Cape Town - South African venture capital firm 4Di Capital has secured its first successful closing of R256m in initial commitments for a new fund aimed at boosting technology startups.
The major investor behind this round of funding is Exponential Venture, an innovation unit of Johannesburg Stock Exchange (JSE) listed insurance group MMI Holdings.
The fund’s focus will be on early and growth-stage investments in the FinTech, InsurTech and HealthTech verticals, said a statement from 4Di.
The fund is set to particularly target investments that target reaching international markets, added the statement.
“We are very pleased to welcome MMI Holdings to our stable of highly regarded investors,” said Justin Stanford, co-founding General Partner of 4Di Capital.
“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."It is very good to see innovation-minded corporates in South Africa beginning to acknowledge the benefits of having a stake in the venture sector, as is common in the US,” Stanford said.
4Di currently has offices in Cape Town and Atlanta in the US.
It already counts the likes of Reinet Fund S.C.A., E. Oppenheimer & Sons, and Convergence Partners as among its investors.