Nairobi-based Enza Capital has reached a first close of about $21 million for its AI Africa Fund — 35% of a $60 million target, with a hard cap of $80 million.

The firm expects further commitments before the end of 2026 and a final close in 2027, when it plans to make its first investments.

The fund will back AI-native and AI-enabled companies from pre-seed to Series B, with initial cheques of $250,000 to $3 million and reserves for follow-on rounds. Target sectors include financial services, healthcare, enterprise technology, education, agriculture, climate and infrastructure.

“For decades, businesses have struggled to serve large parts of Africa’s population economically,” said Mike Mompi, Enza’s co-founder and managing partner. “AI fundamentally changes that equation. It reduces the cost of building technology, delivering services and reaching customers.”

Founded in 2019, Enza has backed 49 companies across 10 African countries through its first two funds. Its first realised exit came in 2025, when Netcare acquired a controlling stake in Quro Medical, a South African company offering hospital-level care at home through remote monitoring.

Based on reporting by Africa Private Equity News.