Renew Capital Achieves Investment Milestone, Launches Next Pan-African Tech Fund

Investing in asset-light, tech-enabled businesses across Africa

DENVER and NAIROBI, Kenya, Feb. 13, 2024 (GLOBE NEWSWIRE) -- Amidst a surge of new funds in Africa’s thriving tech sector, Renew Capital has emerged as a distinctive player. With a dual purpose of generating returns for investors and founders, and rebranding Africa’s global image from a place of giving to a place of investing, Renew Capital is making significant strides. Founded by Matt and Laura Davis, who transitioned from their lives in Washington, D.C. to Africa's investment landscape in 2012, Renew Capital is a seasoned player in the continent's venture capital industry.

“In 2012, we were among the first investment firms in Ethiopia. Much of our early work involved educating the market about what an investment firm does,” says Matt Davis, co-CEO of Renew Capital. Now operating in 14 countries, Renew Capital aims to be one of Africa's leading investment firms by 2025.

“We began investing into individual deals through the Renew Capital Angels Network, now comprising more than 200 families mainly from the U.S. and Canada,” adds Laura Davis, co-CEO. “We are grateful to have members of the Renew Capital Angels visiting Kenya this week on an EconTourism trip. This visit underscores our commitment to directly engaging with and understanding the ecosystems where we invest, fostering deeper connections between our investors and the African entrepreneurial ecosystem.”

In 2023, the firm launched the Renew Venture Lab Fund series, focusing on early-stage tech and tech-enabled companies. With a "founder first" approach, Renew Capital prioritizes the character and vision of founders. “We believe in founders with integrity, intelligence, grit and vision who can lead their countries forward,” explains Matt.

Renew Venture Lab Fund 1 was designed to support startups at the forefront of innovation with scalable and sustainable business models, focusing on asset-light companies for a resilient and adaptable portfolio. Some of the companies that Renew Capital has invested in with Renew Venture Lab Fund 1 include Opareta, a Ugandan startup enhancing the efficiency of mobile money operations with a comprehensive digital platform; Mpost, which is transforming postal services with its technology; Octavia Carbon, leading in carbon capture and sustainability efforts; Scale, making strides in logistics; Sawa Energy, making renewable energy solutions more accessible in East Africa; Bosso, addressing the critical need for affordable housing in Zambia through its online marketplace for building materials and financing solutions; Tappi, a Kenyan innovation enabling SMEs to rapidly establish their online presence and access digital advertising and Level Africa, a regulated fintech innovator streamlining the investment process.

Following the closing and deployment of capital from Renew Venture Lab Fund 1, Renew Capital is now launching Renew Venture Lab Fund 2 (RVL2). This fund is designed to invest in up to 50 tech startups across Africa, offering training and support to founders and their teams. The most successful companies in RVL2 will be eligible for larger investments from Renew Capital Fund 1, the firm’s growth-stage investment fund.

“At Renew Capital, we aim to back exceptional founders who will shape Africa’s economic future,” Matt concludes.

About Renew Capital

Renew Capital is a pan-African investment firm backing innovative founders building world-class companies in Africa. The firm manages investments for a global network of HNIs, foundations and family offices seeking financial returns and sustainable social impact.

Investments with Renew Capital are speculative in nature and involve a high degree of risk. The information in this press release is not intended as an offer to sell or a solicitation of an offer to buy an interest in any investment vehicle (an “Investment Vehicle”) managed by Renew Capital or its affiliates. Such an offer or solicitation may be made only by the delivery of subscription agreements relating to an Investment Vehicle and specifically delivered by Renew Capital to the recipient thereof. Investment in an Investment Vehicle 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.

Laura Davis