Adbot, a South African adtech startup, has raised R7-million (US$450,000) in equity funding from Enygma Ventures. Adbot provides online advertising solutions to small and medium enterprises in South Africa. Services include Google search advertising, opening the Google Ads account and managing campaigns monthly using machine learning to optimise advertising keywords. The funding will be used to expand operations in South Africa. The stake acquired by Enygma Ventures was not disclosed.
The USA based Enygma Ventures launched a fund in 2019 with US$6.8million (R122million) in women-led entrepreneurial companies operating within the confines of the Southern African region. The fund operates in partnership with the Africa Trust Group which facilitates an incubation programme before an investment is deployed to further assist with business expansion. Enygma Ventures was founded by Sarah Dusek and Jacob Dusek and selected a number of entrepreneurs in 2020 and 2021 from over 900 applications received in Southern Africa.