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

The big picture: Enzo Ventures, a pre-seed firm based in Barcelona, has launched its second fund, a €20 million vehicle (Fund II) dedicated to backing entrepreneurs from Southern Europe. The fund will focus on B2B technology, AI, and software companies at the pre-seed stage.

What it will back:

• Stage & Focus: Fund II will continue its pre-seed strategy, targeting B2B technology, AI, and software companies.
• Check Size: Initial investments will range from €250,000 to €600,000.
• Geography: The fund supports founders from Southern European cities like Barcelona, Madrid, Milan, or Lisbon, regardless of where their companies are incorporated, including global hubs like London, Zurich, Paris, New York, or San Francisco.

Who is behind it:

Enzo Ventures is led by founding partners Edgar Vicente and Iván Fernández Lucas. Vicente previously founded the business-card app DiHola. Fund I invested in 28 companies across nine regions, with notable portfolio companies including Orbio, Murphy, and Complaion. Cori Clinical is the first Fund II investment based outside Southern Europe.

The catch:

At €20 million, Enzo Ventures’ Fund II is smaller than several other European pre-seed funds, such as PSV Tech (€56M), Samaipata (€110M), and Yellow (€30M). This size aligns with Enzo’s strategy of having two partners make all investment decisions and using special-purpose vehicles for follow-on investments. The firm’s thesis of backing Southern European founders who build companies internationally, rather than solely within the region, presents a unique challenge: proving whether its next major success will come from a founder who left Southern Europe or one who stayed.

Key Facts

• Firm: Enzo Ventures
• Fund: Fund II
• Raised so far: €20M
• Status: First close
• Stage: pre-seed
• Focus: B2B technology, AI, and software
• Geography: Southern Europe (founders)
• Cheque size: €250,000 to €600,000
• Partners: Edgar Vicente, Iván Fernández Lucas