ImpactAlpha, June 1 – Addis Adaba-based Roadrunner is a tech platform used by delivery startup Deliver Addis, one of Ethiopia’s leading e-commerce companies. Roadrunner’s tech has helped Deliver expand from restaurant delivery to groceries and other essential goods during COVID.
Small business-focused impact investor RENEW has invested a third slug of capital in Roadrunner. Terms of the deal were not disclosed.
The capital invested comes from a network of angel investors, the Impact Angel Network, and Global Affairs Canada.
COVID created a surge in new demand and opportunity for both Roadrunner and Deliver Addis, which provides delivery services for 100 retail and restaurant businesses in the city. Others in RENEW’s portfolio, like tourism business Travel Ethiopia, have struggled.
RENEW connected Deliver Addis to Travel Ethiopia, which is now supplying its vehicles and staff to support Deliver’s expansion. Looking for synergies across portfolios “is one way GPs can help their portfolio companies right now,” RENEW’s husband and wife team, Matt and Laura Davis, told ImpactAlpha.
RENEW also invests in African women-owned businesses through a “mini- investment” fund (see, “RENEW right sizes checks with new East Africa fund for female founders.”)