Naspers Shuts Down $77M Foundry Fund
South African company foundry investment fund aims to boost South Africa’s tech ecosystem by investing in and supporting high-potential tech businesses that address societal needs, in October 2018.
Naspers has announced the closure of its locally-focused venture capital fund Naspers Foundry, citing the “global investment environment” as the reason.
The firm will maintain its investments, including writing follow-on checks. Its portfolio includes the likes of SweepSouth, Aerobotics, Food Supply Network, The Student Hub, WhereIsMyTransport, Ctrl, Naked Insurance, Nile, Floatpays and Planet42.
A Naspers spokesperson said: “The global investment environment, as well as the local South African one, has changed, and we have made clear the need for our business to adapt. In line with changes across the wider business, we have reviewed our early-stage investment strategy within South Africa to align it with our international approach. Naspers will continue to support the development of South Africa’s early-stage tech sector, assessing the market and new opportunities in a way consistent with our other global markets.”