US venture capital (VC) fund Enygma Ventures an investment fund for female entrepreneurs and women founders, focused on Southern Africa or SADC has reportedly funded 10 businesses across the SADC region and invested nearly $4-million in selected startups and SMEs. With this in mind, the VC firm is committed to supporting female-founded startups and entrepreneurs. Investing in a range of industries from fintech, eCommerce, food, edtech, and more, Enygma Ventures has been garnered the title as one of the most active investors on the continent.
Sarah Dusek, co-founder and Managing Partner at Enygma Ventures explains that it is integral to support SMEs and women to uplift the economy.
“Now more than ever we need to invest in tomorrow, invest in women, invest in growth, invest in innovation, and build for the future. Now is not the time to think small and shrink back but the time to think big, plan for growth, look for new pathways and see our current climate as an opportunity”
Engyma Ventures: The importance of investing in SMEs
According to reports issued by Engyma Ventures, the global pandemic has resulted in the SADC regionally economic growth forecast decreasing by an estimated 3.4% in April 2020. In addition, SMEs in South Africa contribute to 39% of the country’s GDP and account for 25% of private-sector jobs.
Lelemba Phiri, Operating Partner at Enygma Ventures explains that access to funding for SMEs is crucial to bolster economic growth.
“Access to capital is critical for SME growth and is even more important during a recession as is facing the region. We have seen exciting growth and impact already being created by the businesses we invested in last year. Premier Credit, a loan fintech platform in Zambia, which after receiving investment in December 2020 has grown both revenue and loan deployment rate to other SMEs by 10 times in just 3 months. Such is the power of catalytic capital.”
Apply for funding
The VC has officially opened a call for applications for investment for April 2021 and is searching for exceptional female entrepreneurs to join their cohort of companies.
Interested applicants can apply online.
“The way to rebuild economies, climb out of recessions and create jobs is to build and grow small and medium-sized enterprises. We are continuing to look to invest in those with vision and those with bold, brave new ideas for growing their businesses because they are the builders of Africa’s future. If you can see a pathway to growing and scaling your business we want to hear from you. If you have a business idea that could revolutionize our world, tell us about it,” concludes Dusek.
