Today, Startup Circles, an innovative practical business school that helps startup founders scale their business and become investor-ready has secured R2.1-million ($150k) in funding from US Venture Capital fund, Enygma Ventures.
This fund will be used to support the work of startup Circles and invest in companies that have gone through their training programs.
Startup Circle was founded by Sandras Phiri to provide practical straight-to-the-point education for busy entrepreneurs. The company democratizes access to investors as all its students have a chance to pitch to investors who are looking to make investments.
Startup Circles has supported over 5,000 entrepreneurs across Africa in 2020 and plans to expand its reach over the next few years. Offering accessible courses from $67 upwards to the growing entrepreneurship community, the innovative platform is assisting the ecosystem and entrepreneurs.
Sarah Dusek Managing Partner of Enygma Ventures explains that the investment is a strategic commitment to the local entrepreneurial ecosystem.
“We’ve been incredibly impressed by the talent of African entrepreneurs but sometimes the difference between being investable and having a scalable business is just knowledge and know-how. Startup Circles is closing the gap for emerging market entrepreneurs to help them shine and build impactful, profitable businesses. We are delighted to be not just investing in entrepreneurs but also in developing the ecosystem.”
Sandras Phiri Founder and CEO of Startup Circles comments on the funding secured.
“We are so delighted to be partnering with Enygma Ventures to grow businesses in Africa. I truly believe Africa is primed for significant development in the decade ahead and that will largely come from the growth of SMEs.”
Founding a startup in Africa is never an easy process. Aside from the regulatory issues and whatnot, founders need to work very hard to validate their ideas and ensure there’s a good market fit for their products, before scouting for investors. Startup Circles is helping founders solve most of these problems and provide a platform for founders to also pitch their ideas to investors.