Enza Capital raises $21 million for African AI startup fund

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Pan-African venture capital firm Enza Capital has reached a $21 million first close for its third vehicle, dedicated to African artificial intelligence startups. The deal was reported on 10 November 2026 by Bloomberg and later detailed by several specialist outlets.

Named Enza Capital III LP, the fund targets $60 million, with a hard cap of $80 million, according to TechBuild Africa and WeeTracker. The $21 million raised so far represents about 35% of the target. The fund’s investors were not disclosed in the sources consulted.

The fund will back companies from pre-seed to Series B, with cheques of $250,000 to $3 million, according to these outlets (Enza Capital’s website mentions first cheques of up to $5 million), and keep part of its capital for follow-on rounds. Target sectors include financial services, healthcare, enterprise technology, education, agriculture, climate and infrastructure. The fund plans to make its first investments and hold its final close in 2027.

AI funding in sharp decline

Founded in 2019 by Mike Mompi, Sir John Lazar and David Cohen, Enza Capital has offices in Nairobi, Johannesburg and Cairo. The firm says it has deployed $58 million through its first two funds into 49 companies in ten African countries, including eleven AI-native businesses. Its official website lists Senegal and Côte d’Ivoire among its markets, and Ivorian fintech Djamo among its portfolio companies.

The raise comes as money grows scarce for young African AI companies. According to Launch Base Africa data cited by TechBuild Africa, around thirty AI-related deals were recorded in 2026, for about $93 million disclosed. Other estimates published this week give lower figures, which shows how hard this segment is to measure.

Enza Capital has not published a press release on its website so far. The fund’s investors and its first targets remain to be disclosed.

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