A group of inventors has created the Addis Ababa Angels Network, the first in Ethiopia seeking to invest in early-stage innovative startups.
It is difficult to secure funding for early-stage innovative startups since bank loans and Venture Capital entities support entities that have existed. Entities need to exist that are willing to invest in high-risk ventures to build a robust start-up ecosystem in Ethiopia.
The network members are motivated to drive the success of start-ups and, broadly and give back to society. They bring knowledge, skills, contacts and personal capital for Ethiopian Entrepreneurs.
The Network’s Founder Shem Asefaw remarked “We are excited to announce that we have completed an investment in Across Express. An Ethiopian startup 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.”
He said that they 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 them.
“We welcome crazy ideas and big dreams and want to help achieve the next big thing in Ethiopia,” he added