Naspers Foundry fund makes first startup investment

Naspers’s R1.4bn startup fund, Naspers Foundry, has invested R30m in SA technology startup SweepSouth, which operates an online cleaning services platform.

Naspers, which has become Africa’s biggest public company thanks to its investment in China’s Tencent, said at the time that the fund would invest in companies “seeking to address big societal needs”, with a large chunk of funding set to go towards black-owned start-ups. Pandor said the investment would help SweepSouth expand into other home services and to grow beyond the SA market.

“We would welcome added investment in the SME sector and lower utility costs. Government needs to support SMEs through access to finance, a lower regulatory burden and lower electricity and fuel costs.”

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