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.”

Finance Finance Latest News, Finance Finance Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

The Naspers Foundry start-up fund makes first investment in SANaspers has invested R30m in SouthSweep, a cleaning service, which ‘has created jobs for more than 10,000 people’ RET brigades chase white people in the country by using WMC concept
Source: BDliveSA - 🏆 12. / 63 Read more »

Peregrine writes down investment in Java Capital as deals dry upFinancial services group Peregrine Holdings has written down the value of its investment in Java Capital by R100m
Source: BDliveSA - 🏆 12. / 63 Read more »

$5.3 billion in foreign direct investment hits SAForeign direct investment (FDI) flows into South Africa more than doubled to $5.3 billion (R78.5 billion) last year largely due to renewable energy and automotive investments from China, Germany and Japan.
Source: City_Press - 🏆 7. / 72 Read more »