Renew Capital

A Portfolio Company update: Renew Capital

Renew Capital is a pan-African investment firm. They believe that investing in tech and tech-enabled startups and providing those companies with proper management development and market access support can transform and strengthen the African economy.

Africa has long been framed through the language of aid, charity, and crisis. But when Renew Capital co-founder Matt Davis first traveled to Uganda in the mid-2000s, he saw something different: entrepreneurship, ambition, and economic momentum.

That realization would eventually become Renew Capital, an investment firm focused on one of Africa's greatest economic challenges: access to capital.

For Matt and his wife and co-CEO Laura Davis, the problem wasn’t a lack of talent, innovation, or drive. Across the continent, millions of entrepreneurs are building businesses, creating jobs, and serving growing markets. The challenge is that many remain underserved by traditional financial institutions and disconnected from the capital they need to grow.

The Missing Middle

For years, Renew Capital invested directly in entrepreneurs operating in what is often called the "missing middle"—businesses too large for microfinance but too small, early, or unconventional for traditional banks and venture capital.

Along the way, the team learned an important lesson: capital alone is rarely enough.

Matt Davis recalls one of Renew Capital's early investments, a family-owned injera export business in Ethiopia. After years of growth, the company was devastated by Ethiopia's civil war, losing financing, export access, and much of what it had built. Thankfully, the damage was not irrevocable. Several years later, the founder's son rebuilt the business from the ground up. Today, the company is once again profitable, exporting internationally and creating jobs.

What stayed with Davis was not simply the entrepreneur's resilience, but what he said he valued most from Renew Capital's partnership: the coaching, accountability, and strategic guidance.

"Those conversations mattered as much as the capital," Davis said.

That experience reinforced a belief that remains central to Renew Capital today: entrepreneurs need long-term partners who provide both capital and the guidance necessary to succeed. Today, Renew Capital has made more than 50 investments across 10 markets and is among Africa’s most active venture capital firms.

Why Philanthropic Capital Matters

Despite being home to some of the world's fastest-growing economies and youngest populations, Africa continues to receive a disproportionately small share of global investment capital. The continent attracts roughly 1% of global venture capital funding, leaving many promising entrepreneurs without access to the resources needed to grow.

This is where donor advised funds and philanthropic investment vehicles can play a catalytic role. Organizations like Impact Foundation help direct flexible, patient capital toward entrepreneurs and investment funds operating in markets that are often overlooked by traditional investors. By helping bridge early financing gaps, these vehicles can unlock private investment, accelerate business growth, and create lasting economic opportunity.

Building the Financial Infrastructure of the Future

Today, Renew Capital's vision extends beyond investing in individual businesses. The firm believes Africa does not have an entrepreneurship problem, but rather a capital distribution problem.

Across the continent, software companies are building trusted relationships with millions of consumers and small businesses. They see transactions, inventory levels, cash flows, and payment behavior every day. These platforms increasingly possess the data and distribution networks needed to deliver financial services at scale.

Renew Capital is focused on supporting entrepreneurs and platforms that help build the next generation of financial infrastructure. By connecting technology, data, and capital, these businesses can expand access to credit, savings, payments, and other financial products that help businesses grow.

For Renew Capital, the opportunity is not simply to back successful companies. It is to help build the systems that enable entire economies to thrive.

As Africa urbanizes, digitizes, and becomes one of the world's youngest and most connected regions, the firm sees enormous potential ahead. The future will be shaped by entrepreneurs, investors, philanthropists, and financial institutions working together to unlock opportunity for the continent and beyond.

Visit renewcapital.com to learn more about the firm's mission, team, and portfolio.