E. Oppenheimer & Son has become an investor in South African venture capital company 4Di Capital, in a move that sees the mining giant support local tech start-ups.
4Di on Friday announced that the Oppenheimer family’s holding company had become a Capital Fund 1 investor in the venture capital company; doubling the size of the fund enabling more intensive investment in local technology ventures.
4Di invests in local early-phase technology companies that have the potential to have a global reach. The venture capital company has so far invested in seven South African tech start-ups, and recently announced its first profitable exit selling a 100 per cent stake in Motribe Networks to Mxit in September.
The partnership marks the Oppenheimer family – which is the richest family in South Africa – taking a step into the tech world, and supporting local talents in getting innovative new business concepts off the ground.
Director of E. Oppenheimer & Son Rachel Slack commented on the holding company’s entrance to the fund, 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.”
Meanwhile Justin Stanford, Founding Partner of 4Di Capital is also very positive about the new member to the 4Di Capital investment team, 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.”
He went on to comment on the growing potential of the South African tech ecosystem, saying: “4Di Capital is well positioned to take full advantage of South Africa’s potential as a global technology innovation hub.”