South African venture capital firm 4Di Capital today announced the successful first closing of R256 million ($17m) in initial commitments for a new technology venture capital fund led by Exponential Ventures, the externally focused innovation unit of JSE listed insurance group MMI Holdings.
The new fund will focus on early- and growth-stage investments in the FinTech, InsurTech and HealthTech verticals, particularly those with ambitions to reach international markets.
“We are very pleased to welcome MMI Holdings to our stable of highly regarded investors. 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.
4Di Capital is an independent seed- and early-stage technology venture capital firm based in Cape Town, South Africa.It has had exits from firms such as Motribe, SkyRove, Gamezboost among others. Its investments include LifeQ,Snapt, SMEasy, intarget, bloodhound, HealthQ, ImpressionWorks among others. 4Di has offices in Cape Town and Atlanta in the US and has investors such as Reinet Fund S.C.A., E. Oppenheimer & Sons, and Convergence Partners and several others.
“4Di Capital has a proven track record and has garnered significant respect from the tech startup community in South Africa. We look forward to working together with them and the entrepreneurs that we ultimately invest in through the Fund. Our philosophy is strongly win-win and a key aim of Exponential Ventures is to foster a productive environment of collaboration and learning that drives progress and competitiveness for both the startups concerned and MMI,” said Jonathan Stewart, Managing Partner, Africa Investments at Exponential Ventures.
4Di Capital looks for founder teams with hungry passion, commitment, domain expertise and deep insights into the large market problems they wish to solve with their technology solutions.
4Di Capital Early-Stage Technology Fund 1 targets startup investment opportunities with high growth potential at the seed- and early-stages in the mobile, enterprise software and web sectors.
4Di Exponential Tech Fund 1s’ mandate will include early- and growth-stage investments, focusing principally on scalable technology opportunities in the FinTech, HealthTech and InsureTech verticals, particularly those with ambitions to reach international markets.