In recent years, Africa has emerged as a hotbed for innovation and entrepreneurship, with a significant uptick in the establishment of tech companies and startups across the continent.
One of the major catalysts for change is people like Hiruy Amanuel, a diaspora who moved back to Africa to found his own tech company and invest in other tech companies in the ecosystem.
Hiruy Amanuel’s career began in the heart of innovation — Silicon Valley. With a decade of experience in private equity and venture capital, Amanuel was well-versed in the dynamics of the tech and financial sectors. His first visit to Africa in 2015 was a pivotal moment that reshaped his career trajectory.
Struck by the continent’s untapped tech talent and rapidly developing technology landscape, Amanuel envisioned a future where Africa could rival global tech hubs if given the right resources and opportunities.
According to the United Nations, Africa has the youngest population in the world, with 70% of sub-Saharan Africa under the age of 30. These statistics position Africa’s youth as crucial drivers in shaping a sustainable future for the continent’s communities and ecosystems.
Amanuel’s vision materialized with his first investment in the continent into Gebeya Inc. in 2015, which he later went on to co-found. Gebeya is a SaaS talent marketplace that utilizes AI to match talent for projects outsourced to clients.
Gebeya has not only provided employment but has also set a precedent for tech talent outsourcing from Africa. In partnership with the Mastercard Foundation, Gebeya was able to launch Mesirat, a five-year program that equips 100 entrepreneurs in Ethiopia with their own multi-sided gig marketplaces.
Powered by $48 million, the partnership saw the two organizations and several other consortium partners leverage their combined experience and expertise to co-create and replicate Gebeya’s model.
Gebeya has also recently rebranded to a talent cloud provider – a move that has seen the firm garner partnership opportunities with notable brands such as Microsoft and O’Reilly.
Expanding his impact, Amanuel co-founded Gullit VC, a venture capital firm dedicated to investing in African tech startups.
Through Gullit VC, Amanuel has invested in a diverse range of companies, including Buupass (Digital Mobility), Wellahealth (Health Tech), and Logidoo (Logistics). These impactful investments reflect Amanuel’s commitment to nurturing a variety of tech-driven solutions on the continent.
Buupass revolutionizes the travel industry in Africa by offering a comprehensive ticketing platform for buses, trains, and flights. The firm recently expanded its operations into South Africa, and received a groundbreaking investment from Tim Draper, a global icon in venture capital and a fervent supporter of entrepreneurship and innovation.
This investment marked a monumental leap toward BuuPass’s vision of becoming a unicorn in the transportation sector.
Wellahealth aims to transform healthcare access across Africa, starting with Nigeria. Wellahealth launched an enhanced version of its services which includes several new features aimed at improving healthcare accessibility.
These features include telemedicine services, where users can consult doctors virtually, as well as comprehensive care bundles for chronic conditions like diabetes and hypertension.
Why Skilled Nigerians are Opting for Local Entrepreneurship Ventures Over Migration
Wellahealth has also recently introduced funeral coverage, cash-back on hospital visits, and access to an online community for healthcare practitioners, reflecting the company’s commitment to addressing the diverse healthcare needs of Nigerians.
Logidoo has made significant strides in 2024, solidifying its position as a leader in the Pan-African logistics sector. One of the key achievements this year was securing $1.55 million in seed capital.
This funding will support Logidoo’s ambitious expansion plans, which include extending its franchise network to five additional African countries, bringing its services to a total of ten countries across the continent.
This expansion is part of Logidoo’s strategy to enhance its market presence and impact within the African Continental Free Trade Area (AFCFTA).
Furthermore, Logidoo has shown impressive operational efficiency, having aggregated over 3,000 logistics suppliers, completed more than 100,000 operations, and served over 400 clients in eight countries. The company has been EBITDA positive since January 2023, a rare feat among logistics startups.
Amanuel’s work is instrumental in driving both economic and technological progress in Africa. As an individual and through his firm, he is empowering local talent and investing in tech-driven solutions, contributing to job creation, skill development, and economic diversification.
The companies he has co-founded and invested in employ hundreds of African engineers, creating a ripple effect that extends beyond the tech industry to impact various aspects of the economy.
The success of these tech ventures has also opened up multiple commercial real estate ventures for Amanuel across Africa. He has demonstrated his prowess in real estate, with five strategic investments across Africa and the Middle East.
Hiruy Amanuel is further looking to expand his operations into the Middle East, particularly motivated by the UAE’s strategic vision for 2026. The UAE’s plan focuses on opening new corridors, which is expected to boost the logistics sector in the region significantly.
By capitalizing on this opportunity, Hiruy Amanuel aims to leverage the growing infrastructure and economic developments, making it an ideal time for expansion into logistics and real estate in the Middle East.
Recent statistics underscore the burgeoning entrepreneurial landscape in Africa. According to the African Development Bank, the continent is home to over 400 tech hubs and has seen a 40% increase in tech startup funding between 2020 and 2022.
Additionally, the International Finance Corporation (IFC) reports that African startups raised a record $5 billion in 2021, a testament to the growing investor confidence in the region’s tech potential.
Hiruy Amanuel’s journey from Silicon Valley to Africa is a powerful narrative of vision, commitment, and impact. Through his ventures, he has demonstrated that Africa is not just a recipient of technology but a creator and innovator in its own right.
His work in building tech companies and investing in startups is laying the groundwork for a sustainable and thriving tech ecosystem in Africa.
As Africa continues to rise on the global tech stage, Amanuel’s contributions serve as a blueprint for other investors and entrepreneurs looking to make a meaningful impact.
His story is a testament to the transformative power of entrepreneurship and the boundless potential that lies within the African continent.
