South African venture capital firm 4Di Capital has successfully closed a R256 million commitment for a new technology-focused venture capital fund.
The major investor in the fund is Exponential Ventures, an external innovation unit of JSE listed insurance group, MMI Holdings.
According to 4Di, the fund’s mandate will include early- and growth-stage investments, focusing principally on “scalable technology opportunities” in the FinTech, InsurTech and HealthTech verticals – particularly those with ambitions to reach international markets.
“The depth and breadth of the venture market has grown substantially in South Africa since we first launched The Silicon Cape Initiative in 2009, and there is more opportunity than ever before, to partner with great local talent and participate in this rapidly growing industry on a global scale,” said Justin Stanford, co-founding General Partner of 4Di Capital.
“We look forward to making a tangible difference to the tech startup community and to SA as we align behind our ultimate goal, namely to leverage powerful new technologies and business models to bring about an exponential leap towards universal financial wellness,” Stewart said