Naspers Foundry set to Invest R1.4bn in entrepreneurs and business

The Naspers Foundry in South Africa, has set its plans to invest R1.4billion in the next three years in entrepreneurs and business aimed at boosting the South African technology sector, while more deals will be announced by December the Chief Executive Officer, Phuti Mahanyele Dabengwa, disclosed this recently.

The Fund would also look at investing in other start-up opportunities in Africa, besides its main focus on South Africa.

The licensing of spectrum in South Africa would enable technology growth and boost local entrepreneurs. The South African government expects to conclude the release of the new broadband spectrum by the first quarter of 2021, the Presidency said in a statement on its website this week.

In a futuristic view, the Fund is looking for attractive opportunities focused on supporting founders of local tech businesses with high potential and ambitions to scale globally.

Mahanyele Dabengwa stated that, the fund was looking for opportunities focused on with growth potential and ambitions to scale globally, for example such as serving the unbanked.

She noted the relevance of  the Fund to local business with a local focus.

Mahanyele Dabengwa cited Naspers Foundry’s investment in SweepSouth, the online platform providing on-demand and regular home cleaning services, as a successful example of a partnership.

In recent months, Naspers Foundry invested R30 million in the company. This week SweepSouth announced had raised more than R50 million in new investment in its latest funding round.