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US Venture Capital fund, Enygma Ventures has launched its last investment fund worth R120-million for 2020.
The astounding investment fund is targetted at women-led businesses in Africa and aims to empower female entrepreneurs to create innovative solutions.
Funding applications close on 31 December 2020
In the VC’s commitment to driving women-owned businesses, female entrepreneurs who have established businesses or new businesses ideas that benefit the Southern African Development Community (SADC) are encouraged to apply.
In an official press release, Sarah Dusek, Managing Partner and CEO of Enygma Ventures encourages female entrepreneurs to apply for investment funding.
“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.”
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.
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.
The Enygma Ventures investment fund will support female-led businesses and founders who aim to accelerate their businesses and improve the strength of Africa’s business ecosystem.
Lelemba Phiri, Principal and COO of Africa Trust Group explains that the last call for investments through Enygma Ventures is aimed at female-led businesses that are yet to receive funding in 2020.
“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.”
Enygma Ventures’ portfolio
The investment fund’s portfolio for 2020 consists of six women-led businesses and three pre-seed companies that previously received investment.
Female entrepreneurs who strive to accelerate their business and showcase potential in growth are encouraged to reap the benefits offered by Enygma Ventures through the investment fund.
Evelyn Kaingu, Co-Founder, and CEO of Lupiya explains that the startup underwent rapid growth after receiving investment from Enygma Ventures.
“To see your business funded is a huge validation of your business and creates enormous momentum to support growth. We are so proud to have received investment this year and have been able to grow our business by over 300% in just 5 months.”