Renew Capital, a pan-African early-stage investment firm with a large presence in Ethiopia, has announced the launch of the Renew Venture Lab, an innovative initiative designed to drive the growth of African businesses.
The venture which seeks to elevate African startups to the next level, will select 20 startups to receive investment by the end of 2023. Depending on the company’s growth potential, as assessed by Renew Capital, the investments will range from $50,000 to $300,000.
Registration for the Renew Venture Lab is currently open, with the Venture looking for growth-oriented founders of tech-enabled, asset-light companies in Ethiopia, Rwanda, Uganda, Kenya, Tanzania, Zambia, Sudan and Mozambique. Companies that have traction and that are raising their first rounds of capital are also encouraged to apply.
“Renew Capital has been supporting African startup communities and providing early-stage investment for over 10 years. We see more and more people discovering the immense entrepreneurial potential in Africa. This is why we’re so excited to launch the Renew Venture Lab – an innovative new program that unites our dual mission: Find and train the most promising startups and connect them to our global network of investors,” said Matthew Davis Managing Partner & CEO at Renew Capital in a statement sent to Shega.
Commencing with immediate effect, Renew Capital is offering a Pre-Lab Training for all interested entrepreneurs. This program intends to shed light on the operational dynamics of Renew Capital and other investment firms, explain the fundamental steps of the investment process, identify the key documents involved in the investment proceedings, and lay out what transpires following an investment receipt from Renew Capital.
In August 2023, the Venture will extend invitations to 100 ventures for the Renew Venture Lab, a training series crafted to ready companies for prospective investment from its fund. The Renew Venture Lab is expected to be a mixture of online and in-person training, with coaching sessions led by the Renew Capital team.
In the subsequent month of September, 50 startups from the Renew Venture Lab will be invited to pitch to the Renew Capital Angels. These pitches will be recorded and uploaded to the investor platform, allowing Renew Capital Angels to view and vote on each.
By October, Renew Capital aims to invest amounts ranging from $50K, $150K, to $300K, into the top 20 companies.
With a decade of presence in Africa, Renew has been making direct investments in early-stage African businesses via the Renew Capital Angels.
Some of Renew’s investments in Ethiopia include Deliver Addis, a pioneer food delivery and logistics startup, Desta Plc, a textile and apparel manufacturer, and Mama Fresh Injera, a commercial manufacturer and exporter of fresh-baked injera.
At the beginning of this year, Renew, added Ethiopian audiobook and podcast startup, Teraki, into its investment portfolio.
Renew collaborates with development partners to invigorate entrepreneurial ecosystems across the continent. Recently, it embarked on a seven-year partnership, underpinned by funding from the Canadian government, to extend its blended finance model throughout East Africa.