Barcelona- and Madrid-based venture capital firm Enzo Ventures has announced the launch of Enzo Ventures II, a new €20 million fund aimed at backing technology startups founded by entrepreneurs from Southern Europe, regardless of where they choose to build their businesses.
The fund will focus on pre-Seed investments, with initial cheques ranging from €250k to €600k. According to the firm, approximately 90% of investors from its previous fund have committed to Enzo II, with some increasing their contributions.
“We have raised nearly 20 million euros from various family offices in Spain, the rest of Europe and Mexico,” (Translated) says Edgar Vicente, co-founder of the management company alongside Iván Fernández Lucas.
The launch comes amid several early-stage venture capital fund announcements across Southern Europe in 2026.
In Spain, Madrid-based Mission announced a €35 million pre-Seed fund target, while Samaipata secured €70 million towards its €110 million third fund.
Elsewhere, Italy’s Techshop reported a €43 million first close, Eureka! Venture launched a €20 million DeepTech fund and NVM Ventures announced a €23.6 million first close, while Portugal’s Bondstone Ventures targeted €50 million.
Including Enzo Ventures II, these vehicles represent approximately €261.6 million in announced fund sizes, first closes and targets, rather than fully secured capital.
Enzo Ventures has also previously featured in EU-Startups coverage through its investments in Spanish startups Orbio and Murphy.
“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. 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,” adds Edgar.
The firm was founded in 2020 and is currently led by Vicente and Fernández Lucas, who previously gained experience at Glovo, Industry Labs and Swapcard. The pair also co-founded DiHola, a digital business-card startup that they subsequently sold.
Their experience as operators and entrepreneurs has influenced Enzo Ventures’ approach to early-stage investing, particularly its emphasis on identifying founders before they have established significant revenues or secured backing from larger venture capital firms.
Today’s new vehicle doubles the size of the firm’s €10 million Enzo Ventures I fund, which began investing in 2023 and has since backed 28 companies across nine geographical markets.
Enzo II has already completed its first three investments, including London-based MedTech startup Cori Clinical. The remaining two investments, in startups based in Madrid and Zurich, are expected to be announced at a later date.
With the new fund, Enzo Ventures will continue targeting startups at the earliest stages of development, often becoming their first institutional investor. Its investment strategy centres on entrepreneurs originating from Southern European technology hubs such as Barcelona, Madrid, Milan and Lisbon, including those establishing companies in international markets such as London, Paris, New York and San Francisco.
The firms portfolio includes:
- Orbio AI, which develops artificial intelligence agents for human resources operations. The company has reportedly raised more than €24 million ($28 million), including a €18 million ($21 million) Series A round.
- Murphy AI, uses artificial intelligence to modernise debt management. The startup has secured €13 million ($15 million) in funding. Enzo Ventures was its first institutional investor and the only Spanish fund participating in its initial financing round.
- Complaion, a Milan-based startup developing AI-powered regulatory compliance solutions. The company has raised nearly €17 million, including a €13.5 million Series A round.
- Other investments include Karumi, a San Francisco-based startup that participated in Y Combinator’s Fall 2025 batch, alongside Intelligence Factory, based in New York, and bryo.
While Enzo Ventures II maintains the investment strategy established by its predecessor, it will increase its initial investment range from €200k–€400k to €250k–€600k. The firm also plans to reserve capital for follow-on investments in portfolio companies demonstrating significant progress, while using special purpose vehicles (SPVs) to participate in additional financing opportunities.
“Enzo I was about demonstrating that we could identify these founders at a very early stage. Enzo II is not about changing our strategy, but about increasing our capacity to implement the same formula on a larger scale, with better access and all the lessons learnt over the past three years,” (Translated) says Iván Fernández Lucas, Founding Partner at Enzo Ventures.
The firm will also maintain its streamlined investment decision-making process, with both founding partners directly responsible for approving investments rather than relying on lengthy investment committee procedures.
With a larger fund, increased investment capacity and an existing portfolio of early-stage companies, Enzo Ventures aims to strengthen its position as an early financial partner for Southern Europe.
