June 09, 2021; Addis Ababa, Ethiopia– Addis Ababa Angles Network founded with the aim of promoting economic development and sustainability in Ethiopia, 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.
Addis Ababa Angles Network is confident that Eshi Express is the most suited company that can revolutionize last mile delivery in Ethiopia with close to four years of track record and dynamic team. Eshi Express envisions to solve the last mile delivery challenge with optimized processes and innovative technology that will provide convenience and lower prices of goods as a result help companies grow without any additional cost to them.
“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”. Remarked Mr. Yosef Kibur, Owner of Yaya Investment & Cofounder of AAA
Currently Eshi Express’s main operations are in Addis Ababa and two regional cities, with latest investment and strategic support from AAA Network, Eshi plans to scale up its business and expand to multiple regional cities soon. Right now, customers can order delivery service via Eshi’s call center-number 670 or the Eshi App available for download on the App Store and Google Play which allows people to place and track orders live from pick up all the way to delivery.
It is the AAA Network’s belief that the investment on Eshi Express goes a long way in inspiring others to invest in Ethiopia’s startups solving the nation’s everyday problems, thus ultimately placing Ethiopia in the forefront of Africa’s startup ecosystem.
“At Eshi Express our core belief is companies with a great mission will bring positive and lasting change to society. And we’re excited to partner with Addis Ababa Angel Investors as it will enable us to make strong impact and expand our reach.” Says Haben Gebre, Eshi Express’s Co-founder and COO, former manager at Amazon U.S. with experience in East and West Africa logistics industry who recently joined Eshi Express.
Dr. Eleni Gabre-Madhin, chief happiness officer at blueMoon, one of the major players in Ethiopia’s growing youth startup ecosystem, stated “We have had our eyes on Eshi Express for several years. It’s all about the team, and we are very confident that Eshi’s Team is positioned for great success. We wish them all the luck – yes to Eshi!”