could grow from its present $50 billion to $500 billion in assets within the next decade." <a href="http://www.huffingtonpost.com/john-f-ince/why-are-we-stomping-on-th_b_3231643.html">Read full article</a>Invest in Africa WSJ - "Nine out of 15 of the world's fastest growing countries today are African. Over the past decade, the continent's economies have grown at an average 5% per annum. Foreign direct investment, which stood at $9 billion at the turn of the millennium, last year exceeded $80 billion. Far from being a flash in the pan, this is the result of a sustained period of increasingly sophisticated economic management and stable politics." <a href="http://online.wsj.com/article/SB10001424127887324767004578485234078541160.html?utm_source=Copy+of+Africa+Center+for+Strategic+Studies+-+Media+Review+for+May+17,+2013&amp;utm_campaign=5/20/2013&amp;utm_medium=email">Read full article</a>ENCA - "Three African countries have been listed in the top ten of the 102 best places in the world to invest. A report by the US think tank, Foreign Policy has ranked countries by their attractiveness as investment destinations. Southern Africa’s Botswana, East Africa’s Rwanda and West Africa’s Ghana have all been listed among the 10 best places in the world to invest. This is based on the ease of doing business, the return on investments and the stability of the country. In first place on the continent and second globally is Botswana. Botswana is one of Africa’s least populated and wealthiest countries." <a href="http://www.enca.com/africa/africa-among-best-invest">Read full article</a>SMEs in Africa All Africa - "As an African entrepreneur, I keenly await the outcomes of the 2013 World Economic Forum on Africa. One of the key issues to be discussed is how to accelerate economic diversification to deliver on Africa’s promise. This can be explored on three different levels: the types of industry and economic activity carried out across the continent; the promotion of workplace inclusivity; and the rectification of some of the economic imbalances in the demographics of many African economies." <a href="http://allafrica.com/stories/201305091085.html">Read full article</a>

Welcome to RENEW's In the News. The following post includes highlights on topics such as Investing in Africa, Impact Investing, and Investing in Ethiopia.

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In the News…The Africa Beats -  Part 2

<h1 style="text-align:center;">RENEW Welcomes New Members to the Ethiopia Team</h1>Dawit Deresse, Bethel Yemaneberhan and Biruk Abayneh, all of Ethiopia, join the RENEW team<figure class="image"><img src="/uploads/et_team_photo_ae1858aa5a.png"></figure>RENEW is happy to announce that we have hired three exceptionally talented local staff members for our Addis Ababa office.<a href="https://renewcapital.com/team/dawit-deresse">Dawit Deresse</a> joins RENEW PLC as a financial analyst. Dawit comes to us from Zemen Bank where he was the principal risk management officer. Dawit will help lead RENEW's finance team and focus on investment risk analysis. Dawit has a bachelor's in business management from Jimma University, and has been trained and certified in asset and project financing and financial management.<a href="https://renewcapital.com/team/bethel-yemaneberhan">Bethel Yemaneberhan</a> joins RENEW PLC as a financial analyst. Bethel comes to us from KPMG in London after returning home to Ethiopia after several very successful years as an auditor in the U.K. private banking sector. Bethel will help RENEW source, assess, and close investments in high-quality, high-potential SMEs, as well as build our angel network in the U.K. She has a master's in international business from Regent's College and is ACA qualified (Chartered Accountants in England).<a href="https://renewcapital.com/team/biruk-abayneh">Biruk Abayneh</a> joins RENEW PLC as our office manager and logistics coordinator. Biruk comes to us from Precise Consult where he was a business intelligence specialist and office manager. Biruk will help RENEW PLC become a high-functioning office and streamline and lower closing costs by running exceptional logistics between the private and government entities. He has a master's of business administration from Unity University.We are thrilled to welcome these three new members to our Ethiopia team!

RENEW announces three new team members on our Ethiopia team.

