Few entrepreneurs earn their stripes early, and fewer still manage to turn those early lessons into a disciplined, cross-sector investment philosophy that endures.
In this exclusive interview with The East African Business Times Magazine, Brian Yatich speaks with Kanessa Muluneh, a serial entrepreneur, impact investor, and Founder of Nyle, whose journey began with a company exit at just 21.
That formative experience did more than launch a career; it shaped a worldview grounded in execution, people, and real-world risk and lessons learned, not in boardrooms, but in the pressure of building, operating, and exiting businesses.
Having built and scaled ventures across Europe before returning to African markets, Muluneh brings a rare dual perspective to investing, one that understands structure, systems, and accountability, while remaining deeply attuned to the realities of operating on the continent.
Today, Kanessa leads Nyle, a pan-African investment firm connecting diaspora capital to scalable African businesses. The firm is launching with a $25 million fund and aims to grow its portfolio to $200 million by mid 2026. Her mission is to return ownership and equity to African hands, building an investment ecosystem that is profit driven, purpose led, and proudly diaspora backed.
She speaks candidly about the gap between theory and practice, the difference between being in charge and truly leading, and why long-term problem-solving consistently outperforms trend chasing and hype.
In a market often dazzled by novelty and fast narratives, Muluneh makes a compelling case for fundamentals. She explains why so-called “boring” sectors, including housing, agriculture, logistics, food systems, and basic infrastructure, are often the most resilient, scalable, and investable, particularly in emerging economies.
For her, sustainability is not a buzzword, but a function of demand, systems, and repeatable value creation.
This conversation goes beyond surface-level success stories. It is an unfiltered look at what exits really teach, how disciplined capital is deployed, and why experience remains the most undervalued asset in investing.
Above all, it offers a masterclass in leadership, resilience, and the timeless business fundamentals that continue to define winning enterprises across continents, cycles, and industries.
Below excerpt;
Four exits totaling over $9.5 million are impressive, but exits rarely tell the full story. What were the hardest operational lessons behind those outcomes, and how do they influence the standards you now set for founders seeking capital?
People usually see the numbers and assume that is the whole story. It is not. What most people do not realise is how long an exit actually takes. Funds are rarely transferred instantly. Payments are often structured over time. Sometimes you do not receive cash at all but retain equity or other forms of value. Then there are tax implications on top of that. Until the funds are truly settled, a lot can still go wrong. That is why exits are far less romantic than they appear from the outside.
That was one of the hardest operational lessons for me. An exit on paper does not mean security. It only becomes real once everything is executed and cleared. This experience made me very realistic and very strict.
When it comes to the standards I now set for founders seeking capital, I am very straightforward. Investing is about minimising risk. It is about capital and return. Investors are not emotional. We do not invest because something feels unique or special. We invest because it works.
A business does not need to be the first of its kind. It can be the hundredth product in the market. If it generates consistent returns, that is what matters. In fact, too much focus on uniqueness is often a red flag. New concepts usually require heavy spending on marketing and education, which increases risk. Proven models with data are far more attractive.
Investors want certainty as much as possible. We want numbers, history, and proof that something already sells. That is where confidence comes from. I know this can be difficult for founders to accept, but this is the reality of capital. At the end of the day, investing is about returns. Everything else is secondary.
Born in Ethiopia and raised in the Netherlands, you straddle two worlds. How has that dual perspective sharpened your ability to identify opportunities and blind spots, that purely local or foreign investors often miss?
That dual perspective is actually one of my biggest strengths. I was raised in the Netherlands, but I was raised Ethiopian at home. My parents were very intentional about that. So I grew up inside two systems at the same time. You could say I understand both worlds very well, or you could say I sit in between them. I see it as an advantage because it keeps me away from the negative extremes on both sides. I mainly see what works.
I spent most of my life in the West. I understand how Western systems function, how structure is built, how accountability works, and why reliability matters so much. When I came back to Africa, I did not come with the mindset of changing everything. I came with the mindset of translating what already works. Africa has almost everything. The resources are there. The people are there. What is often missing is structure, systems, and consistency.
A lot of opportunities fail because of a lack of organisation and shared knowledge. That is where many purely local investors struggle. On the other hand, purely foreign investors often underestimate cultural dynamics and how business is actually done on the ground. Having lived both realities allows me to spot those blind spots very quickly.
