Naspers, Africa’s largest company by money would be targeting a $95 million investments in African startups in the next three years. The recently appointed Naspers’s management team as Chief Executive, South Africa Phuthi Mahanyele-Dabengwa to the global, who has been in the role for close to 100 days, said Naspers Foundry, its startup fund aimed at boosting the South African technology sector, was poised to announce more deals by December.
Here Is All You Need To Know
- In the next three years, Naspers Foundry plans to invest R1.4billion (about $95 million) in entrepreneurs and business, she said.
- Under the restructured Fund, Naspers Foundry would also look at investing in other startup opportunities in Africa, besides its main focus on South Africa.
What Sector Would Be Targeted
Looking ahead, Mahanyele-Dabengwa noted the Fund is looking for attractive opportunities focused on supporting founders of local tech businesses with high potential and ambitions to scale globally.
She said the fund was looking for opportunities focused on with growth potential and ambitions to scale globally, for example such as serving the unbanked.
According to her, the Fund would also be targeting local businesses with 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 June 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.
The licensing of spectrum for 5G network 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.
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Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based Lawyer with special focus on Business Law, Intellectual Property Rights, Entertainment and Technology Law. He is also an award-winning writer. Working for notable organizations so far has exposed him to some of industry best practices in business, finance strategies, law, dispute resolution, and data analytics both in Nigeria and across the world