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Ethiopia Gets Local Angel Investors

September 27 , 2020

Ethiopia Gets Local Angel Investors

Addis Abeba Angels Network, the first local angel investors group, has entered the scene to invest in high-risk ventures to build an ecosystem of start-ups. The Network is founded by Shem Asfaw, an investor operating in Canada, Ethiopia and Kenya; Addis Alemayehou, chairperson of  Kazana Group; and Henok Assefa, founder of Precise Consult. Adam Abate, CEO of Paga Ethiopia, Joseph Kibur, founder and CEO of Yaya Investments, and Levi Girma, cofounder at Nest Ventures, are also members. The new angel investors have completed the first investment in Across Express, a tech start-up that aspires to change the transport and logistics sector using technology. The company provides delivery services through designated drivers. It also plans to modernise the freight booking and fulfilment procedures for mid and long-distance trucks.

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Leather Industry Struggles to Meet Expectations

The struggling leather industry managed a little over 33 million dollars in export earnings over the first 10 months of the financial year. It is less than half of officials' aspirations to generate 69 million dollars over the same period, and highlights the troubles faced by the industry over the past few years. Exports from finished leather goods plunged 72pc last year from three years ago. Only eight finished leather manufacturers accounted for 89pc of last year's export earnings, sh...

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Corporation Calls on Suppliers for 200,000tn Sugar Procurement

Executives of the Ethiopian Sugar Corporation have taken steps to procure 200,000tn of sugar from international suppliers. The Corporation had invited shortlisted companies to submit offers, after an attempt to procure the sugar through an international tender went awry. However, officials at the Ministry of Finance instructed its executives to scrap the invitation and proceed to float a second bid. The shortlisted suppliers have also been invited to take part in the bidding process. T...

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Youth in the National Theatre area are waiting for the bus to start moving. They have found a handle to grab and accelerate them ones its starts moving as they ride their skateboard. Although skateboarding is nearly unheard of in Ethiopia, over the past few years, young people have developed a taste for it. Safety, though, leaves a lot to be desired...

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