RENEW Welcomes New Members to the Ethiopia Team

<figure class="image"><img src="/uploads/cac_1_3503ca2056.jpg"></figure><h1 style="text-align:center;">&nbsp;</h1><h1 style="text-align:center;">North Carolina Impact Angels Visit Ethiopia</h1>We had an incredible time hosting our North Carolina Impact Angels in Addis two weeks ago! Some members of the group were familiar with Ethiopia before arriving, while for others it was a first-time, eye-opening experience. We spent six days in Addis meeting with a number of businesses and leaders, including: the President of Ethiopia, the Ethiopia Commodities Exchange, presidents and executives from local banks and insurance companies, countless business and development stakeholders, and twelve business owners.<figure class="image"><img src="/uploads/cac_6_f35f137106.jpg"></figure>The investors were surprised to see so much development, growth and opportunity in Addis. They noticed signs of a rising middle class, such as private healthcare needs, workout facilities, and hair salons. They were encouraged by the great people they met that want to work and build their country, and the returning Diaspora that see an opportunity to return home.Our investors were also surprised to hear first-hand the desires of Ethiopians to work and partner with U.S. investors, and the wide range of sectors in which to invest, from manual labor to technology.<figure class="image"><img src="/uploads/cac_3_52dafb3d33.jpg"></figure>As the group was able to speak with more Ethiopian entrepreneurs, they grew more excited about the positive attitude and drive of the management teams they met, the education of the trained workers within the businesses, the signs everywhere pointing to growth in the agriculture, healthcare, energy, and technology sectors, and seeing that many companies are actively looking to move women into leadership roles and working to improve the lives of their employees.Overall, the North Carolina Impact Angels had a successful and exciting week learning more about Ethiopia and the many opportunities here. We look forward to more groups of Impact Angels coming to Ethiopia as we continue our efforts to implement a new model for impact investing in Africa.<figure class="image"><img src="/uploads/cac_4_b234adaa32.jpg"></figure>&nbsp;

Read about what our North Carolina Impact Angels were up to in Ethiopia...

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North Carolina Impact Angels Visit Ethiopia

<figure class="image"><img src="/uploads/photo_5_0_cd7310392b.jpg"></figure><h1 style="text-align:center;">Angel Investor Trip Update</h1>“Are Americans serious about investing in Ethiopia?” questioned an entrepreneur attending RENEW’s recent Unwritten Rules workshop. We think so. After a year of testing the market, RENEW has attracted interested private capital including more than $10M from U.S. angels, $10M from impact funds, and a potential $5M from NGOs and foundations looking to invest in Ethiopian SMEs. And this is only the beginning…The RENEW team recently concluded another successful week hosting several angel investors from North Carolina here in Ethiopia. The group is part of a growing network of Impact Angels from the United States and Europe that RENEW has been building since 2007. So far this year, we have hosted two groups, and several more are scheduled in the coming months. These investors are coming to Ethiopia in search of opportunities to create impact and returns beyond what traditional aid and charity models or investment funds currently offer them.As our list of visiting investors continues to grow, we would like to share some feedback we captured from the most recent group to help encourage and guide businesses and development partners who are eager to engage with this growing class of investors for Africa.We’ve learned that it’s necessary to clarify what an angel investor is. These are sophisticated investors who make direct investments into promising businesses. Impact angels are different from a fund, and very different from a charity or grant making entity. In the words of one of our impact angels, “We’re making investments. This is not charity and it’s not a grant. We’re here to do real investments with a profit and values motive.”These angels are looking for good returns and good impact - such as helping empower women in leadership roles, creating jobs and sustainability, and lowering Africa’s dependence on charity and aid. They are well-connected and experienced in growing and running successful companies. RENEW facilitates investment from these impact angels into promising businesses in Ethiopia and across Africa.Check back next week for more details and photos about what our angel investors were up to last week!

"Are Americans serious about investing in Ethiopia?" We think so...

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Angel Investor Trip Update

<h1 style="text-align:center;">In the News... The Africa Beats</h1>Welcome to RENEW's In the News…The Africa Beats. The following post includes highlights on topics such as Investing in Africa, Impact Investing and more:Invest in Africa Voice of America - At the World Economic Forum in Davos, Switzerland, South African President Jacob Zuma and other African leaders discussed what is currently being done to make Africa more attractive to foreign investors. The panel, titled 'De-risking Africa' discussed perceptions that foreign investors have regarding investment in Africa and how to address and change those perceptions. <a href="http://www.voanews.com/content/world-econd-forum-africa-24jan13/1590036.html?utm_source=voaafrica&amp;utm_medium=twitter&amp;utm_campaign=en&amp;utm_content=twitterfeed">Read full article</a>Sports Pro - The Africa Cup of Nations, Africa's leading football tournament, kicked off last week in South Africa. One of the shirt sponsors, Invest in Africa, works to promote Africa as a credible business destination and is using the Africa Cup of Nations as a way to promote and celebrate the continent's potential. Invest in Africa sees the football tournament as a great way to showcase some of the world's fastest growing markets, as evidenced by 6.6 billion cumulative television viewers who tuned in for the competition last year. <a href="http://www.sportspromedia.com/guest_blog/how_the_africa_cup_of_nations_can_help_promote_africa_as_a_leading_business/">Read full article</a>Impact Investing Huffington Post - A look at some lessons that impact investors can learn from the struggles and successes of microfinance in the last 30 years, including how impact and returns are measured. <a href="http://www.huffingtonpost.com/tilman-ehrbeck/lessons-impact-investing-_b_2569243.html">Read full article</a>

Read highlights on topics such as Investing in Africa, Impact Investing and more...