Enzo Ventures' New Fund: The $22M Bet on Southern Europe's Global Founders

Jan de Vries · 2026-10-19

Barcelona and Madrid might not be the first places that come to mind when you think of venture capital. But Enzo Ventures is quietly making a name for itself by backing founders from Southern Europe—no matter where they set up shop. The firm just launched Enzo Ventures II, a new €20 million fund (about $22 million) that will focus on pre-Seed investments. Initial checks will range from €250k to €600k (roughly $270k to $650k). What's interesting here is the thesis. Enzo isn't just betting on companies based in Southern Europe. It's betting on founders from the region who are building globally—from San Francisco to London to Zurich. ### Why Enzo Ventures is doubling down Enzo Ventures was founded in 2020 by Edgar Vicente and Iván Fernández Lucas. Both cut their teeth at companies like Glovo, Industry Labs, and Swapcard, and they also co-founded and sold a digital business-card startup called DiHola. That operator experience shapes how they invest. They're not just looking at traction—they're looking for founders before anyone else knows their names. "One of the biggest mistakes when analysing venture capital in southern Europe is to think that the opportunity is limited to companies based in the region," Vicente says. "We believe exactly the opposite. Some of the best founders will build their businesses from San Francisco, London or Zurich. Our job is to find them before anyone else knows their names." The new fund is double the size of Enzo's first €10 million fund, which started investing in 2023 and has backed 28 companies across nine markets. About 90% of investors from that first fund are back for round two, with some increasing their commitments. ### A busy year for Southern European VC Enzo II isn't the only fund making noise in the region. In 2026 alone, we've seen a flurry of announcements: - Madrid-based Mission announced a €35 million pre-Seed fund target. - Samaipata secured €70 million toward its €110 million third fund. - Italy's Techshop reported a €43 million first close. - Eureka! Venture launched a €20 million DeepTech fund. - NVM Ventures announced a €23.6 million first close. - Portugal's Bondstone Ventures is targeting €50 million. Add Enzo II to the mix, and that's roughly €261.6 million (about $290 million) in announced fund sizes, first closes, and targets—not fully secured capital, but a clear signal that early-stage investing in Southern Europe is heating up. ### The portfolio: AI, HR, and debt management Enzo II has already made three investments. The first is London-based MedTech startup Cori Clinical. The other two—in Madrid and Zurich—will be announced later. The firm's existing portfolio gives a sense of where it's placing its bets: - Orbio AI develops AI agents for HR operations and has raised over €24 million ($28 million), including an €18 million ($21 million) Series A. - Murphy AI uses AI to modernize debt management and has secured €13 million ($15 million). Enzo was its first institutional investor and the only Spanish fund in its initial round. - Complaion, based in Milan, builds AI-powered regulatory compliance solutions and has raised nearly €17 million, including a €13.5 million Series A. ### What this means for founders If you're a founder from Southern Europe—or building in the region—Enzo Ventures is worth knowing. They're actively looking for pre-Seed startups and often become the first institutional check. And they're not limiting themselves to local markets. Whether you're in Barcelona, Madrid, Milan, Lisbon, or already in London, Paris, New York, or San Francisco, if you've got Southern European roots and a big idea, they want to hear from you. The fund's launch is a reminder that venture capital in Southern Europe is maturing. It's not just about local startups anymore—it's about global founders with a Southern European connection. And Enzo Ventures is positioning itself right at that intersection.