Enygma Ventures’ Shift Fund opens for second round of funding
Enygma Ventures’ subfund Shift has opened for a second round of funding for entrepreneurs and innovators in Africa who either have existing businesses or new business ideas.
Applications for Shift, a partnership between Enygma Ventures and Startup Circles, reopened on Monday 3 August and closes on 31 August.
The Shift Fund, which was launched earlier this year in April as a response to the current Covid-19 pandemic, focuses on entrepreneurs and innovators in Southern Africa who are passionate about driving innovative solutions to address Africa’s challenges both during and after the pandemic.
Enygma Ventures co-founder Jacob Dusek says, “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.”
Startup Circles CEO Sandras Phiri says, “It is truly fantastic seeing the calibre 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.”
Entrepreneurs and innovators with existing businesses and those still at idea stage are encouraged to apply. 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 Startup Circles’ acceleration programme. Successful graduates will then receive a $25,000 pre-seed equity investment.
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