Enygma Ventures has got the back of female founders in Southern Africa. In its latest move, the Southern African female-founder-focused VC has announced a new $7.9 million fund for startups run by female founders in Southern Africa.
“Never has there been a better time to step up and take your business to the next level. Accessing funding is your opportunity to seize the moment, accelerate your growth, and help build a better world for all,” says Sarah Dusek, Managing Partner and CEO of Enygma Ventures.
Here Is All You Need To Know
- Through the new in partnership with Startup Circles, Enygma Ventures is expecting to provide seed capital for startups as well as provide mentoring, training and business validation scholarships through Startup Circles.
“We are looking for entrepreneurs with a vision to solve big problems, to change the status quo, create meaningful solutions and take advantage of this window of time to rebuild our world,” the firm noted in a previous statement.
“This fund will award successful candidates either with scholarships to get their business off the ground in conjunction with StartupCircles.AI mentorship and education or seed funding from Enygma Ventures. Startup Circles works with mentors from all around the world who assist in facilitating moving quickly through ideation to validation to operation. Applications are open to both men and women entrepreneurs, creative thinkers and innovators who are focused on creative solutions that benefit SADC or African entrepreneurs from the region,” it further added.
- Sandras Phiri, founder and chief executive officer (CEO) of Startup Circles, said previously entrepreneurs needed to be based in a startup hotspot like Cape Town or Nairobi to gain access to the right circles of mentors and investors.
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“But now with Startup Circles, entrepreneurs have the same access to opportunities, mentorship and investment whether they are in Lilongwe or Luanda, male or female. Anybody with access to the internet can apply to access startup support and funding,” he said.
- Female-led businesses that are selected for investment will be allowed to participate in the Enygma Ventures’ Investor Readiness Programme which allows businesses to receive an equity investment ranging from $25 000 to $1-million.
- Early-stage innovation startups that are selected will be offered a scholarship to Startup Circles’ Acceleration Programme and upon graduation, startups will receive a pre-seed equity investment valued at $25 000.
About Enygma Ventures And How Startups Can Apply To The New Fund
Enygma Ventures, is a US-based VC firm founded by award winning entrepreneurs Sarah and Jacob Dusek. Last year, the VC launched a fund with a focus on investing in women entrepreneurs in the SADC region, making its first set of investments in Play Sense and Lupiya recently.
“We received over 3 000 applications for funding in 2020 which demonstrates what an incredible talent pool there is in the region. We are excited to see the progress of many of the businesses that didn’t get funded in 2020 and to discover new business gems,” said Lelemba Phiri, Principal and COO of Africa Trust Group.
Here Is How To Apply
Applicants interested in the investment fund can apply online before 31 December.
Startups that do not qualify will be allowed to access support at a cost from Startup Circles which is the leading startup school in Africa and a large contributor to online acceleration.
Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based lawyer who has advised startups across Africa on issues such as startup funding (Venture Capital, Debt financing, private equity, angel investing etc), taxation, strategies, etc. He also has special focus on the protection of business or brands’ intellectual property rights ( such as trademark, patent or design) across Africa and other foreign jurisdictions.
He is well versed on issues of ESG (sustainability), media and entertainment law, corporate finance and governance.
He is also an award-winning writer