MMI Holdings has committed hundreds of millions of rand to investing in and nurturing the next-wave of health and financial technology start-ups, both in South Africa and worldwide. By Duncan McLeod. Justin Stanford MMI Holdings, the JSE-listed parent of Momentum and Metropolitan, has committed hundreds of millions of rand to investing in and nurturing the next-wave of health and financial technology start-ups, both in South Africa and worldwide.
The group, through its externally focused innovation arm Exponential Ventures, has provided the vast bulk of the capital for a new fund to be managed by Stellenbosch-based venture capital company 4Di Capital.
The fund had its first close this week, with R256m of money in the pot for investment in promising local start-ups.
MMI has also announced that, together with Anthemis Group, it will pump €30m (about R520m) into financial wellness start-ups in Europe, the US and Asia. Anthemis, an advisory firm headquartered in the UK, has made 39 investments in early-stage companies in the financial service space to date.
Earlier this year, MMI launched Exponential Ventures to identify “potentially disruptive innovation opportunities”. It has already invested in South African fintech start-up TaxTim.
“We are looking for businesses that have the potential to fundamentally disrupt the […]