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RENEW exits Ethiopian production company

RENEW, through its Impact Angel Network, divested an Ethiopian production company to an unnamed regional private equity fund and a family office.

The investor had backed the launch of the startup company, which exports to global markets, in two rounds of angel financing. These investments realized gross internal rates of return of 26.70% and 17.58%, respectively.

Impact Angel Network supports Africa-based small and medium-sized enterprises with social impact.

RENEW, which offers investment advisory and consulting services, receives financial support from the government of Canada via Global Affairs Canada for its Accelerating Business Growth project. The project focuses on creating sustainable jobs for low-skilled workers through small and medium-sized businesses in Ethiopia.