Naspers Foundry, the startup funding initiative of Naspers has revealed plans to fund tech startups that address societal needs in South Africa.
Naspers Foundry is a South Africa focused startup funding initiative that helps talented and ambitious South African techpreneurs develop and grow businesses that improve daily living. The fund favors technology startups that address big societal needs in line with Naspers’ global portfolio such as food and payment services.
The Chief Executive Officer of Naspers, Phuthi Mahanyele-Dabenga explained that the initiative will invest in South African-based startups that can impact their immediate community. This, she notes, will increase the numbers of South African founders as well as the tech market place in the country.
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However, startups from other African countries with business operations in South Africa will be considered for the fund.
Foundry will make an equity investment of various amounts on the startup in their Series A, up to the Series B phase. This fund, however, does not apply to startup pre-series funds.
Although Foundry is currently conducting an outreach screening activity, a standing application link is available on their platform for interested startups to apply.
Send applications using this link.
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