Startup News Roundup – Apply for Enygma Ventures, Spaza Shop Initiative Launched & More (8 – 12 March)

Updated on 8 March 2021

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Enygma Ventures Announces Open Call for Women Entrepreneurs in Southern Africa

Enygma Ventures Announces Open Call for Women Entrepreneurs in Southern Africa

Enygma Ventures, a venture capital fund, is encouraging women entrepreneurs to apply for the fund.

Enygma Ventures is an unique purpose-driven venture capital fund. They invest up to R10-million in women-led businesses that have an established track record, a proven revenue model and demonstrated growth in SADC, according to a Ventureburn article.

With an initial fund of over R100-million, Enygma Ventures is targeting outstanding female entrepreneurs whose businesses have the capability to grow and scale.

Their programs include entrepreneur master-classes, business coaching and customized acceleration.

For more information on Enygma Ventures and its funding opportunities, visit 

SEE ALSO: Where to Access Funding For Women-Owned Businesses in South Africa (Enygma Ventures & More)

New Initiative to Support Spaza Shop Industry

The research, advisory, data analytics and product innovation firm BFA Global announced a country-first initiative, supported by J.P. Morgan, designed to improve the livelihoods and resilience of spaza shop owners in South Africa’s townships, following the COVID-19 crisis.

Experts at BFA Global will support three South African fintech companies with innovation pilots over the next nine months – including A2Pay, Yebo Fresh and Vuleka – focusing on solutions across the value chain, including digital ordering, delivery of stock, digital stock management, wholesale linkages and access to appropriate financial solutions, such as credit to refill stock, that are relevant and affordable for spaza owners.

The programme will assist spaza owners to increase their operational efficiencies, sales and revenue growth due to more efficient digital stock management, increased control over purchases, and reduced costs of transportation and handling cash. Traders will also gain a digital financial identity that will enable access to digital financial services and working capital from other financial service providers or FMCG companies.

The companies supported through this initiative will each receive grant capital, technical support led by fintech experts at BFA Global and connections with partners and corporate innovators who can help them scale their solutions to more spaza shops.

Agritech Startup Skudu Raises Funding from AgVentures

Skudu is an online agri marketplace that offers farmers access to purchase agricultural inputs; these are resources that are used in farm production include chemicals; equipment (tools and implements), feed and seed.

AgVentures is Africa’s leading agrifood tech investor. They invest in privately-owned agrifood companies with the potential to transform the African agrifood sector due to their innovative technology and dynamic entrepreneurship. They are more than an investor – they become a partner and assist investee companies to build their businesses and expand across Africa. Their head office is in South Africa.

FNB customers can now deposit cash at till using Shoprite and Checkers stores

FNB has expanded its partnership with the Shoprite Group to allow the Bank’s individual and business customers the convenience of depositing cash into their bank accounts at 1 700 Shoprite and Checkers stores across South Africa. FNB cardholders can deposit up to R3000 into their bank accounts in-store at a flat fee.

FNB Payments Executive, Raj Makanjee, says, “The move is in line with our strategy to offer customers a wider choice of simple, real and affordable help through accessible everyday channels. The combination of our nation-wide branch network and Shoprite’s extensive retail footprint allow us to help customers to easily and conveniently manage their cash needs as they do their daily shopping. We are committed to consistently expanding our network of access points to ensure that financial services is available in and around communities.”

FNB customers already have the convenience of making free Cash@Till® withdrawals at Shoprite, Checkers, Pick n Pay, Boxer and selected Spar stores. In addition to cash withdrawals and deposits, FNB Easy Pay As You Use and Smart Option account holders can replace their lost or stolen bank cards at Shoprite and Checkers. FNB customers also earn eBucks when they shop at Shoprite and Checkers stores.

“Our aim is to consistently pursue partnerships which offer meaningful value to customers. This journey is inspired by our focus on helping customers to better manage their money. In addition to supplementing our vast network by leveraging the footprint of partners, we also offer customers the opportunity to save on out of pocket expenses by using our rewards,” concludes Makanjee.

SEE ALSO: Enygma Ventures & More Investors that Back SA Startups

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