Enzo Ventures Launches €20M Fund to Back Southern European Founders Building Globally

Spanish venture capital firm Enzo Ventures has launched its second investment fund, Enzo Ventures II, with €20 million dedicated to backing technology startups at the earliest stages of their development. The Barcelona- and Madrid-based investor will focus on pre-seed companies founded by entrepreneurs from Southern Europe, including those who establish their businesses in international technology centres rather than their home countries. <Cite refs={["turn405202search0","turn405202search1"]}/>

The fund will typically invest between €250,000 and €600,000 in each startup, often providing the first institutional capital a company receives. Its strategy covers entrepreneurs emerging from ecosystems such as Barcelona, Madrid, Milan and Lisbon, as well as founders building companies from cities including London, Paris, Zurich, New York and San Francisco.

For Enzo Ventures, geography is less important than the founders' origins, ambition and ability to build globally competitive businesses. The firm believes that Southern European entrepreneurs are increasingly launching internationally focused companies from the outset, creating investment opportunities that can be overlooked when venture capital firms concentrate primarily on where businesses are headquartered. <Cite refs={["turn405202search0","turn405202search6"]}/>

Founded in 2020 by Edgar Vicente and Iván Fernández Lucas, Enzo Ventures draws on the partners' experience as startup operators and entrepreneurs. Before establishing the fund, they worked with companies including Glovo, Industry Labs and Swapcard, and co-founded DiHola, a digital business-card startup that was later sold. Their experience has shaped an investment approach focused on identifying promising founders before they attract widespread investor attention. <Cite refs={["turn405202search0","turn405202search2"]}/>

The new vehicle doubles the size of the firm's predecessor, Enzo Ventures I, a €10 million fund that began investing in 2023. That fund backed 28 companies across nine geographical markets. According to the firm, approximately 90% of its previous investors have committed to the second fund, with some increasing their contributions. Capital has been raised from family offices in Spain, other European countries and Mexico. <Cite refs={["turn405202search0","turn405202search3"]}/>

Enzo Ventures' portfolio reflects its interest in technology that can transform business operations. Its investments include Orbio, which develops AI tools for human resources teams; Murphy, which automates debt collection; and Complaion, which helps businesses manage regulatory compliance and certifications. The portfolio also includes companies working across software, fintech, robotics and other technology categories. <Cite refs={["turn405202search0","turn405202search5"]}/>

Enzo Ventures II has already made three investments. One is London-based clinical technology startup Cori Clinical, while the other two are companies based in Madrid and Zurich that the firm plans to disclose separately. The fund will also reserve capital for follow-on rounds in portfolio companies that demonstrate strong progress and may use special-purpose vehicles to participate in additional financing opportunities. <Cite refs={["turn405202search0","turn405202search1"]}/>

Rather than moving towards later-stage deals or changing its investment thesis, Enzo Ventures intends to apply the same early-stage strategy with greater financial capacity. Its goal is to become an early partner for internationally ambitious founders from Southern Europe, providing capital and access to its network while companies are still shaping their products and business models.