RENEW Closes Investment into Ethiopian Coffee Company
RENEW is delighted to announce the close of an investment into METAD, an Ethiopian specialty coffee company. The East Coast Impact Angel Network (EIAN), members of RENEW’s global Impact Angel Network, capitalized the investment.
The investment will be 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 impacts include 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.
The angel investors began discussions with Aman Adinew, CEO of METAD and former COO of the Ethiopia Commodity Exchange, in June 2013 on an Econ-Tourism trip to Ethiopia hosted by RENEW. During the visit, the investors traveled to the mountainous area of Hambela, deep in the heart of one of Ethiopia’s most famous coffee regions, to evaluate the coffee washing and drying capacity in the area.
Members of the EIAN will return to Ethiopia in November 2013 to meet with the management team and visit METAD’s coffee laboratory, the first privately owned laboratory in Africa to be certified by the Specialty Coffee Association of America (SCAA).
Dr. Andrew Umhau, a member of the EIAN, visited the Yirgacheffe region during a June 2013 trip to Ethiopia and recently made the following comments. “During my trip, I had the opportunity to experience the entire coffee supply chain first hand in Ethiopia—from coffee bush to macchiato. The area where the farm is located is gorgeous, and the local population, who is expected to benefit from this economic activity, is compelling. The METAD management team understands coffee in Ethiopia, so we have great confidence in this venture.”