Enza Capital, a pan-African venture firm founded in 2019, has reached a first close of about $21 million for its third fund, Enza Capital III LP, known as the AI Africa Fund. The firm said in an emailed statement on Tuesday, 10 November, according to Bloomberg, which first reported the fund’s target and hard cap that day.
The first close is 35% of a $60 million target. The fund has an $80 million hard cap. Enza expects further commitments before the end of 2026 and plans a final close in 2027, according to Disrupt Africa and Africa Tech Summit. Bloomberg reported the final close as expected in about a year.
The fund will invest from pre-seed to Series B, with initial cheques generally between $250,000 and $3 million and capital reserved for follow-on rounds. It is aimed at AI-native and AI-enabled companies working on economic and social challenges across Africa, as well as African-founded businesses able to compete globally. Target sectors include financial services, healthcare, enterprise technology, education, agriculture, climate and emerging infrastructure. First investments are planned for 2027.
Mike Mompi, Enza’s co-founder and managing partner, argues that AI changes the cost of serving African markets. “We believe this will create a generation of highly valuable companies that transform African economies,” he said.
The announcement is a fund close. It is not a funding round for any startup, and the firm has not named a company as a recipient of the new fund.
Enza says it has backed 49 companies across 10 African countries through its first two funds, including nearly a dozen AI-first businesses. Other coverage gives different portfolio figures. In an interview published on 2 November, TechCabal reported that Enza says it has raised $58 million across its first two funds and has made 75 investments across 47 companies in nine African countries. Enza describes its first realised exit as Netcare’s 2025 acquisition of a controlling stake in Quro Medical, a South African AI healthcare technology company.
Launch Base Africa’s analysis, reported on 11 November, found that disclosed investment into African AI companies fell by more than 90 per cent between 2025 and the first half of 2026. Enza’s close comes against that backdrop.
Sources
- Bloomberg, Pan-Africa Venture Firm Enza Seeks Up to $80 Million for AI Fund (10 November 2026)
- Disrupt Africa, Pan-African VC firm Enza Capital reaches $21m first close of AI Africa Fund (13 November 2026)
- Africa Tech Summit, Enza Capital Completes First Close of Its $60 Million AI Africa Fund (12 November 2026)
- Launch Base Africa, Enza Capital Raises $21M to Back African AI as Venture Funding Retreats (11 November 2026)
- TechCabal, Enza Capital wants Africa to build its AI with its new fund (2 November 2026)
- Africa Private Equity News, Enza Capital reaches first close of $60m AI Africa Fund (11 November 2026)
