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US venture capital (VC) fund Enygma Ventures has launched a R20-million fund to invest in startups with post-pandemic innovative solutions.
The fund is open to entrepreneurs and innovators, both men and women, from the African continent and is a partnership between the VC fund and Startup Circles, an online platform that helps entrepreneurs quickly move from ideation, to validation.
The VC fund — which was launched in October last year by husband and wife duo Sarah and Jacob Dusek who are the founders of US adventure-hospitality firm Under Canvas — said in a statement on Tuesday (14 March) that it expects to provide seed capital for 20 to 40 startups. Mentoring will be provided through Startup Circles.
Said Enygma Ventures general partner and co-founder Jacob Dusek: “We have decided to launch our new Shift Fund as the current crisis has given (us) a rare opportunity for large scale changes in the world. Suddenly, we have a period in which we can influence change for good”. “It’s time to redefine normal and in the process, create a better normal.”
Enygma Ventures expects to provide seed capital for 20 to 40 startups that have developed innovative post-pandemic solutions
Startup Circles CEO and founder Sandras Phiri said Startup Circles allows entrepreneurs anywhere in the world to have the same access to opportunities, mentorship and investment — whether they be in Lilongwe or Luanda, male or female.
Startup Circles works with mentors from all around the world who assist in facilitating moving quickly through ideation to validation to operation.
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Read more: US duo launch R100m VC fund to invest in women-led startups in Southern Africa
Featured image (from left to right): Enygma Ventures team, husband and wife Jacob and Sarah Dusek and husband and wife Lelemba and Sandras Phiri and (Supplied)