Venture capitalist Gullit VC launches startup accelerator in Ethiopia

May 12, 2023 in Business, Companies by Editor

Venture capital firm Gullit VC, has launched a new office in Addis Ababa to support a state-of-the-art accelerator program for startups in the country. The facility with provide startups with access to free legal and financial services, as well as a 300-meter co-working space.

Early beneficiaries include G-Media, a branding and advertising agency, who have been availed a small animation studio, and KBI, a software development company focused on business intelligence in Africa that has also been given an office suite.

Gullit’s accelerator facility is equipped with cutting-edge amenities including coding pods, gaming areas, a cafeteria, an outdoor garden workspace, two conference rooms, and a yoga room; workspace designed to optimize productivity and enable startups to thrive.

G-Media, the media arm of Gebeya, (a Pan-African talent marketplace), is a branding and advertising agency that offers services to a wide range of local and international clients. They feature an animation studio that showcases African folklore in an original and authentic way. G-Media’s campaigns for Ethiopia Telecom’s new super-app and Ethiopian Airlines’ mobile app have successfully driven engagement. In collaboration with Carry1st, G-Media is developing digital marketing content for African games to be introduced and published globally.

KBI, on the other hand, is the US entity of ETM Software, an Ethiopian software development firm that is focused on building business intelligence software using Generative AI to help corporations and Non-Governmental Organizations analyze, understand, and visualize their big data. Currently, KBI is working closely with the UNHCR to develop its refugee tracking software (Compliance and Service Request System), which it has deployed in East Africa.

“Gullit, for the past few years, has provided us with mentorship, advice, and exposure,” Mikiyas Amdu, KBI’s spokesperson, said. “We are looking forward to the next growth stage for our company in terms of making more revenue. With Gullit, we feel like we’re in this unique space where we can grow exponentially by working together and utilizing the services and coaching their teams provide.”

After the 18-month accelerator program, the startups will be given the option to continue their membership with a nominal fee.

Innovation and creativity are on the rise in Africa, as entrepreneurs and startups tackle local challenges with innovative solutions across a range of sectors, including Fintech, healthcare, and Edtech. With a young and tech-savvy population, growing technology adoption, and the availability of funding, these creative minds are driving economic growth and job creation, making it an exciting world of adventure where innovative ideas meet boundless enthusiasm. Moreover, the African startup ecosystem is experiencing a significant boost, thanks to the emergence of venture capital firms like Gullit VC, who are pushing for change and supporting the next big thing.

Gullit has provided critical support for numerous early-stage startups, such as WellaHealth, BuuPass, Qene Games, and Gebeya, enabling them to attain groundbreaking achievements.