Naspers has announced a new R1.4 billion start-up fund aimed at boosting the South African technology sector.<\/p>\n
The initiative \u2013 called ‘Naspers Foundry’ \u2013 aims to fund and support South African technology start-ups seeking to address big societal needs.<\/p>\n
As well as providing much-needed funding, Naspers Foundry will help talented and ambitious South African technology entrepreneurs to develop and grow their businesses, it said.<\/p>\n
“Technology innovation is transforming the world,” said Naspers chief executive Bob van Dijk.<\/p>\n
“The Naspers Foundry aims to both encourage and back South African entrepreneurs to create businesses which ensure South Africa benefits from this technology innovation.”<\/p>\n
Naspers CFO, Basil Sgourdos, added that the investment will be more than just funding.<\/p>\n
“We understand what it\u2019s like to build and grow tech businesses, and we share that knowledge to help them succeed,” said Sgourdos.<\/p>\n
“We also recognise the important role that local businesses can play in boosting local economies, which in turn boosts the wider South African economy.<\/p>\n
“That\u2019s why a significant portion of the Naspers Foundry investment will be focused on black-owned South African start-ups.”<\/p>\n
Naspers said that it plans to invest around R4.6 billion in the South African technology sector over the next three years.<\/p>\n
R3.2 billion of this will be allocated to the development of its existing technology businesses, including OLX, Takealot, and Mr D Food, and R1.4 billion committed to Naspers Foundry, it said.<\/p>\n
The Naspers Foundry will launch during 2019, with further announcements to be made in due course.<\/p>\n