Startups Archives - HabeshaLink

UNDP Unveils Timbuktoo Fund with Ambitious Plan to Mobilize, Invest $1 Billion in African Startups

The United Nations Development Programme (UNDP) has launched the Timbuktoo Fund, a one-billion-dollar innovation fund designed to support African startups. Announced at the World Economic Forum in Davos, Switzerland, the fund has already received a boost of $3 million from Rwandan President Paul Kagame. The ambitious plan aims to mobilize and invest the targeted $1 billion to foster the growth and development of entrepreneurial ventures across the African continent.

“Timbuktoo represents a new model of development. We are bringing together key stakeholders to address multiple challenges simultaneously, ranging from startup-friendly legislation and world-class startup development to mitigating investment risks. Through initiatives like UniPods – University Innovation Pods – spread across Africa, we aim to bridge crucial gaps and bolster the startup ecosystem. This will facilitate the growth of innovations to benefit people in Africa and beyond,” stated UNDP Administrat…

Ethiopian Startups, SMEs Receive $150,000 in Grants Preparing Them for Investment Readiness

The Innovative Finance Lab (IFL), funded by GIZ, has awarded $150,000 in grants to 30 startups and small and medium-sized enterprises (SMEs). Each grantee received $5,000 to boost their investment readiness by strengthening their institutional capacity.

The grant was awarded following a pitch competition for 43 SMEs and startups who were part of the first alumni of the Technical Assistance Facility (TAF) programme run by the IFL.

Launched in 2022 by UNDP and the National Bank of Ethiopia, the IFL aims to establish a hub for piloting and scaling up flexible and innovative financial instruments that cater to the capital needs of Ethiopia’s startups and SMEs.

Speaking to Shega Dagmawit Shiferaw, Director of the Innovative Financial Lab, highlighted that the companies were connected to existing financing opportunities to provide them with institutional capacity until IFL’s financing arm is up and running.

As part of its intervention programmes, IFL init…

Report Finds Renewable Energy to Be the Least Popular Sector for Startups in Addis Ababa

A recent study that sheds light on the startup landscape in Addis Ababa has found that the renewable energy sector is the least popular area for startups in the capital.

The study conducted by the Japan International Cooperation Agency (JICA) and the Ministry of Innovation & Technology (MInT) in collaboration with Shega surveyed over 300 startups, found only 10 startups currently engaged in the renewable energy sector, making it a significantly underrepresented field.

The green energy sector is closely trailed by on-demand services, with only 17 startups operating within this field.

The report, titled Addis Ababa Startup Ecosystem Report 2023 attributes the limited presence of startups in renewable energy to the absence of supportive policies and regulations that encourage the growth of such businesses.

“While renewable energy holds immense potential in Ethiopia, the sector demands substantial investment. Many entrepreneurs may be hesitant to inve…

Ethiopian Government Goes All-in Startups Through Nest Initiative

The Ministry of Labor & Skills and the Ministry of Innovation & Technology, in collaboration with the Entrepreneurship Development Institute, UNDP, and KOICA, have unveiled the Next Ethiopian Startup (NEST) initiative, a concentrated national startup ecosystem development effort that aims to support and empower startups as a key driver of Ethiopia’s economy.

The NEST initiative, launched today, October 23, 2023, in the presence of Deputy Prime Minister and Foreign Minister Demeke Mekonnen and other key stakeholders, seeks to reward risk-taking behaviors, and establish a supportive environment for innovation at every stage of its lifecycle.

According to a press release received by Shega, NEST is set for nationwide implementation, spanning federal, regional, city, and woreda levels and is built on four pillars.

Through its first pillar, National Interaction, Development, and Support Platforms, NEST will focus on organizing conferences, workshops, exhi…

ICJ, Kazana to Host Third Open Pitch Competition for Startups in Ethiopia with Potential $500,000 Investment

Inclusion Japan (ICJ), a Tokyo-based venture capital firm, and Kazana Group, an Ethiopian-based holding company, have announced the launch of their 3rd round of open pitch competition for startups in Ethiopia.

The competition, scheduled to be hosted at the ALX Tech Hub on August 15, 2023, provides local entrepreneurs with a chance to secure funding and future investment opportunities.

