Addis Abeba, September 26/2020 – A group of investors has created the Addis Abeba Angels Network, the first in Ethiopia. Except for Bank Loans and Venture Capital entities, Ethiopia does not have an adequate funding mechanism that targets early-stage innovative start-ups.
“Entities need to exist that are willing to invest in high-risk ventures to build a robust start up ecosystem in Ethiopia,” a statement from the group said. “The network members said they were motivated to drive the success of start-ups and, broadly, give back to society. They bring knowledge, skills, contacts and personal capital for Ethiopian Entrepreneurs.”
Addis Abeba Angels Network further said that it has “completed an investment in Across Express. An Ethiopian start up that has embarked on solving the critical freight transport and logistics problem in Ethiopia.” Across Express is planning to modernize the freight booking and fulfillment process targeting mid and long-distance trucking.
“We call upon bold start-ups with an entrepreneurial spirit, a business with a proven product, market fit and a visionary idea to take advantage of the opportunity to work with us,” the statement further said.
The Network’s Founder Shem Asefaw on his part says, “We welcome crazy ideas and big dreams and want to help achieve the next big thing in Ethiopia.”
Addis Abeba Angel Network was founded by Shem Asefaw, a serial investor in Canada, Ethiopia & Kenya. Other founding members included Addis Alemayehou, Chairman at KAZANA Group; Henok Assefa Founder at Precise Consult; Adam Abate CEO at PAGA Ethiopia; Joseph Kibur Founder and CEO at YAYA Investment; and Levi Girma Co-Founder at Nest Ventures. Dispatch.AS