Enza Capital, a Kenyan-based Venture firm has raised $58 million to support startups on the continent alongside a new shared ownership model that affords founders ownership of the VC firm.
Enza Capital, a pan-African venture firm has closed $58 million across two funds to back African startups. With the new funds, the VC firm has launched its Founder Partner program that would see founders of portfolio companies become co-owners of Enza Capital and share in the success of the firm.
Launched in 2019, Enza Capital started with an aim to back “category-defining” tech companies across fintech, logistics, health, human capital, and climate verticals on the continent. The VC company invests from first cheque at the pre-seed level to Series B. Enza Capital has made 48 investments in 31 companies across the continent. The Nairobi-based firm also invested in Guidewheel, a Kenyan climate tech startup from its pilot phase. Enza Capital was also first cheque investors in Autochek, SeamlessHR, Money 254, and Earthacre.
“With this new capital, we reinforce our conviction in and commitment to these often underestimated markets, where exceptional talent continues to build category-defining businesses that will help drive growth and prosperity across Africa over the next two to three decades and beyond,” said Enza Capital coFounder and General Partner John Lazar.
Enza is pioneering a new type of shared ownership model where founders and leadership teams of portfolio companies will become co-owners of Enza Capital. The VC firm has allocated 10% of its carry pool to founders. Mike Mompi, managing partner of Enza Capital, told TechCrunch in an interview that the move was a way to foster collaboration and alignment and that it increases the likelihood of success across all stakeholders in the venture capital structure.
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