Barcelona-based venture capital firm Enzo Ventures has introduced Enzo Ventures II, a €20 million fund for technology founders from Southern Europe and its diaspora. Announced on October 19, 2026, the new vehicle targets startups at the pre-seed stage, regardless of where they establish their companies. The initiative expands the firm's early-stage investment capacity while retaining its focus on promising founders before they attract wider investor attention.
Investment Strategy and Sector Priorities
Enzo Ventures II plans to make initial investments ranging from €250,000 to €600,000, increasing the check sizes offered through its first fund. Its main investment areas include business-to-business technology, artificial intelligence, and software, especially where software meets physical operations. The firm favors complex operating environments where effective technology can create durable competitive advantages.
Enzo will maintain its early-stage focus rather than expanding into later financing stages. Founding partners Edgar Vicente and Iván Fernández Lucas will retain direct oversight of investment decisions, avoiding lengthy committee processes. The firm also plans to reserve capital for follow-on investments and use additional investment vehicles to participate in subsequent financing rounds.
Southern European Talent Beyond Borders
The fund prioritizes founders' backgrounds and networks rather than where startups are incorporated. Enzo considers entrepreneurs who move from markets such as Spain, Italy, and Portugal to international technology hubs part of the region's broader entrepreneurial ecosystem. That perspective extends its investment reach to companies operating in London, Zurich, New York, and San Francisco while maintaining connections to Southern European talent communities.
Enzo believes an increasing number of founders are building globally oriented companies from the outset. Through its cross-border networks, the firm aims to identify promising teams before they attract larger venture capital investors. The approach combines regional sourcing advantages with the flexibility to support startups operating internationally.
Building on the First Fund
Enzo's first fund, a €10 million vehicle that began investing in 2023, backed 28 startups across nine geographical markets. Among its portfolio companies is Orbio, which has raised more than $28 million, including a $21 million Series A led by Dawn Capital. The firm has also supported Murphy, which has raised $15 million, and Complaion, which has secured nearly €17 million in funding.
These subsequent financing rounds illustrate the progress of selected portfolio companies, although they do not establish overall fund returns. Enzo reports that more than 90% of its first fund's limited partners are participating again in the second vehicle. That investor continuity accompanies a doubling of the fund's announced size and increased investment capacity.
Early Investments and Fundraising
Enzo Ventures II has already invested in three startups, with deployment underway before its public announcement. The first disclosed investment is Cori Clinical, a London-based healthcare technology company, while two additional portfolio companies are based in Madrid and Zurich. Enzo has not publicly identified the other two startups, with further announcements expected.
The firm has reported raising nearly €20 million from family offices in Spain, elsewhere in Europe, and Mexico. Although several reports describe the fund as closed, comments from its founders indicate fundraising was still nearing completion on October 19. The precise final fundraising amount and closing date therefore remain unconfirmed in the available disclosures.
With Enzo Ventures II, the firm is expanding the financial resources available to its established pre-seed investment strategy without changing its geographical focus. Its first three investments and returning limited partners provide an initial foundation for supporting globally active entrepreneurs with Southern European roots. The fund's longer-term results will depend on its ability to identify promising companies early, support their development, and generate sustainable investment returns.