Kanessa Muluneh on building disciplined investment for Africa

Few entrepreneurs build, exit, and internalise hard lessons early enough to shape an enduring investment philosophy.

Fewer still translate those lessons into a cross-sector, pan-African strategy grounded in execution rather than hype. Kanessa Muluneh has done both.

The serial entrepreneur, impact investor, and Founder of Nyle reflects on a journey that began with a company exit at 21 and evolved into a disciplined approach to deploying capital across African markets.

The formative years were not shaped in boardrooms, she says, but under the pressure of building, operating, and exiting businesses—where execution, people, and risk are unforgiving teachers.

After building and scaling ventures across Europe, Muluneh returned to African markets with what she describes as a dual advantage: fluency in Western systems of structure and accountability, paired with an on-the-ground understanding of how business actually operates on the continent.

That perspective now anchors Nyle, a pan-African investment firm connecting diaspora capital to scalable African businesses.

Nyle is launching with a $25 million fund and targets a $200 million portfolio by mid-2026. The ambition is clear, but so is the thesis –  restore ownership and equity to African hands through profit-driven, purpose-led investing—backed by diaspora capital and governed by disciplined structures.

The Reality Behind Exits

Muluneh has launched six businesses and exited four for a combined value exceeding $9.5 million. Yet she is quick to demystify the romance of exits.

“People usually see the numbers and assume that is the whole story. It is not,” she says. “What most people do not realise is how long an exit actually takes. Funds are rarely transferred instantly. Payments are structured over time. Sometimes you do not receive cash at all.”

Tax implications, delayed settlements, and contingent outcomes mean an exit “on paper does not mean security,” she adds. “It only becomes real once everything is executed and cleared.”

Those lessons inform the standards she now applies as an investor. Capital, she insists, is not emotional. “We do not invest because something feels unique or special. We invest because it works.”

Proven models with data, she argues, often outperform novel ideas that demand heavy spending on education and marketing. “Too much focus on uniqueness is often a red flag.”

Two Systems, One Lens

Born in Ethiopia and raised in the Netherlands, Muluneh credits her upbringing with sharpening her ability to spot both opportunity and risk. “I grew up inside two systems at the same time,” she says. “It keeps me away from the negative extremes on both sides. I mainly see what works.”

She rejects the notion that importing global knowledge weakens African enterprise. “The West did not grow in isolation,” she notes. “Expecting Africa to do everything alone makes no sense.” The challenge, she says, is not a lack of resources or talent, but gaps in structure, systems, and consistency.

That balanced lens allows her to identify blind spots local investors may miss—often tied to organisation and shared knowledge, while also countering foreign investors’ tendency to underestimate cultural dynamics and on-the-ground realities.

From Remittances to Ownership

Diaspora capital has long flowed to Africa through remittances. Muluneh believes that model has reached its limits. “Funds were misused, expectations were unclear, relationships were damaged, and nothing lasting was built,” she says. “That model was risky and informal.”

Her alternative is equity and ownership. “Ownership forces structure—governance, reporting, shared responsibility. That is what remittances lack.” Nyle, she explains, is designed as a structured entry point for diaspora investors, shifting engagement from emotional giving to strategic building.

Importantly, she rejects geographic narrowness. “I am Ethiopian, but I do not have to invest only in Ethiopia,” she says, pointing to cultural familiarity across the continent as a comparative advantage for the diaspora.

“Ownership is not just land and housing. Africa’s real opportunity spans agriculture, energy, manufacturing, logistics, and services.”

Why Now, and What’s Missing

On timing, Muluneh is unequivocal. “Africa’s time is now,” she says, citing global instability and a gradual reversal of migration patterns as diasporas seek reconnection and economic participation.

The $200 million target, she argues, is modest when measured against Africa’s infrastructure needs and growth potential.

The gap Nyle aims to fill is access and structure, particularly for first- and second-generation Africans and long-disconnected diasporas. “Diasporas are the lowest-barrier investors in Africa. What has been missing is a bridge,” she says. “Nyle is designed to be that bridge.”

Beyond Checklists and Hype

Muluneh cautions against rigid investment checklists in a continent of 54 distinct markets. Revenue, once a hard requirement, is now contextual. Scarcity, demand, and positioning can outweigh early numbers if structure is the missing piece. Ideas without execution, however, remain a non-starter.

She is equally blunt about hype. “Attention alone is not a business,” she says, pointing to viral moments that generate visibility but little lasting value. Her focus remains on fundamentals—housing, food systems, agriculture, logistics, energy sectors she calls “boring” but resilient across cycles. “Hype is a tool, not a strategy.”

Governance, Risk, and Impact

Ethical, aligned engagement, Muluneh argues, begins with communication and is sustained by structure. “Africa is not a market where you hand over capital and walk away,” she says. Active involvement, transparency, and long-term commitment are essential.

Managing risk across markets requires focus and precision. Nyle prioritises East Africa and parts of West Africa, building depth before scaling. “There is no copy-and-paste approach,” she says. “Relationships matter as much as regulation.”

On impact, Muluneh resists slogans. Investing in real sectors, she says, creates jobs and infrastructure by default. “Africa does not need to be positioned as a charity case. Profit is the discipline that keeps businesses alive. When profit and purpose move together, impact becomes measurable.”

Trust as the Enduring Advantage

Looking ahead, Muluneh believes the decisive shift for both founders and diaspora investors is trust—rebuilt through transparency, consistency, and delivery.

“Many of us have internalised negative narratives,” she says. “That mindset holds growth back more than a lack of capital.”

Enduring companies, she concludes, will be built by those who choose long-term thinking over short-term protection.

“Trust is not blind. It is built through governance and accountability. Once trust is restored, capital will follow.”