4DX Ventures, a pan-African venture capital firm, has completed the final close of its second fund at $60 million.
The second fund, launched in the first quarter of this year, was expected to close at $50 million, but investor and limited partner (LP) interest saw the fund oversubscribed.
The LPs involved are unnamed. They include U.S.-based asset managers, a university endowment, global family offices, tech founders, hedge fund portfolio managers and investors from private equity and venture capital, the firm said.
Pre-seed to Series B are the stages on which 4DX Ventures is focused, founding partners Walter Baddoo and Peter Orth said.
“The quality of founders and team is really our North Star. And our goal is to partner with the very best teams going after transformative opportunities across the continent,” Orth said.
“And you know, Walter and I personally have experienced investing in companies from the idea stage to public markets and, generally speaking, we think that from the pre-seed to Series B stage, it’s still early enough to deliver the type of returns that we’re looking for as an early-stage fund.”
4DX Ventures’ first fund was a bit over $20 million and it invested in startups such as Ghanaian health tech startup mPharma and Kenyan B2B e-commerce platform Sokowatch. It has welcomed the likes of Autochek, Breadfast, MaxAB, Taager, Trella and Yoco from this second fund of $60 million.
Since launching its first fund, 4DX Ventures has invested in more than 40 companies across Africa (its primary market), the Middle East and the U.S., with a handful of companies.
NBA Hall of Famer and Congolese-American former professional basketball player Dikembe Mutombo, known for his humanitarian and entrepreneurial work, especially for Africans and African Americans, will now serve in the firm’s senior advisory role.
