As Africa’s entrepreneurial landscape undergoes rapid transformation, one figure stands at the forefront of this evolution: Hiruy Amanuel. A pioneering venture capitalist and Managing Director of Gullit VC, Amanuel is committed to unlocking Africa’s immense economic potential through strategic investment in technology and infrastructure. His mission is clear—support high-growth companies with the capacity to scale continent-wide and reshape the economic narrative of Africa.

In this dynamic Q&A, Amanuel offers a seasoned perspective on the current state, opportunities, and challenges of Africa’s venture capital ecosystem.

ON HIS MOTIVATION

A: My interest stemmed from observing both the untapped potential and the structural gaps particularly the lack of talent development and the continent’s vast, youthful population. These elements present both a challenge and an opportunity to catalyze transformative growth.

AFRICA’S ENTREPRENEURIAL LANDSCAPE

A: Africa’s startup ecosystem is as diverse as its nations. While there’s growing momentum, several challenges persist—particularly around infrastructure, talent development, and political stability. Frequent power outages, a lack of training that makes it daunting to find talent within the ecosystem, and an over-reliance on Western VC models ill-suited for African realities all hinder scale. Additionally, political cycles, especially elections, often introduce volatility that disrupts business continuity.

INDUSTRIES WITH HIGH GROWTH POTENTIAL

A: The convergence of technology and infrastructure presents the most scalable investment opportunities. Key sectors include Fintech, Microfinance, Digital Payment Solutions, Agrotech, Healthtech, and Communication Technologies. These areas address fundamental needs and offer resilience amid broader economic or political fluctuations.

A: We are witnessing an explosion of innovative ideas from a burgeoning pool of local talent. While not all sectors are immediately scalable, those grounded in essential services—such as agriculture or healthcare—are proving both stable and high-impact. The key lies in identifying verticals where external factors are less disruptive and internal innovation thrives.

CHALLENGES & OPPORTUNITIES

A: For investors, challenges include limited market visibility, underdeveloped legal frameworks, and a shortage of trained local teams. Startups face more tangible issues: unreliable infrastructure, political disruptions, and human capital gaps. However, the continent’s youth demographic represents a significant opportunity. With the right training and strategic backing, this cohort could deliver exponential returns.

GUIDANCE FOR ASPIRING ENTREPRENEURS

A: Anchor your business in purpose, not just profit. Start by identifying a real problem and commit to solving it with passion and persistence. Resilience is non-negotiable; without a long-term vision and internal drive, short-term setbacks will derail even the most promising ventures. Vision, purpose, and passion must lead the way.

FUTURE OUTLOOK FOR VC IN AFRICA

A: I believe the future lies in building more Africa-focused private firms that invest beyond capital—offering mentorship, legal guidance, and operational support. The most successful partnerships are those where VCs grow alongside the startups they back. We need a hands-on approach that empowers founders at the grassroots level and ensures long-term scalability.

ABOUT HIRUY AMANUEL

Hiruy Amanuel brings a unique dual-lens approach to investment—leveraging his experience as both an investor and entrepreneur. As Managing Director of Gullit VC, he leads investments in early-stage African tech companies across seed, pre-seed, debt acquisition, and restructuring rounds. The firm provides not just capital, but also legal advisory, media strategy, financial consulting, and leadership coaching—ensuring startups have the tools they need to scale and succeed.