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Naspers to support promising startups with $66.6M fund


Naspers through the Naspers Foundry (an early investment vehicle) remains with a $66.6 million kitty scouting for tech startups across South Africa.

In this financial year, the company intends to invest $20 million into burgeoning businesses across the country. IT Web reports that a new investment deal is expected to be announced in December. Naspers was established in 1915 and has transformed itself into a global consumer internet company and one of the largest technology investors across the globe. In South Africa, Naspers stands out as one of the top investors in the technology sector and has committed to the building of internet and e-commerce companies countrywide.

Among the companies are Takealot, OLX, Mr. D Food, Property24, Superbalist, and PayU. Naspers Foundry is a $93 million early-stage business funding vehicle dedicated to growing technology companies across South Africa. Thus far Naspers has invested $26.7 million into seven tech startups.

The investments are SweepSouth in 2019, agritech Aerobotics, an undisclosed amount in Food Supply Network, and online learning platform The Student Hub in 2020. WhereIsMyTransport,  Ctrl . and Naked Insurance also received investments.

Source: ITWeb


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