The Oppenheimer family has invested an unknown amount in South African venture capital company 4Di Capital to support the local tech scene.
4Di announced on Friday that the family’s holding company – E. Oppenheimer & Son – had joined the ranks of 4Di’s Capital Fund 1 investors. While the amount of the investment remains undisclosed, the new investor has doubled the size of the fund which concentrates on the financial support of local tech start-ups.
The investment sees South Africa’s richest family taking action to support the developing tech sector in the country, with the substantial contribution facilitating the financing of an increased number of local entrepreneurs through 4Di which has a reputation for backing tech start-ups that go on to explode on to the global market. Motribe being an example of a 4Di investment.
Rachel Slack, Director at E. Oppenheimer & Son commented on the company’s inclusion in the venture capital initiative, saying: “We believe that South Africa has exceptional entrepreneurial talent and are excited to join the 4Di Capital family, where we hope we can assist in leveraging the resources available to us in support of young, high-impact entrepreneurs wishing to develop and launch their new innovations onto the global stage.”
Founding Partner of 4Di Capital, Justin Stanford, highlighted the importance of the new fund member, and acknowledged the boost that the investment has given the fund and the tech sector across the country, saying: “We are very pleased to have the Oppenheimer family on board to assist us in capitalising on the growing number of exciting new technology opportunities that need startup capital and support to penetrate the global market.
“4Di Capital is well positioned to take full advantage of South Africa’s potential as a global technology innovation hub.”
4Di has to date invested in seven South African tech start-ups. As well as Motribe, it boasts the likes of BetTech, Skyrove, SMEasy,and Snapt-UI in its portfolio. The venture capital company has so far made solid calls with regard to investment, the sale in September of shares in Motribe to Mxit signalling a profitable exit for 4Di.
