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Renew Capital Launches Second Fund

Anna Lyudvig
Feb. 13, 2024, 2:20 p.m.
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Following the closing and deployment of capital from Renew Venture Lab Fund 1, Renew Capital has announced it is launching Renew Venture Lab Fund 2 (RVL2). 

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Following the closing and deployment of capital from Renew Venture Lab Fund 1, Renew Capital has announced it is 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,” said Matt Davis, co-CEO of Renew Capital.

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.

Renew Capital was among the first investment firms in Ethiopia in 2012, according to Matt Davis. 

“Much of our early work involved educating the market about what an investment firm does,” he said.

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,” commented 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,” she said.

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,” said Matt Davis.

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.

Renew Capital manages investments for a global network of HNIs, foundations and family offices seeking financial returns and sustainable social impact.

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