Enygma Ventures is back in Zambia, barely six months after investing $1 million in Lupiya, a fast-growing lending startup founded by Evelyn Kaingu. In its latest deal, PremierCredit, an online microlending platform operating in Zambia and Zimbabwe, has received $650 000 (R9.7 million) in funding from the South African women-focused VC firm. Branded as a unique purpose fund, Enygma Ventures is a Venture Capital Fund that invests in female founders and entrepreneurs in Southern Africa.
“We are extremely elated about our partnership with Enygma Ventures,” Chilufya Mutale, Co-Founder and CEO of PremierCredit, stated.
“The financial and strategic support will allow us to execute on our vision to service multiple countries across the region.”
Here Is What You Need To Know
- Using the investment, PremierCredit has extensive plans to grow and serve the SADC (Southern African Development Community), a Regional Economic Community comprising 16 Member States.
Why The Investor Invested
Enygma Ventures is a US-based VC firm founded by award winning entrepreneurs Sarah and Jacob Dusek. In 2019, the VC launched a fund with a focus on investing in women entrepreneurs in the SADC region, making its first investment In South African startup Playsense in April, 2020.
“After an extraordinary year it has been incredible to see women-owned businesses still thriving and creating expansion plans despite the pandemic,” said Sarah Dusek, Managing Partner & Co-Founder of Engyma Ventures.
“PremierCredit has a proven track record of supporting the informal sector and making informal trading possible for many by providing timely and appropriate loans to help businesses thrive.”
The USD$650,000 investment further strengthens the fund’s portfolio of growing women-owned African businesses.
“We are excited about this investment and are confident in PremierCredit’s ability to execute and expand regionally as they are a formidable team,” said Lelemba Phiri, Principal and Operating Partner of Enygma Ventures.
“The ripple effect of such an investment goes beyond the immediate business because it in turn enables access to capital for underserved traders and communities.”
Enygma has made 10 investments in 2020 and currently has applications open for talented entrepreneurs in the SADC region to apply for funding. Applications close on 31st December 2020 and can be accessed here https://www.enygmaventures.com/applications.
A Look At What The Startup Does
Founded in 2019 by Chilufya Mutale, PremierCredit has been offering microloans in Zambia, supporting local entrepreneurs and small scale traders, many of whom are women, increasing their access to capital and the ability to grow their businesses. With the support of its partner bank in Zimbabwe, PremierCredit provides affordable bicycles, smartphones and Solar equipment on a Pay as You Go (PAYG) basis to underserved communities across Zimbabwe.
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