A partnership between Enygma Ventures, a ZAR100 million (US$6.8 million) fund launched in 2019 with an aim of investing in women entrepreneurs in the SADC region, and Startup Circles, the Shift Fund was launched in April.
They aim to invest USD 1 million in support of African Entrepreneurs, start-ups and innovators who are creating solutions for the post-COVID-19 period.
Their first investment is in a recruitment company, Job Crystal which enables female-led company to develop technology in order to speed up the process of recruitment and make it easier for recruiters to recruit the right candidate who fits the best to the job profile making a dent in unemployment rates at the same time.
Sasha Knott, Co-founder and Managing Director of Job Crystal, commented, “We’re thrilled to receive this investment from Enygma Ventures, which will help us to improve our tech development and expand our footprint across the country and region.”
Another Co-founder and Managing Director of Job Crystal, Sarah Dusek said it was never so critical for South Africa to get its people back to work.
She further explained, “We see the recruitment industry as vital in South Africa’s economic recovery, enabling employers to navigate finding the right talent, quickly and efficiently, getting more people back to work sooner.”
The rate of unemployment in South Africa has witnessed a spike to 30.1% during Q1 of 2020 with 63.3% of the 7.1 million unemployed people including youth. The pandemic outbreak aggravate this number.
CEO of Startup Circles, Sandras Phiri commented, “Job Crystal has strongly positioned itself within the recruitment market focusing on small and medium sized businesses with a passion for solving Africa’s unemployment crisis using technology and smart problem-solving skills. This is what we at Shift Fund are looking for – businesses that combine smart, innovative strategies and technologies in scalable models,”
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