Enza Capital Raises $21 Million for African AI Startup Fund

Pan-African venture capital firm Enza Capital has reached a $21 million first close for its third vehicle, dedicated to African artificial intelligence startups. The fund, named Enza Capital III LP, targets $60 million, with a hard cap of $80 million. This development was reported on 10 November 2026 by Bloomberg and later detailed by several specialist outlets. Enza Capital was founded in 2019 by Mike Mompi, Sir John Lazar, and David Cohen.

The $21 million raised so far represents about 35% of the target. The fund will back companies from pre-seed to Series B, with cheques of $250,000 to $3 million, and keep part of its capital for follow-on rounds. Target sectors include financial services, healthcare, enterprise technology, education, agriculture, climate, and infrastructure. Enza Capital’s website mentions first cheques of up to $5 million. The fund plans to make its first investments and hold its final close in 2027.

Enza Capital has offices in Nairobi, Johannesburg, and Cairo. The firm says it has deployed $58 million through its first two funds into 49 companies in ten African countries, including eleven AI-native businesses. Its official website lists Senegal and Côte d’Ivoire among its markets, and Ivorian fintech Djamo among its portfolio companies. This experience positions Enza Capital to support AI startups across the continent.

The raise comes as money grows scarce for young African AI companies. According to Launch Base Africa data cited by TechBuild Africa, around thirty AI-related deals were recorded in 2026, for about $93 million disclosed. Other estimates published this week give lower figures, which shows how hard this segment is to measure. This decline in funding makes Enza Capital’s fund a significant development in the African AI startup ecosystem.

Enza Capital has not published a press release on its website so far. The fund’s investors and its first targets remain to be disclosed. The lack of transparency on the investors and the fund’s strategy may be due to the early stages of the fundraising process. Enza Capital’s focus on AI startups is expected to attract interest from investors looking to support innovative technologies.

The fund’s focus on AI startups aligns with the growing demand for AI solutions in various sectors. AI has the potential to transform industries such as healthcare, education, and financial services in Africa. Enza Capital’s investment is expected to have a positive impact on the development of AI startups in Africa. The firm’s experience in deploying capital to AI-native businesses will be crucial in supporting the growth of these startups.

Enza Capital’s fund is a significant development in the African AI startup ecosystem. The firm’s commitment to investing in AI startups is expected to drive innovation and growth in the sector. With its experience and expertise, Enza Capital is well-positioned to support the development of AI startups in Africa. The fund’s impact will be closely watched by investors, startups, and industry experts.

Key points

• Enza Capital reaches $21 million first close for $60 million fund dedicated to AI startups.
• The fund will back companies from pre-seed to Series B, with cheques of $250,000 to $3 million.
• Enza Capital has deployed $58 million through its first two funds into 49 companies in ten African countries.