Renew Capital has invested in Teraki, an online audio platform based in Ethiopia. The platform offers audiobooks and podcasts in various Ethiopian languages. The startup was co-founded by Nahom Tsegaye and Abel Engida in 2019 and has since expanded its reach to over 38,000 users by the end of 2022. The platform provides Ethiopian voiceover for novels, self-help books, children’s literature and podcasts on tech, entrepreneurship, interpersonal relationships, spirituality and current affairs. The stake acquired or the acquisition amount were not disclosed.
Renew Capital is an impact investor in Africa with US$39-million in capital and based in 4 African countries with the vision to become Africa’s largest investment firm with a presence in at least 27 African countries by 2025. The firm has professional investment teams who are on the ground in every country to manage investments in various African startups. Renew Capital has previously invested in companies such as Desta, Metad, Queen of Sheba, Inputi, Easy Matatu, Dventus Technology, Sesame and Sadura Food Processing Plant among others. The firm has strong partners such as FMO, USAID, The World Bank Group, AGRA and Global Affairs Canada.