Enzo Ventures closes €20M Fund II for Southern European founders

Madrid based #Enzo Ventures has announced Enzo Ventures II, a €20 million fund backing Southern European founders and diaspora entrepreneurs at pre-seed.

The firm will invest €250K–€600K in B2B technology, AI and software, with a growing focus on companies where software meets the physical world. Fund II is already active, with a first investment in London-based Cori Clinical and two more in Madrid and Zurich to be announced.

Fund I, launched in 2022, backed 28 companies across nine geographies. Notable follow-ons include Orbio AI, which has raised over $28M including a $21M Series A led by Dawn Capital; Murphy AI, with $15M from Northzone, Lakestar, Seedcamp and ElevenLabs; and Complaion, with nearly €17M including a €13.5M Series A.

More than 90% of Fund I LPs are re-investing in Fund II. Enzos thesis is that Southern European talent is more widely distributed than the capital following it, and that the diaspora in London, Zurich, New York and San Francisco is an extension of the ecosystem rather than talent that has left.