WeVenture, a newly established local venture capital-backed incubator, has officially opened its doors. Supported by a coalition of successful local investors and professionals, including Yonaiel Tadiwos, Manager at Kuriftu Resort and Boston Day Spa, the hub aims to identify, nurture, and scale startups with breakthrough innovations, assisting them in securing the necessary private and public capital to grow and implement ideas.
With the goal of supporting eight to ten startups in its first year, WeVenture will run both incubation and acceleration programs. Co-founded by Noel Daniel and Makeda Tsegaye, WeVenture is located on the second floor of Sur Construction Building in the Bole area.
“We require more privately funded hubs in the country. WeVenture is crafted to uplift startups and establish a professional and open workspace,” stated Noel Daniel, Co-Founder & Managing Partner of WeVenture, in a conversation with Shega.
Venture capital is a form of private equity financing that is provided by venture capital firms or funds to startups, and emerging companies that have been deemed to have high growth potential or that have demonstrated high growth.
Noel emphasizes the hub’s priority to identify startups that provide solutions to the country’s challenges. “Starting is easy; maintaining is hard,” said Noel, who is also the co-founder and managing partner of Kudu Ventures, a U.S.-based VC firm.
A study published by JICA reveals that most startups in Addis Ababa are in their early stages of business, with only 23% being in the post-early stage. The same study also found that these startups are looking for investment to grow their businesses.
Yonaiel Tadiwos, Manager at Kuriftu Resort and Boston Day Spa and General Partner at WeVenture, asserts that establishing a hub like this in Ethiopia is a game-changer for the rapidly growing startup community. He emphasizes that Ethiopia doesn’t have to replicate the models of Kenya or Nigeria; instead, it can foster its startup community using its unique style and network.