MMI Holdings' Exponential Ventures unit is the largest limited partner in a $16.5m fund closed by South Africa-based venture capital firm 4Di Capital.
South Africa-based venture capital firm 4Di Capital has closed a R256m ($16.5m) fund, and the major investor is Exponential Ventures, the innovation arm of insurance firm MMI Holdings.
The fund will seek out investments in early and growth-stage financial, insurance and health technology developers, and is particularly interested in portfolio companies seeking to expand internationally.
Justin Stanford, general partner of 4Di Capital, said: “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, and we have been impressed by the constructive and enlightened engagement we have had with MMI management.
“We look forward to working together with them to leverage their strengths as well for our future portfolio companies’ benefit.”
Exponential was launched by MMI in March this year to invest in potentially disruptive fintech companies. It has two employees in South Africa and two in the UK, where it has formed a partnership with VC investment and advisory firm Anthemis Group.
