Enza Capital secures $58m to back African startups
Enza Capital, a Pan-African venture capital firm, is solidifying its commitment to the African continent with the successful closure of Fund II at $58 million. Its typical check size in its portfolio companies—including Autochek, Jumba, Craydel, Cloudline, and SeamlessHR—ranges from $250,000 to $5 million
In addition, the firm has introduced its Founder Partner program under which the leadership teams of the companies within its portfolio will become co-owners, sharing in the collective success of both the firm and fellow investees.
Co-founder and Managing Partner, Mike Mompi, expressed the significance of this new initiative by stating, "This innovative framework positions Enza Capital to further expand upon the strong foundations laid down by visionary founders, like-minded funds, and stakeholders who share our values across Africa. It underscores our unwavering commitment to becoming a steadfast, long-term partner within one of the most dynamic, high-growth, and influential tech ecosystems of our time."
Key Takeaways
The venture capital deal flow in Africa has demonstrated remarkable growth, with a Compound Annual Growth Rate (CAGR) of 31% observed between 2014 and 2022. While the rise in VC deal volume on the continent during 2022 might seem modest when viewed from a short-term perspective, it tells a compelling growth narrative when considered within a historical context. This consistency in growth, even during challenging times, underscores the resilience and potential of Africa's venture capital landscape. In addition to backing startups with funding, Enza aims to pioneer a shared ownership model within Africa, which empowers founders and leadership teams of portfolio companies by granting them co-ownership in Enza Capital, thus allowing them to partake in the firm's achievements. In addition to backing startups with funding, Enza aims to pioneer a shared ownership model within Africa, which empowers founders and leadership teams of portfolio companies by granting them co-ownership in Enza Capital, thus allowing them to partake in the firm's achievements.
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