4Di Capital, a South African early-stage VC firm has announced the second closing of its new $25 million seed fund – created in partnership with DotExe Ventures in Mauritius – with an undisclosed raise from Mauritian-based conglomerate, IBL Group, via its investment vehicle, IBL Link Investments Ltd.

This latest announcement follows an initial close of $8 million from the SA SME Fund, with capital targeting seed and post-seed stage startups in South Africa, East Africa, and the continent at large.

The fund will particularly focus on businesses exhibiting continental or global ambitions and will remain open to new investors until final close in early 2023.

"Having spent the past 13 years refining our investment strategy and expanding our footprint past South Africa into the East African market and beyond, we look forward to collaborating hand-in-hand with our new partners," said Justin Stanford, partner at 4Di Capital.

Founded in 2009 by a team of entrepreneurs, 4Di Capital has established itself as a highly regarded investor in the African venture capital market. Investees benefit from the firm's hands-on experience in growing and scaling startups across Africa.

Some notable portfolio companies that have since raised significant late-stage funding include Aerobotics, LifeQ, VALR, and Nairobi-based Wasoko.