4Di Capital, an independent venture capital firm based in South Africa, has announced a whopping amount of US$17 million has been committed to its new technology venture fund, bringing the raise to its first close.
“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.
The fund will be used to invest in early- and growth-stage startups, with a principal focus on scalable technology opportunities in the FinTech, InsurTech and HealthTech verticals.
“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,” said Jonathan Stewart, Managing Partner, Africa Investments at Exponential Ventures.
This is not the first time 4Di Capital is launching a fund to invest in startups.
It launched Technology Fund 1 to invest in startups with high growth potential at the seed- and early-stages in the mobile, enterprise software and web sectors.