Introduction

The Rwanda Innovation Fund is a venture capital fund that aims to invest in tech-enabled startups in
Rwanda and the rest of Africa. The Fund’s goal is to support the growth and development of innovative
businesses that are poised to disrupt traditional markets and drive economic growth in the region. The
Fund's focus is on investing in startups that have the potential to create significant social and economic
impact, as well as generate high financial returns for its investors. The fund is managed by Angaza
Capital.

Investment Strategy

The Fund will invest in tech-enabled startups with a focus on growth-stage companies that have a proven
product or service and have demonstrated traction in their respective markets. The Fund’s target
investment size usually ranges from $250,000 to $2 million, with a typical hold period of 5-7 years. The
Fund will consider technology startups in ESG-friendly sectors.

Geographic Focus

The Fund invests primarily in startups based in East Africa, with a focus on Rwanda. The Fund’s
portfolio is comprised of 3 categories:
1. Rwanda Based: headquarter of the company is in Rwanda or it has operations in Rwanda.
2. Regional/East Africa focus: headquarter of the company is in any country of the East African
Community (EAC) or it has operations in the EAC.
3. Tech-transfer from international companies setting up local operators & companies based in the
wider African market.

Investment Criteria

a. Stage
Focus on growth stage companies (post early stage and before maturity that allows them to access
banking industry and capital markets funding). The investment are done at seed round to B-round
.b. Company traction and metrics
● Companies that can demonstrate yearly revenue between U$50,000 and U$5 million.
● Companies should be able to show momentum in revenue, regulatory approvals, impressive
awards with unique validation, IP or patented innovation.
● Companies must have the ability to scale across borders.

c. Management Team
The fund prioritises companies with a strong and experienced management team, who have a
track record of success in their respective industries.

d. Sectors
ESG-friendly sectors, including but not limited to: fintech, edtech, SME productivity and
digitization, clean mobility, agtech, healthcare, and clean energy.
e. Other considerations
● Companies must have a strong technology

Exit Strategy

The Fund looks for companies that have the potential for a strategic acquisition or IPO within 5-7 years
of our investment.

Investment Process

The Fund will employ a rigorous investment process to ensure that only the most promising startups are
considered for investment. The investment process will be comprised of the following stages:
1. Identifying prospects
Potential investment opportunities are collected from a variety of sources, and companies
interested in accessing RIF funding can submit their information through an online questionnaire
available at www.angazacapital.com/the-rwanda-innovation-fund. The fund manager
will shortlist companies that align with the investment criteria.
To start the screening process, the minimum requirements for a company are the following:
● Company, problem, and business model description (one pager)
● Investor pitch deck
● Elevator pitch video (1 minute)
● 5 year financial projections

● Company’s core values
2. Initial Screening:
An initial screening call is conducted to obtain additional information from the company. Some
of the topics that are discussed include:
● Alignment with the Fund's investment strategy and focus areas
● Market size and growth potential
● Unique value proposition and competitive advantage
● Strong founding team with relevant experience and skills

3. Due-Diligence (DD):
When the initial screening has been completed successfully and there’s a preliminary approval
by the Investment Committee, the fund manager will prepare a comprehensive due diligence
report, which includes:
● Detailed financial analysis and projections
● Market and competitive analysis

● Customer validation and traction
● Intellectual property analysis
● Robust and transparent governance practices
● Confirmation of key performance indicators and traction metrics
● Legal and regulatory compliance

4. Investment Committee (IC):
If previous steps have been completed successfully, the investment opportunity is presented at
the Investment Committee for final approval.
Companies that are approved by the Investment Committee need to complete a legal due diligence and
financial structuring process before the investment is completed.

Conclusion

The Rwanda Innovation Fund is committed to investing in tech-enabled startups that have the potential
to create significant social and economic impact, as well as generate high financial returns for its
investors. The Fund's investment strategy and screening process are designed to ensure that only the
most promising startups are considered for investment. The Fund is excited to support the growth and
development of innovative businesses that are poised to disrupt traditional markets and drive economic
growth in Rwanda and across Africa.

Disclaimer

This criteria document is not exhaustive and the Fund reserves the right to make exceptions in certain
cases.
Please note that meeting these criteria does not guarantee that the Fund will invest in a company. Each
investment opportunity will be evaluated on a case-by-case basis.

Contact Information

Website: www.angazacapital.com/the-rwanda-innovation-fund
Location: Norrsken House Kigali,1 KN 78 St, Kigali