Enza Capital, a venture capital firm with a primary focus on African technology startups, has successfully closed two funds amounting to $58 million.
Founded in 2019, Enza Capital initially launched an early-stage fund aimed at identifying and supporting startups in the pre-seed and seed stages. This fund remains active and has made investments in various sectors, including fintech, logistics, health, human capital, and climate tech.
Despite its early-stage focus, Enza Capital has evolved into a multi-stage investor, with a significant emphasis on follow-on investments, particularly up to Series B. The company’s mission is to back visionary founders and teams leveraging technology to address significant challenges across Africa, particularly those related to digitization and technology-driven solutions.
Enza Capital is headquartered in Nairobi, with a remote team spread across different locations, including Johannesburg, London, and New York. The firm is set to expand its presence in Lagos and a Francophone African city to better support its portfolio companies in these regions. To facilitate this expansion, Enza Capital plans to hire additional talent across various departments.
In a unique and altruistic move, Enza Capital is launching its founder partner program, allowing founders and leadership teams of portfolio companies to become co-owners of the firm. This program aims to foster trust and long-term partnerships beyond traditional venture capital structures. Enza Capital is committing 10% of its carry pool back to the founders as a gesture of shared success and commitment.
The firm has identified key verticals in Africa where significant problems can be solved through technology, and it remains dedicated to driving innovation and transformation in these sectors. Enza Capital’s investments range from pre-seed to Series B, with an evergreen investment vehicle called Enza Growth Capital capable of investing up to $20 million per company over longer holding periods.
Enza Capital’s investment strategy involves leading or co-leading investment rounds and collaborating with other high-quality investors aligned with the company’s vision and values. The firm focuses on factors such as team quality, market opportunity, problem relevance, technology, and transaction specifics when making investment decisions.
Some of Enza Capital’s portfolio companies include SeamlessHR, Autochek, and Jumba. The limited partners contributing to both funds encompass a diverse group of investors, including private individuals, family offices, foundations, fund of funds, hedge funds, and venture capital firms.
The successful closure of these funds positions Enza Capital to continue its mission of supporting African technology companies as they digitize key industries, transform offline to online, and drive innovation in various sectors across the continent.