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Naspers Foundry, venture capital fund closes

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March 17, 2023
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Home Tech News Africa Tech News

Naspers Foundry, venture capital fund closes

Felicia Akindurodoye by Felicia Akindurodoye
March 17, 2023
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Naspers Foundry, venture capital fund closes

Naspers logo and name on the interior wall of a corporate building

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The R1.4 billion (about $100 million) Naspers Foundry venture capital fund has ceased operations. Naspers is the most valuable technology business on the African continent by market value.

The corporation will maintain its investments in its nine portfolio companies, some of which include Planet42, SweepSouth, Naked, Aerobotics, and WhereIsMyTransport, such as issuing follow-on checks.

The corporation is putting this concept into practice while venture capital suffers globally.

In line with the strategy it employs worldwide through Prosus Ventures, which will no longer have a dedicated team focused on South African entrepreneurs, Naspers is reportedly matching its efforts with that of Prosus.

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Naspers’ local investments are now to be maintained by Prosus Ventures.

Read also: SA Women entrepreneurs secure Naspers and Grindstone accelerators

A representative for Naspers said, “Both the local SA investment environment and the worldwide investment environment have changed, and we have made it plain that our company needs to adapt.

We have updated our early-stage investment strategy in SA to align it with our global strategy in line with changes made to the larger business.”

“Naspers will continue to assist the growth of SA’s early-stage technology sector, evaluating the market and new prospects in a manner consistent with our other global markets,” the company said.

The aim of Naspers Foundry

Naspers Foundry was established in 2019 with the purpose of providing financial assistance to South African startups in the Series A and B stages of their development. These startups must be aligned with the internet businesses on which Naspers focuses, such as food, payments, or classifieds, and they must also be digital ventures that address societal needs. When asked by TechCrunch at the time about its plans for its venture capital allocation, Naspers Foundry stated that it would invest over a period of three years. Although this time frame has passed, the venture capital firm had only deployed half of its fund size before deciding to pull the plug.

Although it is simple to point the finger at the global economic slowdown as the cause of Naspers Foundry’s closure, the company did face other challenges that were specific to South Africa, such as its relationship with the country’s Competition Commission.

Dream VC announces third Talent Accelerator Programme

Other Matters that contributed to this decision

Last July, the commission released a report revealing some institutions that excluded historically disadvantaged persons (HDPs), including people of color and women, from the country’s internet economy. Naspers Foundry was one such company; of the R700 million disbursed funds to 23 founders, only 13% were people of color, and 8% were women, further highlighting the diversity problems facing South Africa’s startup and VC landscape. In 2019, the commission also infamously blocked Naspers’ bid to buy 60% of WeBuyCars. 

According to local investors, the commission maintained this aggression over the years and prevented Naspers Foundry from making specific deals for fear of being too dominant. They have expressed displeasure with the outcome; however, some believe stabilizing solutions are being put in place to fill in the void left by the venture capital firm, which has been a source of growth and development for South African startups.

As a company, whatever decision Naspers has taken is valid at its own discretion.

Tags: NaspersVenture Capital
Felicia Akindurodoye

Felicia Akindurodoye

Felicia Akindurodoye is an experienced writer and researcher, whose watchword is originality.

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