Companies Under Management
The Impact Angel Network portfolio is made up of seven incredible companies across four integral sectors of the Ethiopian economy. To date, the these companies have attracted an additional $10.6M in capital, created almost 500 new jobs, and supported more than 1,100 existing jobs and more than 3,500 smallholder farmers. You can read more about these fantastic financial and social impact metrics in our annual Impact Report or the following company summaries below:
dVentus Technologies PLC
The Ethiopia Angel Network (EAN), the Charlotte, North Carolina-based chapter of RENEW LLC’s global Impact Angel Network, closed its first investment in Ethiopia on Wednesday, July 10, 2013. The investment is enabling dVentus to develop prototypes of energy efficiency products including smart grid application solutions, with a view to manufacture and deliver these technologies initially to Ethiopian utilities and later expanding to regional and global markets. The efficiencies created by these systems could save the equivalent of a large hydroelectric dam. Anticipated social impact includes 200 new highly skilled professional and primarily engineering jobs and millions of Ethiopians with access to more reliable, efficient electricity.
METAD Agricultural Development PLC
Members of the East Coast Impact Angel Network (EIAN), part of RENEW’s global Impact Angel Network, closed an investment into METAD, an Ethiopian specialty coffee company, in October 2013. The investment is being used to establish a coffee processing facility on the METAD coffee farm, located near Yirgacheffe in the district of Hambela in the Oromia region of Ethiopia. With a vision for crop-to-cup coffee, METAD aims to not only strengthen Ethiopia’s coffee reputation in the international market, but also help local farmers improve the quality and value of their harvested crop. Anticipated social impact includes 30 new full-time employees and over 160 part-time employees, 70% of whom will be women, and support to over 400 local out-grower farmers.
Mama Fresh Injera PLC
Members of RENEW's global Impact Angel Network closed an investment in January 2014 into Mama Fresh Injera, Ethiopia's largest commercial manufacturer and exporter of fresh-baked injera. Injera is a staple bread of Ethiopian cuisine and is made from teff, a gluten-free grain. The investment is financing the construction of a new export-focused factory which will enable Mama Fresh to triple daily production of 100% teff injera. Mama Fresh expects to hire 30 additional employees, primarily women, to staff the new facility. The investment is enabling Mama Fresh to explore new market opportunities for injera, including the growing gluten-free markets in the U.S. and Europe. The investment is expected to achieve significant social impacts for employees, smallholder farmers and the greater Ethiopian economy. The investment is anticipated to more than double the purchases Mama Fresh makes from the thousands of smallholder farmers who supply teff to the company.
East Africa Emergency Services Ltd
Members of RENEW's global Impact Angel Network (IAN) closed an investment in May 2015 into East Africa Emergency Services LTD (EAES). The company will serve providers of emergency medical services and training in East Africa, in order to ensure that international and domestic clients have access to reliable, high-quality emergency care. The company will work in partnership with local firms such as Tebita Ambulance and Pre-Hospital Emergency Medical Service PLC, the first private sector ambulance company in Ethiopia. EAES will offer business development, procurement and administrative support to Tebita and other emergency service providers operating across East Africa. The investment seeks to help medical service companies operate more efficiently and to free them up to focus on their core functions, primarily caring for patients in crisis. In meeting this need, EAES aims to improve the quality and scope of emergency services for thousands across East Africa and create jobs in the local Ethiopian economy.
Ethiopian Sesame Company Investment
Members of RENEW’s Impact Angel Network (IAN) and another U.S. investment group invested in a sesame company based in Ethiopia in September 2015. The investors anticipate that over the next five years, the company will support more than 10,000 small farmers, strengthen the sesame industry in Ethiopia, generate $32 million in export sales and create more than 60 jobs in the manufacturing sector. The investment, like others the IAN has made into small and medium enterprises in East Africa, is anticipated to have a significant impact in the local economy.
Ethiopian Food and Beverage Company Investment
Members of the Impact Angel Network (IAN) closed an investment in the food and beverage industry in Ethiopia in October 2015. The investment is in partnership with a leading producer of paper products in Ethiopia. The investment in fast-moving consumer goods (FMCGs) is anticipated to have a significant impact in the local economy over the next several years, including the creation of 125 new jobs in Ethiopia’s manufacturing and value addition sectors, increased purchases of produce from over 900 small holder farmers located in the Upper Awash region, and reductions in foreign currency expenditures as a result of import substitution.
Members of the Impact Angel Network (IAN) closed an investment in Desta PLC, a textile and apparel manufacturing company located in Ethiopia, in December 2015. Desta is a family-owned business established in 1992. The company produces and exports fabric and garments and provides cut-and-sew, knitting and embroidery services to domestic and international clients. The investment in Desta is anticipated to create significant social impact in Ethiopia by adding more than 100 jobs to the local economy and supporting several hundred existing jobs, many for women, and will positively impact the burgeoning textile sector in Ethiopia. Desta is committed to fair treatment of its employees and adherence to guiding principles of sustainability, setting it apart from the trajectory this industry has taken in many other low and middle-income countries.
Learn More About the Portfolio
Watch the following video on the Impact Angel's Network portfolio to learn more about the exciting financial and social impact the above seven companies are making in Ethiopia.
Our Portfolio: 7 Companies, 1,161 Investments