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Combined Value of Ethiopia's Startup Ecosystem
Ethiopia's Sheba Valley: A Fast-Growing Tech Ecosystem with $300M Valuation
Ethiopia’s tech and startup ecosystem has witnessed robust growth, expanding 200% since 2019 to reach a valuation of US $300 million.
Over the past five years, more than 85 Ethiopian startups have collectively secured US $95 million in venture capital funding. While these figures remain small in comparison to mature VC markets, the African VC market is one of the fastest growing markets. At the heart of this burgeoning ecosystem lies Sheba Valley, Ethiopia’s answer to Silicon Valley, home to notable ventures. Key players include Gebeya, an edtech and talent marketplace reshaping access to skills, which has raised US $4.3 million from prominent investors such as Orange Ventures and Partech. Similarly, ZayRide, a ride-hailing and delivery services, has benefited from support by Google for Startups.
Reflecting trends observed across Africa, Chinese investment is also making inroads. Notably, beU Delivery, a food delivery platform launched by a Chinese company targeting Africa’s on-demand market, has emerged as a leader in Ethiopia. Backed by China-based accelerator MiraclePlus (formerly Y Combinator China), beU Delivery has raised US $8.3 million in funding to date.
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The Future of Fintech in Africa
Eighteen percent of the world’s population lives in Africa, and 57% of Africans are ‘unbanked’, without a bank account or a digital wallet. This presents a massive opportunity, making fintech the most dominant and funded tech sector in Africa today. This special report highlights how African fintechs not only have one of the largest total addressable markets globally but are also crucial for achieving financial inclusion and empowering unbanked populations. The potential impact of a successful fintech in Africa is unparalleled. To learn more about the drivers, barriers, and opportunities in African fintech, as well as progress toward financial inclusion, read the special report.
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