Enygma Ventures’ subfund Shift, has opened for the second round of funding for entrepreneurs and innovators in Africa who either have existing businesses or new business ideas.
Successful graduates will then receive a $25 000 pre-seed equity investment.
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The Shift Fund launched in April this year and has been founded through a partnership between Enygma Ventures and Startup Circles.
The new fund was founded in a response to the impact of the current Covid-19 pandemic and focuses on entrepreneurs and innovators in Southern Africa who are passionate about creating new solutions that address challenges facing Africa both during and after the pandemic.
Jacob Dusek, Enygma Ventures Cofounder explains why they have decided to create a second round of funding for possible applicants.
“Our first call for applications to the Shift fund was incredibly successful – we received over 900 applications and the entrepreneurs selected have been participating in an acceleration programme with Startup Circles since June. Several of these entrepreneurs will receive pre-seed funding and two companies will receive seed funding this coming month.”
This second round of funding comes just as Women’s Month starts in South Africa.
As August is celebrated as women’s month. Lelemba Phiri, Operating Partner for Enygma Ventures is encouraging female entrepreneurs to apply for the second round of funding
“We want to encourage more women entrepreneurs to apply to our Shift fund for we understand the challenges many women experience in accessing funds, support, and mentorship. We believe women hold the keys to unlocking Africa’s economic potential and we are committed to investing in our women.”
How to apply
Entrepreneurs and innovators with existing businesses and those still at the idea stage are encouraged to apply here. Successful applications will go through a vetting process which will determine whether they will receive a scholarship or seed funding or both.
Established businesses that are selected will go into Enygma Ventures’ investor readiness programme to receive seed equity investment.
Early-stage idea companies will receive a scholarship to Start up Circles’ acceleration programme. Successful graduates will then receive a $25 000 pre-seed equity investment.
For those not selected for fast-tracking, selected entrants will still be able to use the same resources from Startup Circles at regular rates.
Startup Circles, Africa’s number one online accelerator and startup school is an online platform that helps entrepreneurs quickly move from ideation to validation, to Startup, to becoming investor-ready.
Startup Circles works with mentors from all around the world who assist in facilitating moving quickly through ideation to validation to operation.
Applications opened on 3 August 2020 and will close on 31 August 2020.
Startup Circles CEO Sandras Phiri comments on the entries from the first round of applications.
“It is truly fantastic seeing the caliber of innovative ideas that entrepreneurs and innovators across the African continent are coming up with. The rate at which people are joining our community, engaging with us, our mentors, investors and with each other shows that Africa is fertile ground for incubating and launching new businesses that will, in due time, change the way people view and think about certain things.”
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Featured image: Supplied
