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Pan-African venture capital firm Enza Capital has completed the first close of its third fund, the AI Africa Fund, at 35% of its $60 million target – about $21 million. The fund has a hard cap of $80 million. Enza expects to raise additional commitments before the end of 2026 and is continuing to engage prospective limited partners ahead of a planned final close in 2027.
The fund will back AI-native and AI-enabled companies that address 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 through later stages of growth. Target sectors include financial services, healthcare, enterprise technology, education, agriculture, climate and emerging infrastructure. The first investments are planned for 2027.
“Artificial intelligence is changing the economics of solving problems, and nowhere is that opportunity more compelling than in Africa,” said Mike Mompi, co-founder and managing partner of Enza Capital.
“For decades, businesses have struggled to serve large parts of Africa’s population economically. Fragmented markets, limited infrastructure, expensive distribution and shortages of skilled professionals have made many otherwise valuable solutions commercially unviable. AI fundamentally changes that equation. It reduces the cost of building technology, delivering services and reaching customers, opening markets and opportunities that were previously difficult to address. We believe this will create a generation of highly valuable companies that transform African economies,” he added.
Founded in 2019, Enza has backed 49 technology companies across 10 African countries through its first two funds. The firm made its first realised exit in 2025, when Netcare acquired a controlling stake in Quro Medical, a South African AI healthcare technology company that enables patients to receive hospital-level care at home through remote monitoring and technology-enabled clinical services.
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