• Enzo Ventures has closed Fund II at €20m, double the €10m Fund I, according to Tech.eu.
• Tickets run from €250,000 to €600,000 at pre-seed, per Tech.eu; the firm's own site gives no fund or ticket size.
• The thesis follows founders, not incorporation: Southern European founders who move to London or Paris stay in scope.
• Limited partners were not disclosed in the coverage we read, so we could not verify who funds the vehicle.
• At €20m the fund is a small-cheque instrument; the evidence of it working is portfolio revenue, which we could not independently confirm.

Enzo Ventures has closed a €20m second fund for pre-seed founders from Southern Europe, Tech.eu reported on 19 October 2026. The raise doubles the €10m Fund I and keeps the same pre-seed focus. For readers used to Nordic or US sizing, the point is scale: this is a small-cheque pool whose thesis rests on talent that moves between cities, not on a large home market. Limited partners were not disclosed in the coverage we read.

What Fund II is, by the numbers

Tech.eu reports that Fund II is €20m, against €10m for Fund I, with tickets of €250,000 to €600,000 at pre-seed. Enzo Ventures began investing in 2023 and, per the same report, has named investments including Cori Clinical in London, plus unnamed startups in Madrid and Zurich. The firm's own website names no fund vehicle, fund size or ticket size, so the figures rest on a single outlet's reporting, not on a company filing.

The thesis: follow the founder, not the incorporation

Tech.eu quotes founding partner Edgar Vicente: "We didn't want to build a fund around where companies were incorporated." The article describes the target as Southern European founders and diaspora entrepreneurs who leave cities such as Barcelona and Lisbon for London or Paris while keeping ties to home talent networks. That is a different construction from a Nordic fund anchored to a domestic pension or grant system, and it explains why jurisdiction is not the filter.

How to size it against its own ecosystem

A €20m fund writing €250,000 to €600,000 cheques can back only a limited number of companies, so results will depend on a handful of outcomes. Tech.eu says portfolio names Orbio and Murphy are generating millions of euros in revenue; Enzo Ventures' site lists both among its companies, but we could not verify the revenue figures independently. Treat that as the firm's claim until before-and-after numbers are published.

What to watch and our verdict

Three things would settle the case: who the limited partners are, how reserves are split between first cheques and follow-ons, and whether portfolio revenue is documented. Our verdict: Fund II is a credible, modestly sized pre-seed instrument with a coherent thesis, but its track record is early and mostly unverified. It deserves attention for its founder-centred model, not yet for proof of returns.