How this African-focused investor made her millions

Sarah Dusek
Interview with Sarah Dusek
CO-FOUNDER, ENYGMA VENTURES
Lives in: Cape Town, South Africa (travels between the US and South Africa)
Sarah Dusek is the founder of Enygma Ventures, a venture capital fund that invests in women-led businesses in sub-Saharan Africa. Among its investments is Eswatini-based Black Mamba, a chilli sauce manufacturer, which received R9.2 million (approximately $526,000). Black Mamba exports globally to markets such as the UK, Norway, and Germany. Enygma has also backed Play Sense, a South African early childhood education business, with a R8.3 million (roughly $470,000) investment, and committed $1 million to Zambia-based microfinance company Lupiya.
Only about 1.5% of venture capital raised in Africa between 2019 and 2023 went to female-led startups, a figure slightly below the 2% secured by their counterparts in Europe and the US. One of the biggest problems, says Dusek, is that many women globally – despite talent, education and ambition – lack the critical understanding of what it takes to build a big business and attract the requisite funding to grow it at scale.
However, before entering the venture capital world, Dusek and her husband co-founded Under Canvas, a luxury camping business that they eventually sold for $100 million. What began with just four tents evolved into a high-end glamping operation, offering premium camping experiences near US national parks. Through years of refining their model, the business became a major player in the outdoor hospitality sector.
In a recent interview with AfricanOptimist’s Sanja Göhre, Dusek shared insights into how she transformed what was intended to be a small family business into a multi-million dollar enterprise that redefined luxury camping. She also discussed her commitment to using the proceeds from the Under Canvas sale to back women-led businesses across sub-Saharan Africa.
Highlights from the interview include:
- How working in Zimbabwe was inspiration for her business idea
- Why her first business attempt with tents failed
- Overcoming doubts and embracing risks
- Understanding venture capital
- Why she tells entrepreneurs to think and pitch $100 million big
Listen to the full interview by AfricanOptimist below:
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For a transcript and show notes of the podcast, go to africanoptimist.co.za