Editor’s note: African-Startups is a sister publication of EU-Startups, bringing trusted coverage of startups, venture capital, and innovation across Africa.
Pan-African venture capital firm Enza Capital has completed the first close of its third fund, the AI Africa Fund, raising approximately $21 million, which represents 35% of its $60 million target. Notably, the fund has a hard cap of $80 million.
The pan-African VC expects to raise additional commitments before the end of 2026 and plans a final close in 2027. First investments from the fund are planned for 2027.
Over the past seven years, Enza has backed 49 technology companies across 10 African countries, including nearly a dozen AI-first businesses and many more AI-enabled companies.
The firm made its first realised exit in 2025 when Netcare acquired a controlling stake in Quro Medical, a South African AI healthcare company that enables patients to receive hospital-level care at home through remote monitoring.
“AI is fundamentally changing the economics of solving problems. Across Africa, where infrastructure gaps, fragmented markets and the cost of delivering services have historically held businesses back, we believe this creates an extraordinary opportunity to build valuable, impactful, and globally competitive companies,” said Mike Mompi, co-founder and managing partner of Enza Capital.
Founded in 2019 and co-founded by Mike Mompi, Sir John Lazar and David Cohen, Enza Capital is a pan-African, multi-stage venture capital firm that backs technology companies solving large problems across Africa.
The firm invests from pre-Seed through Series B, with first cheques ranging from $250,000 to $5 million and a typical sweet spot of $500,000 to $2 million. It also runs Enza Growth Capital, an evergreen investment vehicle that can invest up to $20 million per company over longer holding periods.
Target sectors include financial services, healthcare, enterprise technology, education, agriculture, climate and emerging infrastructure.
The fund will back AI-native and AI-enabled companies addressing major economic and social challenges across Africa, as well as African-founded businesses with the potential to compete globally.
