The Addis Ababa Angles Network has made an investment in Eshi Express, a four-year-old last-mile delivery services company in Ethiopia.
The venture was co-founded by Tigabu Haile (CEO), a law grad who worked at an NGO before starting Eshi Express. He was joined last year by Haben Gebre, who had worked as a project manager at ecommerce giant Amazon for five years.
Gebre, now also a co-founder, has also previously worked in companies like logistics-tech venture Lori as head of East Africa and as logistics planner at GAMPAC as well as in Wells Fargo.
Addis Ababa-based Eshi serves the ecommerce industry as also others such as delivering documents for banks, insurers and other firms. It also delivers magazines and promotional materials as also corporate gifts.
Eshi Express’s main operations are in Addis Ababa and two other cities in Ethiopia but with the latest investment it plans to scale its business and expand to multiple regional cities soon.
“Eshi Express met AAA’s standards for investment as it is a tech-enabled and scalable business with a great team that is coming out just as the country is experiencing a digital revolution of sorts. They have a unique opportunity to be part of this revolution,” said Yosef Kibur, owner of Yaya Investment and co-founder of Addis Ababa Angels (AAA).
Founded by a group of investors in 2020, AAA is the first such network to back Ethiopian startups. The AAA didn’t disclose the amount it invested in Eshi Express.
While Ethiopia is not among the most active African countries in attracting venture funding, two other startups in the country raised funding this year. Ethiochicken pulled in funding from OP Finnfund Global Impact Fund I and local fintech ArifPay raised money from some angels even before a formal launch.