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Enza Capital, an African venture capital firm, closes a $58 million fund with 41 investments in 31 businesses around Africa.

The Founder Mompi claims that Enza Capital normally makes investments with checks sized between $250,000 and Autochek, Jumba Craydel Cloudline, and SeamlessHR are among the portfolio firms with $5 million.

Enza Capital, a Nairobi, Kenya-based African venture capital business, closed $58 million in two funds that were invested in pre-seed, seed, and series stages.

The company made 48 investments in 31 firms from both funds across 8 African markets, according to the founder, Mike Mompi, including:

Ivory Coast
Egypt, and
South Africa

Among the enterprises invested in include:

Following a Greycroft-led Series A financing, the Kenyan climate tech business Guidewheel has since moved to the United States and Mexico.

The company, which is based in Kenya, invested in the fintech company Shara and gave it a pre-seed investment.

Additionally, in December 2022, the VC co-led a Series A investment in the Ivorian fintech company Djamo.

Turaco, a Kenyan insurer, raised its second fund.

The founder Mompi claims that Enza Capital normally makes investments in its portfolio firms, which include the following, with checks ranging in size from $250,000 to $5 million:

Cloudline, and

The portfolio companies of Enza Growth Capital, which the company refers to as an evergreen later-stage investment vehicle, are eligible to receive additional follow-on investments. Enza Growth Capital can invest up to $20 million in a single company, according to the company website.

We have enough money to write checks that mean something. Sometimes in our businesses, we arrive early and stay late. The growth fund, which is primarily a later-stage vehicle, allows us to invest at any point and jointly invest with the core funds in existing portfolio firms, allowing us to continue involved with our companies for a very long period, according to the managing partner.

Eight people make up Enza Capital’s staff, which is spread out among several cities, including Nairobi, Johannesburg, London, and New York. Enza Capital currently has a presence in Nairobi, Kenya. For the purpose of supporting its portfolio firms in those regions, the company is looking into the possibilities of setting up offices in Lagos and another Francophone African city.

Enza Capital wants to hire more people in a variety of departments to serve its portfolio firms even more. The company already helps businesses with their engineering and tech teams before and after investment through its CTO-in-Residence program, but it wants to extend that support to other areas as well.

The founders and executive teams of Enza Capital’s portfolio companies are reportedly starting to participate in the company’s founder partner program, which will make them co-owners of the business.

According to general partner John Lazar, the founder partner program “fosters alignment and collaboration.”

Additionally, it raises the likelihood of success for all parties involved in the venture capital framework, including management teams, LPs, investors, and those who will ultimately benefit from the goods or services generated by these businesses. We sympathize with leadership teams and firmly believe in shared ownership.

The founding partners of Enza and a wide range of investors, including private investors, family offices, foundations, fund of funds, hedge funds, and venture capital funds, make up the limited partners across all of Enza’s funds.

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