Investing in asset-light, technology-enabled businesses across Africa
DENVER and NAIROBI, Kenya, Feb. 13, 2024 (Globe Newswire) — Africa’s growing technology sector receives a surge of new capital; update capital He emerged as a unique player. With the dual purpose of generating returns for investors and founders, and rebranding Africa’s global image from a place of giving to a place of investment, Renew Capital is making great strides. Renew Capital is a veteran player in the continent’s venture capital industry, founded in 2012 by Matt and Laura Davis, who moved from their lives in Washington DC to the African investment landscape.
“In 2012, we became one of the first investment companies in Ethiopia. Much of our early work involved educating the market about what investment companies do. ” said Matt Davis, Co-CEO of Renew Capital. Currently operating in 14 countries, Renew Capital aims to become one of Africa’s leading investment firms by 2025.
“We began investing in individual deals through the Renew Capital Angels Network, which now consists of over 200 families primarily from the United States and Canada,” added co-CEO Laura Davis. . “We are grateful to have members of Renew Capital Angels visiting Kenya this week on an ecotourism trip. This visit will provide direct engagement and understanding of the ecosystems in which they invest, and will provide opportunities for investors and Africa. It underscores our commitment to fostering deeper connections with the entrepreneurial ecosystem.”
In 2023, the company launched the Renew Venture Lab Fund series, which focuses on early-stage and technology-enabled companies. With a “founders first” approach, Renew Capital prioritizes the character and vision of its founders. “We believe in founders with the integrity, intelligence, guts and vision who can move the country forward,” Matt explains.
Renew Venture Lab Fund 1 will focus on asset-light companies that enable resilient and adaptable portfolios, and support startups at the forefront of innovation with scalable and sustainable business models. Designed. Companies that Renew Capital has invested in with Renew Venture Lab Fund 1 include Opareta, a Ugandan startup that improves the efficiency of mobile money operations with a comprehensive digital platform. Mpost is transforming the postal service with its technology. Octavia Carbon is leading the way in carbon capture and sustainability efforts. Expand your scale and advance your logistics. Sawa Energy is making renewable energy solutions more accessible in East Africa. Bosso is addressing the critical need for affordable housing in Zambia through his online marketplace of building materials and financing solutions. Tappi, a Kenyan innovation that allows small and medium-sized businesses to quickly establish an online presence and access digital advertising, and Level Africa, a regulated fintech innovator that streamlines the investment process.
Following the closure and capital deployment of Renew Venture Lab Fund 1, Renew Capital is now launching Renew Venture Lab Fund 2 (RVL2). The fund is designed to invest in up to 50 technology startups across Africa, providing training and support to founders and their teams. The most successful companies in RVL2 will be eligible for a major investment from Renew Capital Fund 1, the company’s growth-stage investment fund.
“At Renew Capital, we aim to support talented founders who are shaping Africa’s economic future,” Matt concluded.
About Renew Capital
update capital is a pan-African investment firm that supports innovative founders building world-class companies in Africa. The firm manages investments in a global network of HNIs, foundations and family offices seeking economic return and sustainable social impact.
investment with update capital are speculative in nature and involve a high degree of risk. The information in this press release does not constitute an offer to sell or the solicitation of an offer to buy any interest in any investment vehicle managed by Renew Capital or its affiliates (the “Investment Vehicle”). Any such offer or solicitation may only be made by delivery of a Subscription Agreement in connection with an Investment Vehicle, specifically delivered by Renew Capital to its Recipient. Investments in investment vehicles are available only to “accredited investors” (as defined by the SEC under the Securities Act of 1933, as amended) and who also meet the investor suitability requirements set forth in the Subscription. For investors only. Who can bear the risk of investment loss, including the potential loss of the entire investment?
Media inquiries
Laura Davis
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