VC firm Enygma Ventures is positioning itself for the world after COVID-19. The firm has just launched a ZAR20 million (US$1 million) Shift fund to support African startups, entrepreneurs and innovators that are building solutions for the post-pandemic world.
“We have decided to launch our new Shift Fund as the current crisis has given a rare opportunity for large scale changes in the world. Suddenly, we have a period in which we can influence change for good” said Jacob Dusek, co-founder at Enygma Ventures. “It’s time to redefine normal and in the process, create a better normal.”
Here Is All You Need To Know
- Through the new sub-fund dubbed, SHIFT, launched in partnership with Startup Circles Enygma Ventures is expecting to provide seed capital for 20–40 startups and 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 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.
“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.
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 investment last week.
If you are thinking ahead and starting to imagine what the world will look like after Covid-19 then you should apply to Enygma Ventures’ new Shift fund. Applications are open from April 15, 2020.
Click here for more information.
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