Enzo Ventures II, the new fund and its numbers

Enzo Ventures, a venture capital firm based in Barcelona and Madrid, announced on 19 October 2026 the launch of Enzo Ventures II. The new Enzo Ventures II fund, endowed with 20 million euros, is dedicated to startups founded by entrepreneurs from Southern Europe. These founders can build their companies anywhere. The vehicle doubles the capacity of the first fund and confirms the firm’s pre-Seed strategy. Enzo aims to become the first institutional investor for the founders it backs.

The fund will focus its investments on pre-Seed rounds, with initial cheques of 250,000 to 600,000 euros, up from the previous range of 200,000-400,000 euros. The capital comes mainly from Spanish, European and Mexican family offices. About 90% of the investors in the first fund have committed capital to Enzo Ventures II, and some have increased their contributions.

The underlying logic remains that of the first vehicle, as Iván Fernández Lucas, founding partner of the firm, explains:

Enzo I was meant to prove that we could identify these founders at a very early stage. Enzo II does not want to change strategy, but to increase our capacity to apply the same formula on a larger scale.

The context: the boom of early-stage funds in Southern Europe

The launch comes in a particularly active 2026 for early-stage venture capital in Southern Europe. In Spain, Mission announced a 35 million euro target for a pre-Seed fund. Samaipata raised 70 million towards the 110 million target of its third fund. In Italy, Techshop reported a first closing of 43 million, Eureka! Venture launched a 20 million DeepTech fund. NVM Ventures announced a first closing of 23.6 million. In Portugal, Bondstone Ventures aimed at 50 million.

Adding up the vehicles, including Enzo Ventures II, the announced initiatives represent around 261.6 million euros across fund sizes, first closings and targets, a figure that does not correspond to capital actually already raised: the real availability of pre-Seed tickets will depend on the closings of the individual funds.

Strategy and portfolio

The first Enzo Ventures fund, launched in 2023, backed 28 companies across nine geographic markets. Enzo Ventures II has already completed its first three investments. Among these is the London-based MedTech startup Cori Clinical. The other two deals, in Madrid and Zurich, will be announced later.

The portfolio includes Orbio AI. The company develops artificial intelligence agents for human resources and has raised over 24 million euros. This amount includes an 18 million Series A. Murphy AI is active in debt management with AI and has raised 13 million. Enzo was the first institutional investor and the only Spanish fund in the initial round. And Complaion, a Milan-based startup specialized in regulatory compliance with AI, with almost 17 million raised, including a 13.5 million Series A. Other investments include Karumi from San Francisco, a participant in Y Combinator’s Fall 2025 batch, Intelligence Factory from New York and bryo. The fund will reserve capital for follow-ons and will use SPV vehicles for additional opportunities.

Who runs Enzo Ventures and how it picks founders

The firm was founded in 2020. It is led by Edgar Vicente and Iván Fernández Lucas. The two have experience at Glovo, Industry Labs and Swapcard and co-founded DiHola. DiHola is a digital business card startup that was later sold. Decision-making remains lean: both founding partners approve investments directly, without elaborate committees.

The fund’s thesis is that Southern European founders should not be sought only in the region, as Vicente explains:

“One of the biggest mistakes in analyzing venture capital in Southern Europe is thinking the opportunity is limited to companies headquartered in the region. Some of the best founders will build their companies from San Francisco, London or Zurich: our job is to find them before anyone knows their names,” adds Vicente.

Sources:

• Spanish VC Enzo Ventures doubles down on early-stage startups with… | eu-startups.com