Naspers commits to invest over $300M into South African tech startups

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Naspers commits to invest over $300M into South African tech startups

Naspers commits to invest over $300M into South African tech startups

Naspers’ headquarters in Cape Town, South Africa. Photographer: Halden Krog/Bloomberg

Naspers has announced that it will invest R4.6 billion into South African tech startups in the next 3 years. That figure translates to at least US $315 million.

The initiative – called Naspers Foundry – was announced at the inaugural South Africa Investment Conference 2018 in Johannesburg on Friday.

Beyond providing much-needed funding, Naspers Foundry will "help talented and ambitious South African technology entrepreneurs to develop and grow their businesses."

Today, Naspers is one of the largest technology investors in the world, with operations and investments in more than 120 countries and markets.

Also read: Naspers announces new CXO positions in MultiChoice ahead of listing

Of the R4.6 billion, R3.2 billion will go towards the development of its existing technology businesses. This includes OLX, Takealot, and Mr. D Food. This perhaps is a sign that they will be doing more acquisitions.

While the remainder, R1.4bn, will go to Naspers Foundry which will launch during 2019.

This is coming on the back of Naspers raising $9.8 billion in March 2018 from the sale of a 2 percent stake in Chinese investment Tencent. The company now owns 31.2 percent in Tencent.