Angel investors in Ethiopia have created the Addis Ababa Angels Network, the first in Ethiopia in a move to provide adequate funding for early-stage innovative startups.
The launch of the Addis Ababa Angels Network bring to an end the reliance on bank loans as Ethiopia does not have Venture Capital entities willing to invest in high-risk ventures.
With the formation, the network members are 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.
“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 fulfilment process targeting mid and long-distance trucking,” said the Angel Network.
“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 Network will be led by Shem Asefaw who said that the team is looking for “crazy ideas and big dreams and want to help achieve the next big thing in Ethiopia.”
The Group was founded by Shem Asefaw, a serial investor in Canada, Ethiopia and Kenya. Other founding members include 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.
Across Express provides convenient, fast and reliable delivery service through strategically located drivers in Ethiopia, which enables us to reach the pickup location in short time, hence giving you shorter delivery time.