As part of this initiative, ICJ and Kazana Group will offer a cash prize of 100,000 Birr to the winning company. Additionally, the winning startup will have the potential to receive up to $500,000 in future investments from ICJ.

Start-ups looking to participate in the competition must submit a 10-minute pitch video showcasing their ideas and business model by August 7th, 2023, to the email address: [email protected].

The pitch video should include the f…

Renew Capital to Invest up to $300K in Ethiopian Startups through Newly Launched Renew Venture Lab

Renew Capital, a pan-African early-stage investment firm with a large presence in Ethiopia, has announced the launch of the Renew Venture Lab, an innovative initiative designed to drive the growth of African businesses.

The venture which seeks to elevate African startups to the next level, will select 20 startups to receive investment by the end of 2023. Depending on the company’s growth potential, as assessed by Renew Capital, the investments will range from $50,000 to $300,000.

Registration for the Renew Venture Lab is currently open, with the Venture looking for growth-oriented founders of tech-enabled, asset-light companies in Ethiopia, Rwanda, Uganda, Kenya, Tanzania, Zambia, Sudan and Mozambique. Companies that have traction and that are raising their first rounds of capital are also encouraged to apply.

“Renew Capital has been supporting African startup communities and providing early-stage investment for over 10 years. We see more and more people di…

Maleda Innovative Financing Unlocks 1 Million Birr in Collateral-Free Loans for Startups, SMEs

Maleda, a collaborative initiative between Sumuni Creative Solutions, Partnership for Change, and Amhara Bank, is aiming to support startups and small and medium-sized enterprises (SMEs) in Ethiopia by providing collateral-free loans of up to one million birr.

The innovative financing, open to registered and post-revenue businesses at the pre-seed stage, provides additional assistance to the ecosystem by offering access to finance, market linkage, and media exposure as part of its support package.

The collateral-free loans, allocated by Amahara Bank, one of the recent entrants in the banking sector, come with a repayment period ranging from 12 to 18 months. These loans carry an interest rate of 17% and a grace period of 3 months.

“Maleda aims to address the ‘missing middle’ in Ethiopia. There is a disconnection between microfinance institutions and banks, where S…

ICJ, Kazana Offer Ethiopian Startups Opportunity to Secure Up to $500,000 in Funding, Announce GoodayOn Nearing Investment Closure

The Tokyo-based venture capital firm Inclusion Japan (ICJ), in partnership with Kazana Group, calls on Ethiopian startups with pitch-ready ideas looking to secure significant capital funds, to take advantage of its upcoming exclusive event with an opportunity to secure capital ranging from $100,000 to $500,000.

Local startups applying for the opportunity will have the chance to meet and discuss with senior executives from ICJ and Kazana Group where they can pitch their ideas, as well as have a chance to become one of the eight startup businesses to receive a 100,000 birr prize along with the prospect of future investment from ICJ for a winning pitch.

Teams wishing to meet with ICJ are...

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Two Ethiopian Startups Named Finalists for 2023 East Africa Com Awards

Two Ethiopian startups, Arifpay Financial Technologies, and Omishtu-Joy AgTech Engineering, have been named finalists for the 2023 East Africa Com Awards.

The award, which aims to connect and celebrate leaders in tech and telecoms across East Africa, will see the two startups competing against two other startups in their respective categories, with the winners to be announced on April 25, 2023.

Arifpay was named a finalist in the Fintech Innovation of the Year category, while the Jimma-based Omishtu-Joy, made it to the final list in the Startup of the Year category.

Omishtu-Joy is an agritech startup that aims to be the catalyst of agricultural development in Ethiopia by designing and...

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Six Ethiopian Startups Receive 500K Birr Funding from NINIJA Accelerator

The Japan International Cooperation Agency (JICA) and the Ministry of Innovation and Technology of Ethiopia (MinT) are kicking off the NINIJA acceleration program with six Ethiopian startups landing 500,000 birr in funding.

The program, which aims to support exceptional startups that address social issues and contribute to economic growth and employment in Ethiopia, selected Taywan, Fibermart Trading, Gebeta Software, Guzo Technologies, Sehamch, and Wecare from around 100 applicants.

As part of the program, these startups will undergo Proof of Concept (PoC) with JICA and receive four months of business development training. Additionally, the selected startups will fly to Japan in mid-2023...

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