Enza Capital secures $21 million for African AI fund

Enza Capital secured a $21 million first close for its third fund, which will invest in AI startups across Africa, according to Condia. The Pan African venture capital firm targets a total fund size of $60 million, with a hard cap of $80 million.

Enza Capital expects to complete the final close in about a year. The fund will target a market where newer AI companies often struggle to raise capital.

Investors deployed about $46.8 million into African AI startups through 2026, with fintech and risk intelligence companies receiving most of the funding. A Briter Bridges survey found that 30 percent of the companies surveyed were entirely bootstrapped.