The investment is part of an R83 million equity round led by Naspers Foundry, alongside new investors, Platform Investment Partners, Raba Capital and Base Capital. The transaction marks Naspers Foundry’s tenth investment since its launch in 2019 and forms part of Naspers’s R1.4 billion commitment to grow South Africa’s tech ecosystem.
Nile’s end-to-end process connects farmers to commercial retailers of fresh produce both in South Africa and across the continent. The B2B platform facilitates transactions and safeguards payments on behalf of farmers, resulting in increased transparency and improved cash flow. Phuthi Mahanyele-Dabengwa, South Africa CEO of Naspers, said: “The importance of food security cannot be overstated, and a platform like Nile provides a positive contribution towards helping to sustain it. According to the World Bank, Africa’s food system has huge potential to create more and better jobs. More inclusive value chains that link farmers and other stakeholders can help realise this potential.
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