GreenTec expands African presence with East Africa office in Addis Ababa, Ethiopia.
Frankfurt (Germany) and Addis Ababa, (Ethiopia) April 2018. GreenTec Capital Partners are very pleased to announce the opening of our East Africa Office in Addis Ababa, Ethiopia. The office will be supported by three new team members, Eaman Mohamed, Teddy Worku, and Ibrahim Mamma.
The opening of our East Africa Office represents the first major step in the expansion of our local presence in Africa. The office, located in Ethiopia’s capital Addis Ababa, will provide GreenTec with a central East African location. This location is also strategic from a logistical perspective, as Ethiopian Airlines flies to more destinations in Africa than any other carrier, allowing for rapid operational support to our African start-ups.
The East Africa Office will be supported by an experienced local team with extensive international experience in company building and executing development projects. The team will consist of Ms. Eaman Mohamed, Teddy Worku, and Ibrahim Mamma. The East Africa team will work to bring GreenTec’s unique “Result4Equity” model to more start-ups/ SMEs in the region, as well as providing an important strategic relay to connect with the African Union Offices, located in Addis-Ababa.
The primary focus of the East Africa team will be to deploy GreenTec investment activities in Ethiopia with identifying and on-boarding start-ups, company building, and developing strategic partnerships. Following Nigeria, Ethiopia is second most populous country in Africa with 103.3 million inhabitants. “The growing Ethiopian economy presents an interesting opportunity to build on. We see a large number of companies in Ethiopia with the potential to scale in other African countries. Additionally, Ethiopia is still in the process of opening up its market to the private sector, where we will expect to see more opportunities emerge in the future. We want to position ourselves to be ready to help our portfolio companies to enter the Ethiopian market when the time is right.” Said, Erick Yong, CEO of GreenTec Capital.
Private equity investment is relatively new to Ethiopia, but there have already been several success stories, such as Mama Fresh, Tebita, Desta, and Tarara Coffeee, which have raised funds and grown successfully. Earlier this year, Ethiopian investment fund Cepheus Growth Capital launched at $100 Million US investment fund, supported by the EIB which has committed $10 Million US.
The East Africa Office is the first step in GreenTec’s plan to expand our presence in Africa. We plan to open a West Africa Office in the coming months, with Côte d’Ivoire, Ghana, and Nigeria as potential locations.