Addis Ababa, Ethiopia – August 9, 2024 – Shewaber, the pioneering Restaurant Loyalty Reward Platform in Ethiopia, has successfully secured an investment at a $600,000 valuation from a foreign investor, marking a significant milestone for the startup founded by Eyoel Tesfaye and Besufekad Menji.
Originally launched three years ago as an online bookstore offering free delivery services, Shewaber has since pivoted to focus on the restaurant industry, carving out a niche as the first platform of its kind in Ethiopia.
The platform’s rapid growth is evident, with 18 restaurants already on board and nearly 10,000 registered customers actively using the service. These numbers are set to increase as Shewaber is currently in the process of onboarding major food chains in Addis Ababa and has plans to expand its operations to other major cities across Ethiopia.
“This investment marks a pivotal moment for Shewaber as we continue to innovate and lead in the restaurant loyalty space in Ethiopia,” said Eyoel Tesfaye, co-founder of Shewaber. “Our goal is to bring value not only to our restaurant partners but also to the growing number of customers who rely on our platform for rewards and incentives.”
The investment will be utilized to enhance Shewaber’s platform, scale its operations, and accelerate its expansion into new markets within Ethiopia. With the support of the foreign investor, Shewaber is poised to revolutionize the dining experience in the country, driving growth in the local restaurant industry and creating a more connected ecosystem for consumers and businesses alike.
As Shewaber prepares for its next phase of growth, the founders are confident that their unique value proposition and innovative approach will continue to attract both customers and investors, solidifying the startup’s position as a leader in the Ethiopian tech and hospitality sectors.
