Universities
in Africa are churning out thousands of graduates every year, yet the
unemployment rate in countries such as Kenya stands at 40%, 24% in
Nigeria, 27.7% in South Africa and 16.8% in Ethiopia.
There are no signs that the unemployment rate will come down anytime
soon due to various local and international factors such as high
inflation rates, high illiteracy levels, and undulating economic cycles
among others. In addition to this, youth who qualify for employment and
are hired do not get an adequate return on investment on the money spent
in their education, and neither are their employers getting value for
their money. This remains a huge barrier to the Continent's development.
In
an effort to mitigate the challenges facing unemployment and economic
development in Africa, Gebeya is creating a robust ecosystem where they
train, hire and incubate the best of African talent. Gebeya aims
to achieve this by taking them through their practical and project
based training, connecting them to well paying jobs and investing in
African startups and talent.
Gebeya
recently opened its “Series A” round for USD 6 million to amplify its
current efforts. The funds will be used as working capital for
expansion, fuel business development for deeper market penetration, and
to incubate foundry ideas. Their ‘’Series A’’ round is still open to
investors.
Gebeya is based in Ethiopia, Kenya and is planning to enter into the Nigerian market in the next few months.
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