4DX ventures closes second fund at $60,000,000, Dikembe Mumbombo is now senior adviser

4DX Ventures, a venture capital firm that focuses on Pan Africa, has closed its final fund at $60,000,000.

4DX Ventures launched this fund in the first quarter. It was expected to raise $50,000,000. However, investors and limited partners were not able to take up the offer.

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Although they were not named, the limited partners were US asset managers, a university fund, global family offices and tech founders. They also included hedge fund portfolio managers and private equity investors.

This effort by the New York-based, Accra, and Cairo-based firm is in line with large fund closings by the likes Algebra, Novastar, Algebra, and Partech that have occasionally occurred on the continent.

4DX Ventures raised a little more than $20,000,000 for their first fund. This money was used to invest in startups like mPharma, a Ghanaian health startup, and Sokowatch, a Kenyan B2B ecommerce platform.

More than 40 companies from Africa, the Middle East, and the USA have been invested in. These portfolio companies have raised more than $1.2 billion in financing, making them one of the largest follow on investments for an African-focused fund.

Autochek and Breadfast along with Trella, Taager and Trella will now be part of the second fund of $60,000,000. 4DX Ventures is looking to invest in companies that build products that solve fundamental problems in Africa and the largest markets.

Dikembe Mumbo, a former professional basketball player for the NBA Hall of Fame and Congolese-American, will now be serving as senior advisor to the firm.

He joins an existing senior advisor list that includes Jay Zaveri, Karen Karniol Tambour of Bridgewater Associates and Sakya Dulvuru from Nellore Capital.

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