Nairobi-based venture capital firm Enza Capital has successfully secured $58 million in funding for its two investment funds, marking a significant milestone in its mission to support African startups. Enza Capital, which initially launched with an early-stage fund targeting pre-seed and seed-stage startups, has since evolved into a multi-stage investor with a focus on scaling companies beyond their early stages. The firm, led by co-founder and Managing Partner Mike Mompi, has made 48 investments across 31 companies and expanded its presence to eight African markets.
Some notable successes in Enza Capital's portfolio include Kenyan climate tech startup Guidewheel, which expanded to the U.S. and Mexico following a Series A funding round, and Kenyan fintech firm Shara, set for a Series A round led by Index Ventures. The firm also co-led a Series A investment in Ivorian fintech firm Djamo and Kenyan insurtech company Turaco.
Enza Capital typically invests between $250,000 and $5 million in portfolio companies, with the introduction of Enza Growth Capital allowing for investments of up to $20 million per venture. The firm is also expanding its physical presence to Lagos and a Francophone African city, along with plans to hire additional talent to support startups across various departments.
Enza Capital distinguishes itself by introducing a unique Founder Partner Program, where founders and leadership teams of portfolio companies become co-owners of the firm. This approach aims to foster deeper alignment and collaboration between Enza Capital and its partner companies, with 10% of the firm's carry pool allocated back to the founders.
The firm, led by Mike Mompi and General Partner John Lazar, draws from their experiences in raising venture capital and scaling companies. They prioritize the success of founders and their long-term relationships with Enza Capital, to make their shared ownership model a standard practice in African venture capital.
Notably, Enza Capital stands as one of the largest funds in Africa that doesn't rely on traditional African institutional investors like Development Finance Institutions (DFIs). While future collaborations with DFIs are anticipated, this absence underscores the growing appeal of venture capital in Africa. Enza Capital's Limited Partners encompass a diverse group of investors, including private individuals, family offices, foundations, funds of funds, hedge funds, and venture capital funds.
As Enza Capital continues to support African startups and redefine the venture capital landscape on the continent, it remains committed to forging impactful and lasting partnerships that drive progress in Africa and beyond.
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