In this article, Hiruy Amanuel, an African Venture Capitalist and major investor in Africa’s technological advancement, discusses the state of Africa’s venture capital (VC) ecosystem.
- Amanuel was inspired to invest in Africa due to the lack of talent training and the large youth population.
- He describes Africa’s entrepreneurial ecosystem as challenging, with infrastructure issues and a lack of training hindering entrepreneurs.
- He believes that sectors where technology and infrastructure intersect, such as fintech, microfinance, and healthtech, hold the most promise for VC investment in Africa.
- Amanuel sees opportunities in mobilizing the continent’s youth and training them, which leads to better return on investment.
- He advises aspiring entrepreneurs in Africa to have a vision and a purpose that goes beyond monetary returns, to be passionate and diligent, and to think long-term.
- Amanuel believes that more private firms are needed to help founders and young startups scale, providing mentorship and support.
Amanuel is the Managing Director of Gullit VC, a venture capital firm that invests in early-stage African tech startups and provides various forms of support.