I am very clear about one thing. Importing knowledge is not a weakness. It is how every developed region in the world evolved. The West did not grow in isolation. Knowledge, goods, and systems were imported from all over the world, including Africa. Expecting Africa to do everything alone makes no sense. I prioritise Africans, always, but I do not believe in closing ourselves off from the rest of the world.
Use local strength, local talent, and local insight, and combine it with proven global knowledge wherever it exists. That is how sustainable growth happens. I am Ethiopian first. That is my foundation. The Dutch part of me shaped how I think and how I operate. Together, that combination created who I am today, and it is exactly what guides the way I invest and build across the continent.
Kanessa Muluneh has launched six businesses and sold four for a combined sum of over $9.5 million.
Diaspora capital has traditionally flowed through remittances. Why do you believe this moment calls for a shift toward equity and ownership, and what structures are essential to make that transition lower-risk and sustainable?
Diaspora capital is changing because people are changing. More diasporas are opening their eyes, and it helps that public figures and global voices are openly reconnecting with their roots. African Americans reclaiming their heritage and identity has created a wider shift in mindset. That part is powerful and emotional, but emotion alone is not enough to build anything sustainable.
For a long time, diaspora engagement with Africa was mostly through remittances. Money was sent through family and friends because there were no proper structures. We all know how that often ended. Funds were misused, expectations were unclear, relationships were damaged, and nothing lasting was built. That model was risky and informal, and it came at a personal cost.
Africa is not a risk-free market. That is the reality. So the solution is not to stop engaging, but to engage differently. Equity and ownership force structure. When you invest through ownership, there are systems, reporting, governance, and shared responsibility. That is what remittances lack.
This is exactly why structures matter. Whatever legal, financial, and operational frameworks exist need to be used properly. With Nyle, we are building an entry point that makes it easier and safer for diasporas to invest across the continent without having to navigate everything alone. It also changes the mindset from emotional giving to strategic building.
Another important shift is understanding that identity does not limit geography. I am Ethiopian, but I do not have to invest only in Ethiopia. There are 53 other countries with similar cultural dynamics and enormous potential. As diasporas, we are understood faster in Africa than in the West. That cultural familiarity is an advantage, and we should use it.
Ownership today is often reduced to land and housing. That is only the beginning. Africa is rich in resources across agriculture, energy, manufacturing, logistics, and services. The real opportunity lies in broadening the vision of what ownership looks like. What we are doing with Nyle is helping people see that this shift is not a trend. It is the foundation for long-term economic participation and control.
Nyle is entering the market with a $25 million fund and an ambitious target of $200 million by mid-2026. What gap in Africa’s investment ecosystem are you deliberately designing Nyle to fill, and why now?
Why now is actually the easiest part of this question. Africa’s time is now. The global system is unstable. Economies that were once seen as untouchable are struggling, while Africa, for its own standards, is holding up surprisingly well. For decades, Africa has taken the pressure, the criticism, and the external control. That experience built resilience. You can see it today. While others are trying to adjust, Africa is moving forward.
I have always said that for years Africans moved to the West in search of stability. One day, that movement would reverse. We are slowly entering that phase, both geopolitically and economically. People are returning. Mindsets are shifting. For many in the diaspora, there is also an inner restlessness, a need to reconnect, build, and belong. That moment is now, and it plays a big role in why we are investing at this scale.
The fund size needs context. $200 million sounds ambitious, but when you place it next to the value of Africa’s resources, infrastructure needs, and growth potential, it is still modest. This is a starting point. The timing is right because the opportunities are there and the market is ready for structured capital.
The gap we are deliberately filling with Nyle is access and structure for the diaspora. First and second generation Africans often left during difficult periods. Many of them associate returning with instability or loss. Then you have the long-lost diaspora, African Americans and Caribbean communities, who have been disconnected for generations. They lack local knowledge, networks, and safe entry points.
Diasporas are the lowest barrier investors in Africa. They already believe in the continent emotionally and historically. What has been missing is a bridge. Nyle is designed to be that bridge. We simplify entry and create structured ownership rather than informal involvement.
Africa is not a job market. It is an entrepreneur’s market. You do not come to survive by waiting for employment. You build, you own, and you participate. Nyle exists to support that shift by giving diasporas the tools, structure, and confidence to invest, build, and reclaim their place in Africa’s future.
From your operator-led perspective, what are the non-negotiables that distinguish a promising African business from one that is truly ready for institutional capital and long-term partnerships?
This is a very honest question because Africa does not fit into a fixed investment checklist. In other markets, non-negotiables are clear and rarely change. In Africa, that approach does not work. I had a strict list at some point, and I had to throw it away.
