IFC invests in new 4DX Ventures fund
IFC invests in new 4DX Ventures fund
4DX Ventures is focused on supporting early-stage African technology companies.
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The International Finance Corporation (IFC) is investing $10.5 million in a new fund by 4DX Ventures, a New York-based venture capital firm focused on supporting early-stage African technology companies.
IFC's investment in 4DX Ventures Fund III will come from IFC's $225 million venture capital platform, which was launched last year to strengthen emerging VC ecosystems and invest in early-stage companies in Africa, the Middle East, Central Asia, and Pakistan.
"IFC and 4DX Ventures share the commitment to supporting tech entrepreneurs with innovations that will help Africa leapfrog in critical areas such as climate, healthcare, fintech, e-commerce, and education," said Walter Baddoo, co-founder and general partner of 4DX Ventures. "We look forward to partnering with IFC to help promising tech startups build transformative businesses and realise sustainable development impact on the continent."
4DX's new fund will invest in companies with tech solutions that can improve productivity, efficiency and competitiveness across Africa. The firm's first two funds invested in companies such as Egypt-based e-commerce platform MaxAB; Ghana-based health tech firm mPharma; and Kenya-based B2B e-commerce platform Wasoko, formerly known as Sokowatch.
"By supporting the development of tech ecosystems in emerging markets, IFC's venture capital platform aims to improve access to key services, boost business competitiveness, and promote job creation through digital transformation," said Mohamed Gouled, vice president of industries at IFC. "Our investment in venture funds such as 4DX Ventures will help African entrepreneurs access more financing and resources they need to scale tech innovations and bolster sustainable growth across the continent."
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