Naspers, Africa’s most valuable tech company, has stopped running its R1.4 billion ($100 million) South Africa-focused venture capital fund, Naspers Foundry. According to a report by a local news outlet, BusinessDay, this is because the global recession has hurt the venture capital industry.
The company says it will keep investing in its nine portfolio companies, which include Planet42, SweepSouth, Naked Insurance, Aerobotics, and WhereIsMyTransport.
But it will no longer have a separate team focused on South African startups. Instead, it will take the same approach as Prosus Ventures, its global venture capital arm. Naspers Foundry was started in 2019, but it had only invested half of the size of its fund before shutting down.