Enzo Ventures Raises €20M ($23M) Funding for Fund II to Back Southern European Founders

Enzo Ventures, the Madrid-based early-stage venture capital firm, has launched its €20 million ($23 million) Fund II to back pre-seed and seed-stage founders across Southern Europe. The fund reached its hard cap and was oversubscribed, drawing backing from institutional investors, family offices, and high-profile founders including Alan co-founder Charles Gorintin, TravelPerk founder Avi Meir, and Factorial co-founder Bernat Farrero .

Fund II will write initial cheques of €250,000 to €1 million ($290,000 to $1.16 million) and follow on into later rounds. The firm aims to build a concentrated portfolio of around 40 companies across consumer, SaaS, marketplace, and digital health sectors .

Enzo Ventures Funding Overview By CREDX Media

Firm Name	Enzo Ventures
Founders	Samuel Gil (Managing Partner), Antoine Debarge (Managing Partner)
Founded	2021
HQ	Madrid, Spain
Fund Size	€20M ($23M)
Valuation	N/A (venture fund)
Category	Early-Stage Venture Capital, Southern Europe
Target Stage	Pre-Seed & Seed
Initial Cheque Size	€250K – €1M ($290K – $1.16M)
Target Portfolio	~40 companies
Previous Fund	Fund I
Key LPs	Charles Gorintin (Alan), Avi Meir (TravelPerk), Bernat Farrero (Factorial)
Notable Portfolio	Orbio, Murphy

💡 Use of Funds

• New Investments: Backing roughly 40 pre-seed and seed-stage startups across Southern Europe.
• Follow-On Capital: Supporting portfolio companies in later funding rounds.
• Founder Support: Providing hands-on operational guidance to early-stage founders.

VC Overview: Enzo Ventures

What Enzo Ventures Is Building in Simple Words

Enzo Ventures is an early-stage venture capital firm focused on Southern Europe—Spain, Portugal, Italy, and beyond. The firm invests at pre-seed and seed stage, writing initial cheques of €250,000 to €1 million and reserving capital for follow-on investments in later rounds .

• Concentrated Portfolio: Enzo targets around 40 companies in Fund II, allowing the firm to work closely with each founder rather than spreading thin across hundreds of bets.
• Sector Agnostic: The firm invests across consumer, SaaS, marketplace, and digital health sectors.
• Hands-On Support: Enzo positions itself as an operator-led fund, providing practical guidance on hiring, go-to-market, and fundraising.
• Backed by Founders: Fund II’s limited partners include founders who have built and scaled companies across Europe—signal that operators trust Enzo’s approach.

Why Enzo Ventures Matters

1. Southern Europe Is Underfunded Relative to Its Talent Southern European founders have built companies like Cabify, TravelPerk, Factorial, and Alan, yet the region still receives less venture capital per capita than Northern Europe. Enzo’s Fund II is a bet that the next generation of Southern European founders deserves dedicated local capital .
2. Pre-Seed and Seed Remain the Hardest Rounds to Raise Early-stage founders often struggle to find investors willing to write the first cheque. Enzo’s focus on pre-seed and seed fills a critical gap in the funding ladder .
3. Operator-Led Funds Are Attracting LP Interest Fund II’s LP base includes founders who have built successful companies—not just institutions. This signals that operators see value in Enzo’s approach and want to support the next wave of founders .
4. Concentrated Portfolios Create Alignment By targeting ~40 companies, Enzo can dedicate more time and resources to each founder. This model contrasts with large funds that write small cheques across hundreds of startups.

Founder Background: The Team Behind Enzo Ventures

Samuel Gil (Managing Partner) is a Spanish investor and operator who has been investing in Southern European startups since before it was fashionable. He has built a reputation for identifying early-stage founders and supporting them through the difficult transition from product to scale .

Antoine Debarge (Managing Partner) brings a complementary perspective—French by background, operating across Southern Europe. Together, Gil and Debarge have built Enzo into one of the most active early-stage funds in the region .

The firm’s LP base reflects its founder-first ethos: Charles Gorintin (Alan), Avi Meir (TravelPerk), and Bernat Farrero (Factorial) all backed Fund II—founders who have built and scaled companies in the same markets Enzo targets .

The Southern European Venture Race Nobody Expected

Enzo Ventures operates in a venture market that is maturing rapidly.

Traditional European VCs including Atomico, Balderton Capital, and Index Ventures invest across Europe, but often focus on later stages or Northern European markets .

Southern European VCs including Kfund, JME Ventures, and Nauta Capital focus on the region, but Enzo’s concentration on pre-seed and seed with a founder-first approach differentiates it .

The competitive moat, if it materializes, is access to the best early-stage deals. In venture, the best returns come from getting into the best companies early. Enzo’s relationships with founders, its LP base of operators, and its hands-on support create a network advantage that later-stage funds cannot replicate .

