Enza Capital reaches $21M first close of its AI Africa Fund

Enza Capital has reached a first close of about $21M for its third fund, the AI Africa Fund. That is 35% of the $60M target. The hard cap is $80M. The firm expects further commitments before the end of the year and a final close next year.

The fund will back AI-native and AI-enabled companies across Africa, from pre-seed to Series B. Initial cheques range from $250K to $3M, with capital reserved for follow-ons. Target sectors include financial services, healthcare, enterprise technology, education, agriculture and climate. First investments are planned for 2027.

Enza Capital was founded in 2019 and is based in Nairobi. It has backed 49 companies in 10 African countries through its first two funds. Mike Mompi is co-founder and managing partner.