Enza Capital Raises $21 Million for Africa-Focused AI Fund

Pan-African venture capital firm Enza Capital has secured $21 million in the first close of its third investment fund, setting aside capital for African startups developing artificial intelligence technologies.

The fund, Enza Capital III LP, is targeting $60 million, with an upper limit of $80 million. The first close represents 35% of its initial fundraising target. Enza expects to secure further commitments before the end of 2026, with a final close planned for 2027.

The fund will invest in companies developing AI-native products as well as businesses using artificial intelligence to improve existing services. Its investment strategy covers financial services, healthcare, enterprise technology, education, agriculture, climate technology and emerging infrastructure.

Enza plans to invest from pre-seed through Series B, with initial cheques generally ranging between $250,000 and $3 million. It will also reserve capital for follow-on investments as companies grow.

Backing African technology companies

The fund builds on Enza's existing investment activity across the continent. Founded in 2019, the firm has backed 49 technology companies in 10 African countries through its first two funds.

Its portfolio includes automotive marketplace Autochek Africa, Nigerian payroll software company SeamlessHR and South African payments platform Peach Payments.

Enza also recorded its first realised exit in 2025, when Netcare acquired a controlling stake in South African healthcare technology company Quro Medical. The company uses remote monitoring and digital clinical services to help patients receive hospital-level care at home.

Enza co-founder and managing partner Mike Mompi said artificial intelligence could reduce the cost of developing technology and delivering services, making it commercially viable to serve markets that have traditionally been difficult to reach.

The fund's first investments are expected in 2027, giving African AI startups another potential source of early-stage and growth capital.