Enza Capital secures first $21m for Africa-focused AI venture fund

Pan-African venture investor Enza Capital has reached the first close of a new artificial-intelligence fund with commitments equivalent to about US$21 million, as it seeks to expand investment in companies developing AI-based services and infrastructure on the continent. The firm is targeting US$60 million for the AI Africa Fund, with an upper fundraising limit of US$80 million.

The initial close represents 35 per cent of the fund’s target, rather than the entire amount sought. Enza expects to continue raising commitments and said it plans the fund’s first investments in 2027. Its intended investments range from US$250,000 to US$3 million, from pre-seed through Series B.

The fund will consider AI-native businesses and companies applying the technology in sectors such as finance, healthcare, education, agriculture and enterprise software. Enza said it has invested in 49 technology companies across 10 African countries through its first two funds, established after the firm was founded in 2019.

An investment mandate and an announced target do not mean the full fund has already been raised or allocated. The pace at which it can invest will depend on subsequent fundraising, due diligence and the availability of businesses with commercially defensible technology.

For African founders, the announcement indicates a potential source of venture finance, although eligibility, geography and individual transaction terms will depend on the manager’s assessment. Enza’s emphasis on proprietary data, distribution and durable demand also reflects the challenges facing young businesses that rely solely on widely available AI tools.

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