Key Takeaways
- • Enza Capital has completed the first close of its third fund, the AI Africa Fund, raising about $21 million, or 35% of its $60 million target.
- • The fund carries a hard cap of $80 million, and Enza expects additional commitments before the end of 2026 with a planned final close in 2027.
- • The fund will invest from pre-seed through Series B, with initial checks generally between $250,000 and $3 million, and reserves capital for follow-on support.
- • Target sectors include financial services, healthcare, enterprise technology, education, agriculture, climate and emerging infrastructure, with first investments planned for 2027.
- • Enza, founded in 2019, has backed 49 technology companies across 10 African countries and made its first realised exit in 2025 when Netcare acquired a controlling stake in Quro Medical.
Summary
Pan-African venture capital firm Enza Capital has completed the first close of its third fund, the AI Africa Fund, according to Africa Private Equity News. The first close totals about $21 million, or 35% of the fund's $60 million target, and the vehicle has a hard cap of $80 million. Enza expects to raise further commitments before the end of 2026 and is continuing discussions with prospective limited partners ahead of a planned final close in 2027.
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. It will invest from pre-seed through Series B, with initial investments generally ranging from $250,000 to $3 million, and will reserve capital to support portfolio companies at later growth stages. Target sectors include financial services, healthcare, enterprise technology, education, agriculture, climate and emerging infrastructure. The first investments are planned for 2027.
Mike Mompi, co-founder and managing partner of Enza Capital, said that artificial intelligence is changing the economics of solving problems in Africa. He argued that fragmented markets, limited infrastructure, expensive distribution and shortages of skilled professionals have long made many solutions commercially unviable, and that AI reduces the cost of building technology, delivering services and reaching customers. He said this should produce a generation of highly valuable companies transforming African economies.
Founded in 2019, Enza has backed 49 technology companies across 10 African countries through its first two funds. The firm's first realised exit came in 2025, when Netcare acquired a controlling stake in Quro Medical, a South African AI healthcare technology company that delivers hospital-level care at home through remote monitoring and technology-enabled clinical services.
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. It will invest from pre-seed through Series B, with initial investments generally ranging from $250,000 to $3 million, and will reserve capital to support portfolio companies at later growth stages. Target sectors include financial services, healthcare, enterprise technology, education, agriculture, climate and emerging infrastructure. The first investments are planned for 2027.
Mike Mompi, co-founder and managing partner of Enza Capital, said that artificial intelligence is changing the economics of solving problems in Africa. He argued that fragmented markets, limited infrastructure, expensive distribution and shortages of skilled professionals have long made many solutions commercially unviable, and that AI reduces the cost of building technology, delivering services and reaching customers. He said this should produce a generation of highly valuable companies transforming African economies.
Founded in 2019, Enza has backed 49 technology companies across 10 African countries through its first two funds. The firm's first realised exit came in 2025, when Netcare acquired a controlling stake in Quro Medical, a South African AI healthcare technology company that delivers hospital-level care at home through remote monitoring and technology-enabled clinical services.
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