# Enza Capital

> Pan-African venture manager founded in 2019 with operations in Nairobi, Cairo and Johannesburg. Its first two funds backed 49 companies in 10 countries, according to November 2026 reports. Its third fund targets AI-native and AI-enabled startups; distinguish its first-close commitments from target capital.

## Profile

- **Reported initial check:** $250K–$5M
- **Check-size evidence basis:** reported
- **Founded:** 2019
- **Headquarters:** Nairobi, Kenya; Cairo, Egypt; Johannesburg, South Africa
- **AUM:** N/A
- **Rounds they lead:** Pre-Seed, Seed, Series A, Series B
- **Rounds they invest:** Pre-Seed, Seed, Series A, Series B
- **Check-size source:** https://enza.capital/
- **Last verified:** 2026-11-12

## Links

- [Website](https://enza.capital/)

## In-depth investment analysis

## Enza Capital manager
Enza's [official investment criteria](https://enza.capital/) cover pre-seed through Series B in African technology companies, with an ordinary first cheque of **$250,000–$5M**, typically **$500,000–$2M**. The manager says its average equity lead-investment process is approximately **2.5 months**, but timelines vary. A distinct evergreen Growth Capital fund may invest up to **$20M** per portfolio company; this is **not** Enza Capital III capital.

On November 10–11, 2026, the manager disclosed a **$21M first close** for its third vehicle, [Enza Capital III / AI Africa Fund](/fund/enza-capital-iii-ai-africa-fund-2026). The fund seeks **$60M** with **$80M maximum/hard cap** and plans initial deployments in 2027. The company reported 49 investments in 10 countries through earlier funds and an exit involving Quro Medical in 2025. Those earlier portfolio figures are not Fund III commitments or realised returns.

### Illustrative applicant path
1. Confirm fit with African market problem, stage and sector.
2. Approach the manager with team background, technology and actual customer validation.
3. Prepare financial, compliance and commercial diligence; the manager says average deal cycles take about 2.5 months, not guaranteed.
4. Negotiate valuation, ownership and investor governance; the manager may lead or co-lead.
5. Agree future capital requirements; follow-on funding is possible but not promised.

**Fund III-specific initial cheques are $250,000–$3M**, different from the manager-wide maximum. LP names, close legal day, fee/carry and target final closing are not yet verified. Source: [GP strategy](https://enza.capital/), [GP-emailed statement in Bloomberg](https://bloomberg.com/news/articles/2026-11-10/pan-africa-venture-firm-enza-seeks-up-to-80-million-for-ai-fund), [specialist press](https://www.africaprivateequitynews.com/p/enza-capital-reaches-first-close).

## Research sources

- [GP first party investment policy](https://enza.capital/)
- [Bloomberg GP-emailed Nov 10 report](https://bloomberg.com/news/articles/2026-11-10/pan-africa-venture-firm-enza-seeks-up-to-80-million-for-ai-fund)
- [Specialist November 11 release](https://www.africaprivateequitynews.com/p/enza-capital-reaches-first-close)

**By:** [Venture Capital Tracker](https://venturecapitaltracker.com/editorial-policy)
**Last updated:** November 12, 2026

**Editorial note:** AI tools assisted with research, structure, or drafting. Venture Capital Tracker retains human editorial responsibility for factual accuracy, relevance, and source quality before publication.

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Source: https://venturecapitaltracker.com/fund/enza-capital