Spanish venture capital firm Enzo Ventures has launched Enzo Ventures II, a €20 million fund focused on backing early-stage technology startups founded by entrepreneurs from Southern Europe, including those building companies internationally. The new fund will invest at the pre-seed stage, writing initial cheques of €250,000 to €600,000 across B2B technology, artificial intelligence and software.
Founded in 2022 by Edgar Vicente and Iván Fernández Lucas, Enzo Ventures operates from Barcelona and Madrid and focuses on supporting Southern European founders from the earliest stages of company development. Its second fund continues this strategy while expanding its focus on technologies that combine software, automation and physical-world applications.
Backing Southern European Founders Beyond Their Home Markets
Enzo Ventures II will invest in startups founded by entrepreneurs with Southern European roots, regardless of where their companies are headquartered. The firm is targeting founders building businesses across European technology hubs and international markets, including London, Zurich, New York and San Francisco.
The fund will focus on B2B technology, applied AI and software, with increasing interest in companies addressing complex operational challenges in traditional industries. Enzo Ventures sees opportunities in businesses developing technology for fragmented systems and processes that require more than conventional software solutions.
The fund has already made its first three investments, including Cori Clinical, a London-based healthcare technology startup. Two additional investments have been made in companies based in Madrid and Zurich, although their names have not yet been announced.
According to Enzo Ventures, more than 90% of limited partners from its first fund have also committed to Fund II, providing continuity as the firm expands its investment activity.
Building on a Portfolio of 28 Startups
Enzo Ventures’ first fund invested in 28 companies across nine geographies, including startups that have subsequently raised larger funding rounds from international venture capital firms.
Among its portfolio companies is Orbio, which has raised more than $28 million, including a $21 million Series A led by Dawn Capital. Another investment, Murphy, has secured $15 million from investors including Northzone, Lakestar, Seedcamp and ElevenLabs.
The portfolio also includes Complaion, which has raised nearly €17 million, including a €13.5 million Series A.
With its second fund, Enzo Ventures plans to continue investing in companies at the earliest stages while supporting founders as they expand into international markets. The firm is maintaining its focus on Southern European entrepreneurial talent, with an investment strategy that extends beyond the region’s geographic boundaries.
