Naspers Foundry to invest R1.4bn in entrepreneurs and business
JOHANNESBURG - Phuti Mahanyele-Dabengwa, the South African chief executive who has been in the role for close to 100 days, on Wednesday said that Naspers Foundry, its start-up fund aimed at boosting the South African technology sector, was poised to announce more deals by December.
Naspers Foundry plans to invest R1.4billion in the next three years in entrepreneurs and business, she said.
The Fund would also look at investing in other start-up opportunities in Africa, besides its main focus on South Africa.
The licensing of spectrum in South Africa would enable technology growth and boost local entrepreneurs. The South African government expects to conclude the release of the new broadband spectrum by the first quarter of 2021, the Presidency said in a statement on its website this week.
Looking ahead, the Fund is looking for attractive opportunities focused on supporting founders of local tech businesses with high potential and ambitions to scale globally.
Mahanyele-Dabengwa said the fund was looking for opportunities focused on with growth potential and ambitions to scale globally, for example such as serving the unbanked.
She said the Fund was looking at local business with a local focus.
Mahanyele-Dabengwa cited Naspers Foundry's investment in SweepSouth, the online platform providing on-demand and regular home cleaning services, as a successful example of a partnership.
In June Naspers Foundry invested R30 million in the company. This week SweepSouth announced had raised more than R50 million in new investment in its latest funding round.
Phuti Mahanyele-Dabengwa, the South African chief executive who has been in the role for close to 100 days, on Wednesday said that Naspers Foundry, its start-up fund aimed at boosting the South African technology sector, was poised to announce more deals by December.
Picture: Karen Sandison/African News Agency(ANA)