Enzo Ventures Closes €20M Second Fund to Back Pre-Seed Founders From Southern Europe, Wherever They Build

The firm looks for founders from cities such as Barcelona, Madrid, Milan and Lisbon who then build in hubs like London, Zurich, Paris, New York or San Francisco while staying connected to their home networks. "The biggest misconception about Southern European venture is that the opportunity is limited to companies headquartered in Southern Europe," Vicente said, adding that some of the best founders from the region will build from wherever gives their company the highest chance of becoming global.

Enzo says Fund I invested in 28 companies across nine regions, and that some of those companies have moved beyond the pre‑seed stage. Orbio, Murphy and Complaion are among its flagship portfolio companies, and Enzo was the first investor in each. Those three are based in Madrid, Barcelona and Milan respectively, which means the firm's best‑documented results so far come from companies that stayed in their home markets.

Cori Clinical is the first Fund II investment based outside Southern Europe. The firm's two US‑based portfolio companies are Karumi and Intelligence Factory, which Enzo places in San Francisco and New York, although PitchBook lists Intelligence Factory as San Francisco‑based.

Fernández Lucas described the new fund as a continuation of the original plan. "Fund I was about proving that we could identify these founders extremely early," he said. "Fund II is not about changing strategy. It is about increasing our ability to execute the same strategy with greater scale, stronger access and everything we have learned over the last three years."

Vicente said that venture capital often pushes firms to grow into something bigger and broader, but that Enzo's ambition is different. The goal, he said, is to become exceptionally good at finding extraordinary founders from the region earlier than almost anyone else and to be present from day zero.

At €20 million, Enzo's second fund is smaller than several other European pre‑seed vehicles. PSV Tech closed a €56 million Fund II for Nordic pre‑seed startups, Samaipata raised €110 million for its third fund, and Yellow, set up by the team behind Glovo, started with €30 million for European pre‑seed investing.

The firm keeps its team small. Two partners make all investment decisions, and Enzo uses special‑purpose vehicles to invest additional capital in the companies that perform best.

PitchBook data shows that venture capital investment in Southern Europe reached €2.9 billion in the first six months of 2025. Spain alone has seen about €3.1 billion invested, and the Barcelona ecosystem has expanded alongside it, particularly in AI and security software.

Pre‑seed funds led by younger managers have become a recognisable part of the European market. Wave Ventures, for instance, appointed 23‑year‑old Margarethe Böhme as managing partner of a €10 million fund, and Forbes Spain has profiled a group of funds run by some of the country's youngest investment managers.

Enzo Ventures publishes its portfolio and investment focus on its website, and Fund II is open to founders in its target regions at the pre‑seed stage.