Enza Capital Completes $21 Million First Close for Third Vehicle: The AI Africa Fund

NAIROBI — Pan-African venture capital firm Enza Capital has completed a $21 million first close for its third fund, designated as Enza Capital III LP or the AI Africa Fund.

The vehicle targets a total fund size of $60 million, with a hard cap set at $80 million, and anticipates reaching a final close within approximately one year. The first close represents 35% of the primary target, providing dedicated capital to back early-stage artificial intelligence and AI-enabled companies operating across Sub-Saharan Africa.

Operational Footprint & Investment Strategy

Founded in 2019 by Mike Mompi, Sir John Lazar, and David Cohen, Enza Capital operates across regional hubs including Nairobi, Johannesburg, and Cairo:

• Historical Track Record: Over the past seven years, the firm has backed 49 companies across 10 African countries, with nearly a quarter of its historical portfolio focused on AI-native or AI-enabled solutions.
• Sector Focus: The new fund targets practical artificial intelligence startups that adapt machine learning and automation to local languages, infrastructural gaps, distribution networks, and edge-compute environments rather than building capital-intensive frontier models.
• Constraint Advantage: The investment thesis centers on transforming regional constraints, such as fragmented markets and high costs of service delivery, into long-term competitive advantages through software automation and workflow integration.

Market Context & Venture Landscape

The fundraise addresses a structural funding gap for specialized AI infrastructure across African markets:

• Capital Deficit: While investor interest in artificial intelligence has accelerated globally, dedicated capital for African AI startups remains limited relative to larger venture ecosystems.
• Ecosystem Growth: The fund joins a growing network of specialized tech investors aiming to scale local founders building solutions in fintech, logistics, agriculture, and workflow automation.

Executive Commentary

"Across Africa, where infrastructure gaps, fragmented markets and the cost of delivering services have historically held businesses back, we believe this creates an extraordinary opportunity to build valuable, impactful, and globally competitive companies. This is a conviction we've been building towards for years."
— Mike Mompi, Co-Founder & Managing Partner of Enza Capital

Transaction Advisory

• Fund Manager: Enza Capital (Led by Co-Founders Mike Mompi, Sir John Lazar, and David Cohen).
• Fund Vehicle: Enza Capital III LP (AI Africa Fund).
• First Close Amount: $21 million (Target: $60 million; Hard Cap: $80 million).

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