Money Head Northward, with Enza Capital Sharpening Focus
Enza Capital, a pan-African venture capital firm, is making waves in North Africa by backing startups and growth companies with a commitment that goes beyond just financial support.
A Commitment Beyond Capital
Following on from their initial investments, Enza Capital intends to follow on in every company they back, not just for financial reasons but as a signal of conviction and commitment. This approach is core to Enza's thesis, and it sets them apart from many other investors in the region.
Validating the Thesis
The increasing strategic acquisitions, multiples from secondary transactions, and successful exits of other Africa-focused investors in related markets serve as evidence that validates Enza Capital's thesis in North Africa.
The consolidation in key sectors such as fintech, logistics, and infrastructure has been particularly notable, with strategic acquirers—both regional and international—preferring to buy companies rather than build them. This trend creates attractive exit opportunities for investors like Enza Capital.
Growing Liquidity and Investor Confidence
The growing appetite among strategic acquirers in North Africa and surrounding regions, including Europe, the Gulf, and African consolidators, to acquire companies with valuable footprints is a testament to the maturity and improved exit optionality in the ecosystem.
The rise of secondary liquidity events for early investors and founding teams has also increased over the past two years, reflecting this maturity. Comparable exits and partial exits by other Africa-focused investors underscore the strong regional exit potential.
Enza Capital's Approach
Enza Capital supports founders not just with capital, but also with talent, product strategy, narrative, and governance. They invest between $250,000 and $5 million in startups across multiple sectors, and their Founder Partner Programme gives founders in their portfolio a share in the fund's carry, creating a deeper, more aligned, and truly long-term partnership.
In North Africa, founders need leverage, not hand-holding, from VCs. Enza Capital addresses this need by providing thought leadership, access to networks, policy navigation, and cross-border market strategy.
Focus on Key Sectors
Abdelrahman Hassan, the principal at Enza, focuses on financial services, logistics, healthcare, climate, and human capital as sectors where compounding advantages build moats over time. Enza Capital can deploy up to $20 million in follow-on rounds and take long-term positions in its portfolio companies.
North Africa's Unique Institutional Reality
North Africa is a unique institutional reality, sitting at the intersection between Europe and the rest of Africa. If redesigning investment flows into North Africa, Enza would mobilize local institutional capital, such as pension funds, insurance companies, and sovereign vehicles, to invest in early- and growth-stage funds.
Investor Attention and Growth
North Africa has drawn increased investor attention over the past two years due to its growing ecosystem maturity. So far in 2025, Egypt trails only South Africa in funding, having raised $339 million in the first half. Egypt recorded the fastest growth in equity deal activity in Africa in 2024, with 48% more rounds than in 2023.
Looking Forward
Enza looks for three signals when deciding to double down on a portfolio company: real traction, clarity of market leadership, and founder momentum. As they continue to invest in North Africa, they are poised to play a significant role in the region's growth and success.
While Enza has not yet raised from MENA-region LPs, they are open to it in the future to deepen partnerships in the region and give more local LPs access to the broader opportunity set. The types of Limited Partners (LPs) interested in North Africa include impact-driven DFIs, emerging market specialists, diaspora and mission-aligned family offices, and GCC investors who see North Africa as a strategic bridge.
Investors have parked their capital in the region's fintech sector, especially with payments and credit, alongside the proptech and consumer commerce sectors. As the region continues to grow and mature, Enza Capital is well-positioned to support the startups that will drive this growth.
- Enza Capital's commitment in supporting startups extends beyond financial means, signaling conviction and long-term partnership.
- The successes of Africa-focused investors in fintech, logistics, and infrastructure sectors validate Enza Capital's approach in North Africa.
- The consolidation in key sectors has created attractive exit opportunities for strategic acquirers, serving as a testament to the maturity in the ecosystem.
- Enza Capital offers founders more than just capital; they provide talent, product strategy, narrative, and governance.
- In North Africa, startups require leverage rather than hand-holding from venture capitalists, a need Enza Capital addresses through thought leadership, access to networks, policy navigation, and cross-border market strategy.
- Enza Capital focuses on sectors like financial services, logistics, healthcare, climate, and human capital where compounding advantages build moats over time.
- North Africa's unique institutional reality, sitting between Europe and the rest of Africa, requires investment flows to be redesigned, mobilizing local institutional capital for early- and growth-stage funds.
- Investors have shown growing attention to North Africa, especially in fintech, with a focus on payments and credit, alongside proptech and consumer commerce sectors, positioning Enza Capital well to support growth in these areas.
