Enzo Ventures nears close on $22M pre-seed fund for Southern European founders
What's the deal? Enzo VenturesDealroom has a profile for this one. Try Dealroom →, a Barcelona- and Madrid-based manager, is finalising Enzo Ventures II, a €20 million venture fund backing pre-seed tech startups founded by Southern European entrepreneurs. The firm has raised commitments from family offices in Spain, the rest of Europe, and Mexico, with backing from Spain's securities regulator, the Comisión Nacional del Mercado de Valores.
Why now? The fund doubles the size of Enzo Ventures I, a €10 million 2023 vehicle that invested in 28 companies across nine geographies. Cofounder Edgar Vicente says the first fund delivered positive returns and that 90% of its investors came back, some increasing their stakes.
What's the endgame? The thesis stays the same: backing founders very early, before revenue or institutional validation make them obvious. Cheques run from €250,000 to €600,000 for pre-seed companies.
Who's it for? Enzo targets talent from hubs such as Barcelona, Madrid, Milan, and Lisbon — founders it calls the "diaspora" of Southern Europe, who increasingly build from London, Zurich, Paris, New York, or San Francisco.
"One of the biggest mistakes in analysing Southern European venture capital is thinking the opportunity is limited to companies based in the region," Vicente said (translated from Spanish). "Some of the best founders will build from San Francisco, London, or Zurich. Our job is to find them before everyone else knows their names."
Though the raise is not yet closed, Enzo II has made three investments, starting with London-based Cori ClinicalDealroom has a profile for this one. Try Dealroom →. Two more, in Madrid and Zurich, are due to be announced.
The signal: Enzo II lands as European VC fundraising shows signs of a rebound, though recent capital is concentrating in large vehicles and AI rounds. At €20 million, Enzo is modest by comparison; its bet is on specialisation — funding a regional founder diaspora at day zero rather than chasing scale.
Read more: capital-riesgo.es
Image credit: Jorge Franganillo
