For startups and growing business, seed funding is important to help things get started before the business earns revenue. Even when the business or brand is running, seed funding can be used to cover insufficient funds or marketing and developmental costs.
Just like DressCode recently announced their plan of expanding their team as well as their range of products as a result of the seed funding they acquired, seed funding opens many opportunities for startups. Enygma Ventures has opened applications for Shift Fund for African entrepreneurs. Here’s all you need to know about it.
About Enygma Ventures
Enygma Ventures is a unique purpose-driven investment fund that has the aim of growing and scaling small and medium scale businesses.
Previously, they have been able to provide seed funding for many startups. In the previous edition of the Shift Fund, Chuuse, a Nigerian startup amongst many others, secured a 1million USD Fund.
“We received over 900 applications and the selected entrepreneurs have been participating in an accelerator programme. Several of these entrepreneurs will receive pre-seed funding and two companies will receive seed funding this coming month.” – Jacob Dusek, cofounder of Enygma Ventures
In collaboration with Startup Circles, which is Africa’s number 1 accelerator and start-up school that empowers people to launch their startups and fundraise, they launched the Shift Fund.
Criteria For Accessing the Shift Fund
As many countries in the world are still battling with the COVID-19 pandemic, the Shift Fund is open to African entrepreneurs who are passionate about driving change and solution in their respective industries.
Entrepreneurs and innovators all over Africa with either existing businesses or business ideas can apply for this fund. The fund is also not specific to any industry as entrepreneurs from all industries, including the fashion and beauty industry, can apply.
The business idea or business must also be available and able to operate on a large scale or have a large target audience.
To apply for this, business owners would have to describe their business idea in a sentence, as well as state the location and industry of the business.
For existing business owners, details about the number of staff, business name, revenue gained over the years, and the challenges faced so far in the business would have to be stated, amongst others.
The uniqueness of the brand or business, as well as the strategy or business model, would also have to be shared during the application process.
Benefits Of Engyma Ventures Shift Fund
For established businesses and entrepreneurs that get selected, Enygma Ventures would provide a slot in their investor readiness programme to receive seed equity investment.
On the other hand, selected entrepreneurs with business ideas or early-stage idea companies will receive a scholarship to Startup Circles acceleration programme. Then, the successful graduates will then receive a 25,000 USD pre-seed equity investment.
Asides all of these, successful entrepreneurs would be provided with world-class mentorship, training and all the help required to validate the business or brand quickly and efficiently.
The deadline for application entries for the Shift Fund is August 31. Click here to apply.