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South Africa’s Naspers Closes its Locally-focused Venture Capital Fund

Officials of Naspers Foundry cited the “global investment environment” as the reason. Naspers announced the launch of its (then worth US$96 million, now US$76.8 million) Foundry fund, an investment vehicle aiming to boost South Africa’s tech ecosystem by investing in and supporting high-potential tech businesses that address societal needs, in October 2018. The firm will maintain its investments, including writing follow-on checks. Its portfolio includes the likes of SweepSouth, Aerobotics, Food Supply Network, The Student Hub, WhereIsMyTransport, Ctrl, Naked Insurance, Nile, Floatpays and Planet42. “The global investment environment, as well as the local South African one, has changed, and we have made clear the need for our business to adapt. In line with changes across the wider business, we have reviewed our early-stage investment strategy within South Africa to bring it in line with our international approach,” a Naspers spokesperson said.

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