With the aim of funding entrepreneurs with promising business idea, the first local Angel Investors group, Addis Ababa Angels (AAA) Network has gone operational this week.
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,” said AAA in its press statement.
“With this in mind, a group of inventors has created the Addis Ababa Angels Network, the first in Ethiopia. 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,” it said.
“We are excited to announce that we have 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 fulfilment 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,” says The Network’s Founder Shem Asefaw. “We welcome crazy ideas and big dreams and want to help achieve the next big thing in Ethiopia.”
Addis Ababa Angel group is 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.
Across Express is a Tech company working to transform the Transport and Logistics sector using technology. The Company 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.