Naspers will for the next three years invest an amount approximating R4.6bn in South Africa’s tech sector. R3.2 bn of the amount will be allocated to existing South African technology companies – OLX, Takealot and Mr D food. The remaining amount will the be committed to a foundry. The Naspers Foundry was announced at the inaugural South Africa investment conference, last week Friday in Johannesburg.
The Naspers initiative is set to provide funding in supporting SA tech entrepreneurs establish and develop.
“The Naspers Foundry aims to both encourage and back South African entrepreneurs to create businesses which ensure South Africa benefits from this technology innovation,” said Naspers Chief Executive, Bob Van Dijk.
According to the statement released by the group, South Africa’s innovative spirit is what led to the investment. The group CEO further said that they believe that innovative ideas are established locally, with passionate entrepreneurs starting businesses meant to meet their community needs – with financial backing the entrepreneurs can expand their businesses beyond their communities.
Naspers CFO Basil Sgourdos added, “When we invest in an entrepreneur, we are able to bring much more to the table than just funding: we understand what it’s like to build and grow tech businesses, and we share that knowledge to help them succeed. We also recognise the important role that local businesses can play in boosting local economies, which in turn boosts the wider South African economy. That’s why a significant portion of the Naspers Foundry investment will be focused on black-owned South African start-ups.”
By: Kgothatso Nkanyane