Tech in Africa
4 of the top startups that participated in the StartupCircles.AI demo day earned ZAR1.25 million (US$ 75,000) funding collectively from Enygma Ventures. Startup Circles is a tech accelerator that has partnered with Enygma Ventures to create a US$ 6.8 million fund during its launch. The fund is specially focused on women entrepreneurs within the SADC region.
At the recent demo, headlined as the Startup Circles Launch and investor Readiness Programme, 13 startups finally graduated after presenting their ideas to a group of panelists comprising of experienced entrepreneurs, advisors, and founders.
South African startups that secured investment
Candor Life an off-season online reseller platform $25,000 for a 10% stake of their business. The investment was secured by Sarah Dusek one of the managing partners of Enygma Ventures.
AIA is an online marketplace for African artisan goods that are handmade and present an opportunity for people to market them digitally. Most startups have issued funding proposals that are still up for discussion.
Mtwanamba Solutions did not receive direct funding like its competitors, however, it caught the eye of investors with its handwashing and funeral mobile toilets service. The judges highly commended their community-based crowdfunding strategy to raise capital.
Vuyisa Qabaka, who is the operating partner at HYBR Group for Africa, pledged to meet the $300 investment (min) required for every participant while Lelemba Phiri pledged to seed the 2nd minimum investment if the teams opted for greater gender diversity.
Source: Business elites Africa
