Naspers Plans to Launch $96m Fund to Support SA Tech Start-ups

South African investor, Naspers has announced plans to launch an initiative called Naspers Foundry. For the initiative, Naspers has set aside R1.4-billion ($96-million) fund to boost the SA tech start-ups.

As cited in the statement released by Naspers, the company aims to fund and support SA tech start-ups that seek to address “big societal needs”. Naspers chief executive Bob van Dijk further said that the fund aims to both encourage and back SA entrepreneurs to create businesses “which ensure South Africa benefits from this technology innovation”.bloomber

Naspers is one of the largest technology investors in the world, with operations and investments in more than 120 countries and markets. Its portfolio, through Naspers Ventures, covers technology sectors as far-reaching as online classifieds, payments and fintech, online food delivery, online travel, social and internet services, education, and health.

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“The group started in South Africa and understands the innovative and entrepreneurial spirit of South Africans…We believe the best ideas often start locally, with passionate entrepreneurs starting businesses that meet the needs of the communities they know best. And when those needs are universal across the markets we know well, with the right backing, there is the future potential for their businesses to grow beyond their home market,” Bob van Dijk said.

Naspers CFO Basil Sgourdos added that the company recognises the role that local businesses play in economies “that’s why a significant portion of the Naspers Foundry investment will be focused on black-owned South African start-ups.”