Founder Intelligence: What Founders Can Learn from Enzo Ventures

• Focus on underserved markets: Southern Europe has talent but less capital than other regions. Enzo is building its franchise by serving founders others overlook.
• Concentrate to win: A portfolio of ~40 companies means Enzo can do the work—hiring, go-to-market, fundraising—that early-stage founders need. Spreading thin doesn’t work in venture.
• Back founders, not just markets: Enzo’s LPs are founders who’ve built in Southern Europe. They’re not just writing cheques—they’re validating the model and opening doors.
• Raise from operators: The best LPs for an early-stage fund are the founders you’re trying to back. Enzo’s Fund II raised capital from people who understand the problem because they lived it.

Investor Intelligence: Why This Fund Gets Premium Capital

Enzo Ventures’ Fund II reached its €20 million hard cap and was oversubscribed, signaling strong demand from LPs. The investor base includes:

• Institutional investors backing the next generation of Southern European founders.
• Family offices seeking exposure to early-stage venture in the region.
• Founders including Charles Gorintin (Alan), Avi Meir (TravelPerk), and Bernat Farrero (Factorial) who have built companies in the same markets Enzo targets.

The LP composition signals conviction: founders who have built and scaled in Southern Europe are backing the firm that will fund the next generation. This is the strongest possible validation for an early-stage venture fund—the operators themselves are the investors.

The Road Ahead for Enzo Ventures

Expansion Targets

With €20 million in capital, Enzo Ventures will:

• Invest in roughly 40 pre-seed and seed-stage startups across Southern Europe .
• Write initial cheques of €250,000 to €1 million ($290,000 to $1.16 million) .
• Reserve capital for follow-on investments in later rounds .
• Provide hands-on support to founders across hiring, go-to-market, and fundraising.

Competitive Response

Expect:

• More early-stage funds to emerge focused on Southern Europe.
• Larger European VCs to increase their pre-seed and seed activity in the region.
• Founders to benefit from increased capital availability and competition among investors.
• Enzo’s moat: concentrated portfolio + founder-first approach + operator LP base.

Conclusion

Enzo Ventures’ €20 million Fund II funding validates the thesis that Southern European founders deserve dedicated early-stage capital. The firm’s concentrated portfolio, founder-first approach, and LP base of operators—including Charles Gorintin, Avi Meir, and Bernat Farrero—position it as a key player in the region’s startup ecosystem.

Market tailwinds favor Enzo: Southern Europe’s growing talent pool, the difficulty founders face raising pre-seed and seed rounds, and operators’ desire to back the next generation. The firm’s oversubscribed fund signals that LPs believe in the thesis—and that Southern European venture is coming into its own.

For deep analysis of venture capital funding, European startup ecosystems, and the investors backing the next generation of founders, explore CREDX Media for comprehensive coverage of startup funding trends, valuation intelligence, and founder playbooks.

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Frequently Asked Questions

1. What is Enzo Ventures’ fund size and latest round?

Enzo Ventures has raised €20 million ($23 million) for its Fund II, reaching its hard cap and closing oversubscribed.

2. How much does Enzo Ventures invest per company?

Enzo writes initial cheques of €250,000 to €1 million ($290,000 to $1.16 million) at pre-seed and seed stage, with reserves for follow-on investments.

3. What is the valuation of Enzo Ventures?

Enzo Ventures is a venture capital fund, not an operating company. It does not have a valuation in the traditional sense.

4. Who are the major LPs in Enzo Ventures?

Fund II’s LPs include institutional investors, family offices, and founders including Charles Gorintin (Alan), Avi Meir (TravelPerk), and Bernat Farrero (Factorial).

5. Who are Enzo Ventures’ founders?

Enzo Ventures was founded by Samuel Gil (Managing Partner) and Antoine Debarge (Managing Partner), both active investors in Southern European startups.

6. What is Enzo Ventures’ investment thesis?

Enzo focuses on pre-seed and seed-stage startups in Southern Europe across consumer, SaaS, marketplace, and digital health sectors, building a concentrated portfolio of around 40 companies.

7. How many companies does Enzo Ventures plan to back?

Enzo targets approximately 40 companies in Fund II.

8. What sectors does Enzo Ventures invest in?

Enzo invests across consumer, SaaS, marketplace, and digital health sectors.

9. What is Enzo Ventures’ hands-on support model?

Enzo positions itself as an operator-led fund, providing practical guidance on hiring, go-to-market, and fundraising to early-stage founders.

10. Who are some notable portfolio companies of Enzo Ventures?

Enzo’s portfolio includes Orbio and Murphy, according to Tech Funding News.

11. What regions does Enzo Ventures focus on?

Enzo Ventures focuses on Southern Europe, including Spain, Portugal, Italy, and surrounding markets.