Naspers announces $100 million fund for South Africa Startups

Naspers announced a $100 million Naspers  Foundry fund to support South African tech startups.

This is part of a $300 million commitment by the South African media and investment company to support South Africa’s tech sector overall. Naspers Foundry will launch in 2019.

“Naspers Foundry will help talented and ambitious South African technology entrepreneurs to develop and grow their businesses,” said a company release.

After the $100 million earmarked for the Foundry, Naspers will invest ≈ $200 million over the next three years to “the development of its existing technology businesses, including OLX,  Takealot, and Mr D Food…” according to a release.

Naspers is one of the largest companies in the world—85th by its $108 billion market cap, just after Nike—and one of the world’s largest tech investors.

Aside from operating notable internet, video, and entertainment platforms, the company has made significant investments in Europe, India, Asia, and South America. In 2018 Naspers invested $775 million in Germany’s Delivery Hero, $124 million in Brazilian e-commerce company Movile, and added $100 million to its funding to Indian food delivery site Swiggy.

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