By Ann Brown
Africa’s most valuable company is putting more of its vast war-chest of investment dollars to work in South Africa.
Naspers, the Cape-Town based giant, has announced plans to invest $314 million in tech businesses in South Africa over the next three years. Of that amount, around $92 million will be committed to Naspers Foundry, a startup fund for tech businesses. The fund, Naspers says, “aims to fund and support South African technology start-ups seeking to address big societal needs.” Naspers will spend the remainder on startups it has already invested in, including OLX, delivery service Mr D Food and e-commerce firm, Takealot.
The fund and the focus on South Africa could have an outsize impact on the country’s tech startup ecosystem and could in turn attract more tech investment dollars to countries beyond South Africa. But that might depend on whether it has relatively early successes.
Story from Quartz Africa. Story By Yomi Kazeem.
Naspers’ growing commitment to funding local startups is crucial as, having morphed from largely being a traditional newspaper media company into an internet conglomerate, the company is best known for its large investments outside Africa. Its $32 million bet on Click here to read entire article