4DX Ventures Completes its Second Fund at $60m

4DX Ventures has completed the final closing of its second fund, raising $60 million in commitments. The Africa-focused VC firm will target opportunities in Nigeria, South Africa, Egypt, Kenya, and Côte d’Ivoire.

The African-focused venture capital firm had initially set out to raise $50 million but received an oversubscribed amount from investors and limited partners.

Though unnamed, the limited partners were US-based asset managers, a university endowment, global family offices, tech founders, hedge fund portfolio managers, and investors from private equity and venture capital.

The first fund raised by 4DX Ventures was a little over $20,000,000 which was invested in startups such as Ghanaian health tech startup mPharma and Kenyan B2B e-commerce platform Sokowatch. 

The fund, which is making its final closing, was launched in the first quarter of 2021 with the ambition to raise $50 million. It has integrated several companies in different sectors into its portfolio, including Autochek, Breadfast, MaxAB, Taager, Trella, and Yoco.

Since it launched its first fund, 4DX Ventures has invested in more than 40 companies in Africa, the Middle East, and the United States. The VC firm claims that the companies in its portfolio have raised over $1.2 billion in funding to support their operations.

Investments will mainly go into fintech, e-commerce, healthcare, and logistics businesses. “Our goal is ultimately to invest in companies that are building products that solve foundational problems on the continent and also in the largest markets because the size of the market matters quite a bit for the potential outcome of companies,” said Walter Baddoo, co-founder and partner of 4DX Ventures.

In addition to this close, Dikembe Mutombo, NBA Hall of Famer and Congolese-American former professional basketball player, will now serve in the firm’s senior advisory role.

He joins a current senior advisor roster that includes Karen Karniol-Tambour of Bridgewater Associates, Jay Zaveri of Social Capital and Sakya Duvvuru of Nellore Capital.