Enza Capital, a pan-African venture capital fund, has achieved a first closing of $21 million for its third fund, Enza Capital III LP, which focuses on African startups in the field of artificial intelligence. The fund aims to raise a total of $60 million, with a cap of $80 million. This development was reported by Bloomberg on November 10, 2026, and further detailed by several specialized media outlets.
The $21 million raised represents about 35% of the fund's target. The fund will support startups from the pre-seed to Series B stages, with investment tickets ranging from $250,000 to $3 million. Enza Capital's website mentions that initial tickets can go up to $5 million. The fund will focus on various sectors, including financial services, healthcare, enterprise technology, education, agriculture, climate, and infrastructure.
Enza Capital was founded in 2019 by Mike Mompi, Sir John Lazar, and David Cohen, and has offices in Nairobi, Johannesburg, and Cairo. The fund has deployed $58 million through its first two funds into 49 companies across ten African countries, including eleven AI-focused companies. The fund's portfolio includes companies from Senegal and Côte d'Ivoire, such as fintech firm Djamo, which secured $17 million in funding.
The fundraising effort comes at a time when funding for African AI startups is dwindling. According to data from Launch Base Africa, about thirty AI-related transactions were recorded in 2026, totaling approximately $93 million. However, other estimates suggest lower amounts, highlighting the challenges in measuring this segment.
Enza Capital's investment strategy involves supporting startups from the pre-seed to Series B stages, with a focus on AI companies. The fund's management has not publicly disclosed the list of investors or the names of the first target companies. The fund is expected to make its first investments and achieve a final closing in 2027.
The decline in funding for AI startups in Africa is a notable trend. Despite this, Enza Capital is optimistic about the potential for AI innovation on the continent. The fund's founders believe that AI can drive growth and transformation in various sectors, including healthcare, education, and finance.
Enza Capital's latest fundraise is a significant milestone for the firm and the African AI startup ecosystem. The fund's focus on AI companies reflects the growing importance of this technology in driving innovation and growth on the continent. As the fund prepares to make its first investments, industry stakeholders will be watching closely to see how it performs.
Key points
- Enza Capital aims to raise a total of $60 million for its AI-focused fund, with a cap of $80 million.
- The fund will support startups from the pre-seed to Series B stages, with investment tickets ranging from $250,000 to $3 million.
- Enza Capital has deployed $58 million through its first two funds into 49 companies across ten African countries.
