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Other founders include Other founding members including Addis Alemayehou (center)
and Henok Assefa (right), among others.
Images: Addis Abeba Angel Network
Addis Ababa, September 25, 2020 – A group of investors has created the Addis Ababa Angels Network, the first in Ethiopia. With the exception of bank loans and venture capital firms, Ethiopia does not have an adequate funding mechanism for innovative early stage startups.
“There must be entities that are willing to invest in high-risk companies to build a strong start-up ecosystem in Ethiopia,” said a statement from the group. “Members of the network said they were motivated to drive start-up success and generally give back to society. They bring knowledge, skills, contacts and personal capital to Ethiopian entrepreneurs. ”
Addis Ababa Angels Network further said that it has “completed an investment in Across Express. An Ethiopian startup that has embarked on solving Ethiopia’s critical freight and logistics problem. “Across Express plans to modernize the cargo booking and fulfillment process targeting medium and long-distance road transport.
“We call on bold start-ups with an entrepreneurial spirit, a business with a proven product, a fit to market and a visionary idea to seize the opportunity to work with us,” the statement further said.
The founder of the network, Shem Asefaw, for his part, says: “We welcome crazy ideas and big dreams and we want to help achieve the next big success in Ethiopia.”
Addis Ababa Angel Network was founded by Shem Asefaw, a serial investor in Canada, Ethiopia, and Kenya. Other founding members were Addis Alemayehou, president of KAZANA Group; Founder of Henok Assefa at Precise Consult; Adam Abate, Executive Director of PAGA Ethiopia; Joseph Kibur Founder and CEO of YAYA Investment; and Levi Girma co-founder at Nest Ventures. Shipping
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