For example, revenue used to be a hard requirement for me. If a business was not generating, it was a no. But I am currently looking at a company that generates almost nothing. On paper, it should be rejected. In reality, the product is scarce, demand exists, and the only thing missing is structure and marketing. That changes everything. In cases like that, the value is not in the numbers yet, but in the position.
Africa is not one market. It is 54 different countries. What is non-negotiable in one country becomes flexible in another. That forces you to invest with context, not ego. You need to stay open-minded.
That said, there are still boundaries. I do not fund ideas only. An idea without execution is too risky. When a founder has already invested their own time, resources, or capital, the level of commitment is different. That matters a lot. I am also cautious with tech. I am not anti-tech, but I am very selective. It depends on whether the product solves a real problem and fits the environment it is entering.
A business that has never had a customer and has never tested the market is generally a no for me. But again, Africa requires flexibility. If a product is scarce, needed, and can scale once structure is introduced, I am willing to rethink the rules.
African markets often attract waves of excitement around trends and sectors. How do you personally cut through the noise to evaluate what is fundamentally viable versus what is simply well-marketed?
I separate hype from value very quickly by asking one simple question. What is actually being sold? Attention alone is not a business.
A good example is the IShowSpeed tour across Africa. It created massive visibility and excitement. People talked about it everywhere. But very few translated that attention into real businesses or sustainable value. That is the problem with hype. It creates noise, not systems. If you already have a product or a service, hype can be used as a marketing accelerator. If you do not, it disappears as fast as it came.
This is why I never invest in hype. People get caught in the moment and forget to connect attention back to something tangible. Marketing and PR only work when there is something solid underneath. Africa actually suffers from poor global PR. If you search Africa online, negative narratives still dominate. That makes people confuse visibility with progress.
What I focus on are fundamentals. The so-called boring sectors. Food, housing, agriculture, logistics, energy, and basic services. These are industries that survive regardless of trends or economic cycles. They form the foundation. Once that foundation is stable, secondary markets can grow on top of it. Luxury, lifestyle, and experience-based businesses only work when the basics are already in place.
Hype can be useful, but only as a tool. It is not a strategy. It is not long-term. You cannot build a company on excitement alone. I look for businesses that make sense without attention. If they work quietly, they will work loudly too.
You speak openly about governance and partner alignment. In practice, what does ethical, well-aligned engagement look like between founders, investors, and diaspora capital, especially across borders?
Ethical and well-aligned engagement starts with communication. That sounds simple, but in the African context, it is everything. Most of the damage around diaspora capital did not come from bad intentions, but from unclear expectations. When communication breaks down, trust breaks down.
But communication alone is not enough. It has to be supported by a proper structure. Clear roles, clear responsibilities, and clear reporting. Across borders, you cannot afford ambiguity. Everyone needs to understand what is expected, how decisions are made, and how progress is measured.
Africa is not a market where you hand over capital and walk away. That model might work in more mature ecosystems, but here it usually fails. Ethical engagement means being present. It means offering more than funds. Often the missing pieces are visibility, positive narrative, marketing support, and ongoing strategic guidance. Those elements matter just as much as capital.
Well-aligned partnerships are built on active involvement, transparency, and long-term commitment. Founders need access, not just funding. Investors need insight, not just updates. Diaspora capital works best when it acts as a bridge, not a distance. When communication is consistent and structures are in place, alignment becomes natural and sustainable.
With capital becoming more selective, how do you think about managing operational, regulatory, and execution risk across multiple African markets without slowing growth?
It is not easy, and anyone who says it is would not be honest. Managing operational, regulatory, and execution risk across Africa without slowing growth is one of the hardest parts of investing on the continent.
Africa is not one market. It is 54 countries, each with its own culture, mindset, legal system, language, and internal dynamics. Even with strong communication, aligning across that level of diversity is complex. That is why focus matters. Right now, we prioritise East Africa, with a strong network already in place there, alongside parts of West Africa. Focus allows depth, and depth reduces risk.
Even within East Africa, the challenges are there. Countries like Kenya, Uganda, Tanzania, and Ethiopia offer strong potential and resources, but they each operate very differently. Then you have markets like Somalia or Sudan, which many investors would immediately dismiss.
Ironically, those are often the markets with the highest potential returns. Experienced investors understand that high risk and high reward often sit in the same place. The key is knowing where that risk comes from and whether you can manage it.
