CCBA in Ethiopia Plans to Invest One Million Birr in Ten Startups and Empower 10,000 Individuals
Addis Ababa Ethiopia – Sumuni, in partnership with Coca-Cola Beverages Africa-Ethiopia (CCBA-Ethiopia), launches the first web and app-based due diligence platform that connects potential investors with entrepreneurs and startups.
The Sumuni gateway, with funding from the Coca-Cola bottler, will support about 10 startups a year with ETB 100, 000 in seed funding for each startup.
The platform also plans to generate foreign direct investment by linking potential foreign investors with Ethiopian entrepreneurs and startups. This promotes economic integration among stakeholders, creating a value chain, and jobs for the youth.
In addition, CCBA-Ethiopia intends to empower 10,000 university graduates, youth entrepreneurs, and small business owners using the Sumuni platform through various trainings and startup support interventions.
Managing Director of CCBA-Ethiopia Daryl Wilson said: ÒPartnering with Sumuni, CCBA-Ethiopia will maximize its efforts to empower youth and women by digitalizing our CCBA economic inclusion efforts.Ò
The founder and CEO of Sumuni, Biruk Girma, added: ÒAt Sumuni, we bring stakeholders together and foster innovative entrepreneurship to elevate Africa’s economy through efficient partnerships and synergy.Ò
CCBA-Ethiopia is known for its support for economic inclusion initiatives that empower women and youth. Since 2014, the bottler has empowered more than 15 000 women and youth by funding and delivering training on how to collect, recycle and repurpose plastic bottles, along with other empowerment initiatives.
Last year, CCBA initiated an economic inclusion project to empower 600 women returnees in partnership with the Job Creation Commission of Ethiopia, with a total cost of 20 million Birr.