South African haircare startup, Brown and Ayo, which promotes natural hair care trends for black women, has secured ZAR4 million (US$276,000) in funding from Enygma Ventures, a female-focused venture capital firm.
“We are overjoyed about our partnership with Enygma Ventures which provides both financial and strategic support. This will allow us to execute on our vision to scale across Africa and globally,” said Acanda Jaswa, founder of Brown and Ayo.
Brown & Ayo has been selling natural hair extensions intended to resemble black natural hair textures through its online store since 2019, and prides itself on offering both fashionable and evergreen hair products to South African black women.
Enygma Ventures is a ZAR100 million (US$6.8 million) fund focused on investing in women entrepreneurs in the SADC region, which was launched in late 2019.
“As a solo black female founder operating outside of traditional technology, my odds for raising significant VC funding were low. It is thus very exciting to be backed by Enygma Ventures and their diverse team that understand this exciting sector and have been extremely valuable in supporting me to think strategically about growing my business.” added Jaswa.
