Naspers is closing down its venture capital fund known as Naspers Foundry to scale back its operations.
Despite this, the Foundry will still be active with its investments in companies such as Naked Insurance, SweepSouth, and the recently announced $100 million megaround for Planet42.
Naspers Foundry was established to support South African startups in their Series A and B stages, which are in line with Naspers’ internet businesses such as food, payments, and classifieds, as well as other digital ventures addressing societal needs. Since its launch in 2019, Naspers Foundry has provided funding to more than nine startups, with a total of over R740 million (~$40 million).
A Naspers spokesperson revealed to BusinessDay that the move is in response to the metamorphosis of the worldwide and South African investment scene, and it has become apparent that the company makes adjustments. Therefore, there has been a revision of its early-stage investment plan in SA to make it fit with the company’s global approach.
Naspers will keep on encouraging the progress of the early-stage tech industry in SA, evaluating the marketplace and new prospects in a way that accords with its other international markets.
Prosus Ventures, the international arm of Naspers, is now responsible for maintaining the company’s investments in South Africa, and Naspers will no longer have a separate team dedicated to local startups.
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