Addis Ababa Angles Network announced its investment in Eshi Express, a delivery service firm, as part of the strong belief in the transformational capacity of a robust startup ecosystem on the nation’s economy.
Delivery business plays a big role in one country’s economic development and as Ethiopia is embarks on a digital economy this service becomes more crucial for its success. Delivery service in Ethiopia is highly fragmented and predominantly done by company vehicles, personnel or informal players. This leads to high cost of goods, management headaches and inconvenience to people and organizations. Addressing the last mile challenge will be essential for economic growth and Ethiopia’s digital transformation.
Founded by a group of investors in 2020, the Addis Ababa Angels Network is the first in Ethiopia to invest in startups and entrepreneurs in exchange for equity ownership aiming to build a robust startup ecosystem in Ethiopia that addresses the existing funding gap and targets early-stage innovative startups.