Barcelona's Enzo Ventures nears close of second pre-seed fund at almost €20 million

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Enzo Ventures, a Barcelona-based manager registered with Spain's CNMV, is close to finishing the raise for its second fund, Enzo II, with nearly €20 million committed. That is twice the €10 million of its first fund, launched in 2023. The money comes from family offices in Spain, elsewhere in Europe and Mexico. Co-founder Edgar Vicente says about 90% of Enzo I's investors are coming back, and some are putting in more than last time. In fund management, existing clients asking to give you more money is generally considered the good outcome.

The fund is run from Barcelona and Madrid by Vicente and Iván Fernández Lucas, both Catalan, and keeps the first fund's strategy. It invests only at pre-seed, with first tickets of €250,000 to €600,000, in artificial intelligence, B2B software and automation, and it often aims to be among a company's first institutional investors. The geography follows the founders rather than the address: it backs founders from southern Europe wherever they have chosen to build. "They are the diaspora of southern European entrepreneurs," Vicente says of founders from Barcelona, Madrid, Milan and Lisbon now working from London, Zurich, Paris, New York and San Francisco. The two partners make investment decisions themselves, with no evaluation committee, so deals can close in days. Founders also get a network of mentors and executives to help with customers, key hires and later rounds in Europe and the US.

Enzo II has started investing before it has finished raising. Its first deal is Cori Clinical, a London health-tech start-up led by Patricio Fernández, also Catalan; two more, in Madrid and Zurich, are to be announced. Enzo I backed 28 companies in nine countries. Among them are Barcelona's Orbio, an AI platform for human resources that has raised more than $28 million, and Murphy, also from Barcelona, which raised $15 million to automate debt management. Italy's Complaion raised about €17 million to digitise corporate compliance.