Today's top entrepreneurship and business stories (14 June)
4Di Capital raises R256 million for tech fund, courier startup Rush launches new website, and more
4Di Capital raises R256 million for tech fund
4Di Capital, a Cape Town-based tech venture capital firm, announced yesterday that it had raised R256 million for a new technology venture capital fund from investors including Exponential Ventures.
BDLive reports that Exponential Ventures which is owned by MMI holdings is the major investor in the fund.
"In March, MMI announced the creation of Exponential Ventures, with about R1 billion in funds available over three to five years to invest in disruptive technologies in areas including financial wellness. MMI said 30% of the fund was set aside for investment in SA and the rest of Africa, and 70% for investment on a global basis," reports BDLive.
4Di Capital’s cofounder Justin Stanford is quoted saying it was good that domestic corporates were "beginning to acknowledge the benefits of having a stake in the venture sector", as is common in the US.
According to the report, the new technology fund’s mandate is to invest in technology start-up companies, focusing on financial, insurance and health companies — particularly those companies with ambitions to expand internationally. (BDLive)
Courier startup Rush launches new website
Rush has launched its new website with added functionality, so that individuals and businesses can quickly and easily find quotes and place orders by comparing couriers, their prices and delivery services in real-time.
Rush developed its website to provide an extended platform for its courier services which launched in November 2015 on Rush for mobile, powered by WeChat.
Says Glenn Whittaker, CEO of Rush, "Since we launched Rush on mobile, we have confirmed the need for such an offering. Our website with increased e-commerce functionality was developed in response to the uptake and interaction from our customers – both individuals and businesses – who used the official account on WeChat. Their primary requirement is increased efficiency; we have met this demand by enabling them to also have access to Rush for web via personal computer, which is quicker and easier."
New virtual wallet app enters Africa's mobile money space
Maxicash, a virtual wallet application which allows users to transfer and transact with African mobile money service providers, launched earlier this month with hopes of coming ahead in Africa's competitive mobile money space.
The startup is founded by Tania Mukwamu, a Congolese born tech entrepreneur together with partner, Ruddy Mukwamu in 2010.
Services available through the application include transferring money to Africa, purchasing airtime and data bundles, paying for school fees, hospital and utility bills with listed partner organisations as well as making donations to churches and NGO’s in various African countries conveniently from anywhere in the world.
According to Mukwamu, the company is looking to enter more African countries including Kenya, Nigeria, Cameroon, Zambia, Senegal, and Burundi from the end of June into July.