africa | March 6, 2018

Cephus raises $51 million for high-growth Ethiopian businesses

The team at


The new private-equity fund will back small and growing Ethiopian businesses with a focus on manufacturing, agro-processing and services.

Growth-stage companies have the potential to create millions of jobs in Ethiopia, Africa’s second-largest country by population, according to the World Bank.

The Cephus fund is not impact-focused, but it aims to address the funding gap for Ethiopia’s “missing middle” — growth-stage companies that have a harder time raising money than early- and late-stage peers.

Cephus aims to raise $100 million for the fund. Its first close was backed by CDC Group, Norfund, and the European Investment Bank.