African venture capital (VC) firm Enza Capital has closed $58 million across its two funds and announced the launch of its Founder Partner Program.
Enza Capital
Enza Capital is a multi-stage venture fund that backs startups and founders using technology to solve meaningful problems across Sub-Saharan Africa.
The Nairobi-headquartered firm invests in and partners with technology companies building in the fintech, logistics, health, human capital, and climate-smart sectors.
The firm began its VC journey in 2019 when it launched an early-stage fund to find, back, and help build category-defining startups in the pre-seed and seed stages.
It then launched a second fund this year. The firm has made 48 investments in 31 companies from both funds, Mike Mompi, the co-founder and managing partner of Enza Capital, told TechCrunch.
The investments spanned African markets: Kenya, Uganda, Nigeria, Ghana, Ivory Coast, Senegal, Egypt and South Africa.
Some of Enza Capital’s portfolio investments include Guidewheel, a Kenyan climate tech startup, and Shara, a Kenyan fintech company.
Kagure Wamunyu of Jumba and Guy Futi, or ORDA, both founders in the Enza Capital portfolio, were also selected for Google Black Founders Fund 2023.
Enza Capital’s typical check size for its companies ranges from $250,000 to $5 million, and companies can now access follow-on investments through Enza Growth Capital – a later-stage investment opportunity.
The Founder Partner Program
According to TechCrunch, Enza Capital is now launching a Founder Partner Program, where founders and leadership teams of its portfolio companies become co-owners of the firm.
Enza Captial says the program is centering trust and belief with founders while committing to building long-term and mutually beneficial partnerships above and beyond traditional VC structures.
The firm is taking 10% of its carry pool and allocating it back to the founders.
Enza Capital said the program is one way of cementing trust and belief with founders while committing to building long-term and mutually beneficial partnerships above and beyond traditional venture capital structures.
Mompi and John Lazar, general partner of Enza Capital, told Tech Crunch that they aimed to better align with founders and show them empathy.
“The only way we want to win is if our founders win. For us, this isn’t a way of just commenting on that but doing it,” said Mompi.
Feature Image Credit: Disrupt Africa
