Thanks to a network of active start-up hubs, accelerators and investor networks, Ethiopia has a growing tech scene. Co-working spaces and ecosystem players such as Ice Addis, Gebeya, and blueMoon are supporting the growth of diverse mix of start-ups.
As reported in our 2020 Funding Report, Ethiopian start-ups raised $2.245 million USD of disclosed venture capital funding (excluding grants, prize money and non-equity assistance). This is a significant increased from $0.65 million USD closed in 2019. In line with broader trends seen across Africa, pre-seed and seed stage investments in Ethiopia saw significant focus, with the number of deals increasing 60% comparative to 2019.