Risk management in Africa is country-specific. There is no copy-and-paste approach. You assess each market individually, based on regulation, stability, and most importantly, relationships. Africa runs on trust and connection. Who you know, how well you know them, and who can vouch for you matters as much as any legal framework.
To avoid slowing growth, you do not expand everywhere at once. You build strong hubs, learn deeply, and then scale outward with intention. Growth in Africa is about precision.
Nyle positions itself as profit-driven but purpose-led. How do you ensure that impact does not become a slogan, but a measurable and disciplined part of the investment decision-making process?
For Nyle, impact is not a separate box to tick. It is built into the type of businesses we invest in. When you invest in real sectors that create jobs, build infrastructure, move goods, or feed people, impact happens naturally. It does not need to be over-explained or marketed.
We are very intentional about not turning impact into a slogan. Africa does not need to be positioned as a charity case. That narrative is tired and unhelpful. Constantly leading with poverty does more harm than good. What Africa needs is capital, structure, and systems. Growth comes from that, not from sympathy.
We invest with a clear expectation of return. Capital goes in, value is created, and everyone involved benefits. The entrepreneur grows, the business scales, and the investor earns, and with tha,t an industry is built. That does not cancel out the impact. It creates it.
Purpose for us means building businesses that are sustainable and rooted in the local economy. Profit is the discipline that keeps those businesses alive. When profit and purpose move together, impact becomes measurable through jobs created, services delivered, and long-term economic participation, not through slogans or marketing language.
For many in the diaspora, “coming back” is framed emotionally. What does return to invest in Africa look like operationally, from governance structures to talent and accountability, when it’s done seriously?
For many in the diaspora, returning to Africa starts emotionally. There is a spiritual pull, a sense of belonging, inner peace, whatever you want to call it. That was my experience too. It had nothing to do with business or finance. It was personal. But once you are there, reality hits you. You see that many things exist, but they do not function consistently or sustainably.
For me, the business ideas came from frustration, not ambition. I was fulfilled emotionally, but I could not ignore that the systems were not meeting the standards I was used to. What was the purpose of leaving, learning, and building experience abroad if we do not bring that knowledge back? That is where serious return begins.
Returning to invest does not always mean physically relocating. You can live anywhere in the world. What matters is where you build. Serious return means putting governance structures in place, setting clear accountability, hiring the right talent, and operating with standards that last beyond one person. It means treating African investments with the same discipline you would apply anywhere else.
For many, physical return happens later, naturally. Being on the ground helps with execution, trust, and accountability. It strengthens decision-making and creates real alignment. We encourage that, but we do not force it. What matters most is involvement. We actively involve investors in the businesses they invest in. That creates ownership, responsibility, and long-term thinking.
At its core, serious return is about building for the next generation. It is about creating something that allows our children to come back to Africa not to search, but to continue. That is how emotional return becomes operational, and how roots turn into legacy.
As founders scale faster and capital becomes more discerning, what mindset shifts do African entrepreneurs and diaspora investors alike need to make over the next five years to build companies that endure?
If I had to answer this in one word, it would be trust.
Trust in your own people. Trust in your own markets. Trust in your own economies. That is where the biggest shift needs to happen. Right now, trust is deeply damaged. I often find it harder to convince diasporas to invest in their own country than in another African country. That says a lot. The hesitation is not always about numbers. It is emotional. It comes from past experiences, broken systems, and disappointment.
What makes it more complex is that many Africans and diasporas have internalised the same negative narratives that the West has pushed for decades. We believe the same stories about instability and failure, even when reality is changing. That mindset holds growth back more than a lack of capital.
Over the next five years, entrepreneurs need to focus on rebuilding trust through transparency, consistency, and delivery. Do what you say, communicate clearly, and build systems that work even when you are not present. Diaspora investors, on the other hand, need to move away from fear-driven decisions and start engaging with structure instead of emotion.
Enduring companies will be built by people who choose long-term thinking over short-term protection. Trust is not blind. It is built through governance, accountability, and shared responsibility. Once trust is restored, capital will follow.
For AFRAA, sustainability goes beyond reducing environmental considerations. It entails a comprehensive approach that integrates environmental stewardship, economic viability, and social responsibility. These three pillars are considered essential to ensure that airlines not only thrive but also safeguard the environment while generating revenue.
Despite the persistent challenges, such as high taxes, fees, and charges that affect airline operations, Mr. Berthe points out that the association is supporting knowledge sharing and capacity building through workshops and events.
