Renew Capital’s Year-End Highlights: New Investments and Stories!

Check out the latest updates from Renew Capital. As we wrap up the year strong, we highlight our first investment in Tunisia with Konnect, along with a new investment in Kenya and Morocco. We also take you through a feature from the Africa Brief and the vibrant ecosystem of Rwanda.

Let's kick off by testing your knowledge of Africa’s facts.

Which of these is South Africa spending almost $10M on?

• Protecting lions
• Protecting rhinos
• Protecting tourists
• Protecting vineyards

Think you have the answer? Find it in 'The Africa Brief’, a weekly roundup of news on Africa’s emerging private sector. Haven’t subscribed yet? Sign up to receive The Africa Brief every Friday!

Enakl Is Making Travel Easier in African Cities

Enakl, a Moroccan startup, is making travel easier with a simple subscription service that connects people to reliable and affordable rides.?

• Why it matters: ENAKL is addressing the critical transport challenges in Africa’s crowded cities, helping commuters save time and money while promoting sustainable, inclusive mobility solutions.

In just one year, Enakl has grown rapidly reaching 15,000 monthly bookings and increasing revenue by 28% month-over-month. The company has partnered with major corporations like Carrefour, and with Renew Capital’s investment, it plans to scale its fleet, optime routes and diversif its driver base, including a focus on women drivers.

STIMA Pioneers EV Battery Management Solution

Renew Capital has invested in STIMA , a platform transforming electric vehicle (EV) battery fleet management through data-driven solutions.

Why it matters: Efficient battery management is key to scaling Africa’s EV infrastructure.

• STIMA delivers real-time insights for fleet optimization, predictive maintenance and warranty management.
• Partnerships with companies like Roam, MAX, Greenwheels and Bboxx help scale battery-swapping infrastructure across Africa.

Learn more about STIMA and the recent investment.

Konnect Makes Digital Payments in North Africa a Breeze

Renew Capital has made its first investment in Tunisian company Konnect, which is a payment gateway authorized by the Central Bank of Tunisia. Konnect’s platform enables secure, scalable and accessible digital payments for businesses and individuals across the region.

Why it matters: Digital payments are crucial for financial inclusion and economic growth, especially in underserved communities.

• Konnect Networks offers payment links, e-commerce plugins, and APIs to streamline online transactions for businesses of all sizes.
• A strategic partnership strengthens its efforts to expand secure and user-friendly payment options.

What’s next: With cutting-edge fraud detection and remote onboarding, Konnect is driving North Africa’s shift toward modern financial infrastructure. Learn more.

#StopGivingTuesday: Stop Giving to Africa

On December 3, 2024, it was #GivingTuesday, a day when wallets were opening, charities were benefiting, and people embraced the spirit of giving across the U.S. Some of you considered giving to Africa.

But here’s some hard truth: charity isn’t helping Africa. Worse, it’s holding the continent back. With the world’s youngest and fastest-growing workforce—but the fewest jobs to match—Africa needs more than charity. It needs investment.

Read more on this interesting take on Stop Giving to Africa.

Spotted in the Africa Brief

African Founders’ Challenges

A recent survey by Flourish Ventures, titled "Passion and Perseverance: Voices from the African Founder Journey," gathered insights from 169 startup founders across 13 African countries (Flourish Ventures).

Key Findings:

• 80% of founders reported enjoying their entrepreneurial journey while their top stressors include:
• Fundraising: Securing capital remains a primary challenge. Some things are the same everywhere!?
• Economic Factors: Inflation, currency devaluation and other macroeconomic issues add significant pressure.

Creating Accessible Clean Energy for East Africa

Why we invested in Sawa Energy: Although Africa's solar potential is massive, the continent receives only a fraction of global renewable energy investment. Sawa Energy , operating in Uganda and Rwanda, is changing that by providing solar solutions to businesses with no upfront costs, saving them 10 to 30% on electricity bills.

The Big Picture: As electricity access remains a challenge in Africa, Sawa’s model provides businesses with reliable, affordable energy, helping expand solar infrastructure and drive sustainable development.

Read more about why we invested in Sawa Energy.

“Unity, Work, Patriotism”

Rwanda, known as the land of a thousand hills, is becoming a key player in Africa’s entrepreneurial ecosystem. Its thriving ecosystem offers opportunities for entrepreneurs and investors, making it one of Africa’s most promising markets for sustainable growth.

Some Key Takeaways:

• Kigali's Financial Growth: Ranked as the second highest international finance center in sub-Saharan Africa and 67th globally (GFCI 2024).
• 100% 4G Coverage: National internet coverage has reached 100%, promoting digital inclusion and boosting startup growth.
• Vibrant Entrepreneurial Ecosystem: Kigali hosts numerous co-working spaces and tech hubs, like Norrsken House, fostering innovation.
• Strong Legal Framework: Supportive tax incentives and modern regulations in finance and tech sectors attract international investors.

Want to discover more? Read the 'Secrets of Rwanda’s Startup Ecosystem' article.

Renew Capital manages the Renew Capital Angels,?a global community of for-purpose investors who seek financial returns and sustainable social impact by making investments into growth-oriented small and medium enterprises in Africa.?Together, with our partners, we aim to build and strengthen the private sector in the countries where we work. We invite you to join us.