Ethiopia’s burgeoning tech scene has received a significant boost with the launch of weVenture, a new venture capital-backed incubator. This collaborative initiative, driven by a consortium of local industry leaders, investors, and professionals, aims to identify, nurture, and scale high-potential early-stage startups within the country.
Recognizing the critical need for support in the early stages, weVenture plans to provide intensive incubation and acceleration programs to at least eight startups in its inaugural year. The focus will be on companies developing innovative solutions that address pressing challenges facing Ethiopia.
Founded by Noel Daniel and Makeda Tsegaye, weVenture aims to bridge the funding gap by connecting promising startups with both private and public investors. By providing access to resources, mentorship, and a supportive ecosystem, weVenture seeks to empower Ethiopian entrepreneurs to build successful and impactful businesses.
This initiative comes at a crucial time, as a recent report by the Japan International Cooperation Agency (JICA) highlighted the significant number of early-stage startups in Ethiopia that require investment to scale. weVenture, with its strong network and access to resources, is well-positioned to address this critical need.
While navigating the dynamic tech landscape presents its own set of challenges, weVenture is poised to have a profound impact on the Ethiopian startup ecosystem. This initiative is expected to inspire the establishment of other incubation and acceleration programs, further strengthening the country’s entrepreneurial landscape.
