Naspers Unveils Plans To Grow Investments In Africa After Successful Listing Of Prosus On Euronext

By  |  October 10, 2019

Phuthi Mahanyele-Dabengwa who heads Naspers‘ activities in South Africa has announced that Naspers Foundry, a subsidiary of Naspers will be investing ZAR 1.4 Bn in entrepreneurs and businesses for the next three years.

Phuti Mahanyele-Dabengwa, the South African chief executive who was appointed in July said that Naspers Foundry remains optimistic it will announce more deals by December.

Announced in October 2018, Naspers Foundry is a South Africa-focused start-up funding initiative that supports talented and ambitious South African technology entrepreneurs seeking to address big societal needs.

The fund’s current focus is South Africa but it will be looking to invest in other start-up opportunities across Africa which have the potential to be scaled globally.

On Tuesday, Naspers made known it had created ZAR 152 Bn in additional value after the successful listing of its newly created entity Prosus on Euronext Amsterdam in September.

Chief executive Bob van Dijk said revealed that the group has plans to further strengthen and expand operations in Africa with much focus on the two home markets: South Africa and Kenya.

“South Africa is ahead of the rest of the continent, but the wave will come, making Africa an investment destination,” he said.

Of particular interest, van Dijk highlighted that given the speed Africans have adopted the use of smartphones, there was an increase for potential growth in the continent.

Naspers is one of the largest technology investors in the world with operations and investments in more than 120 markets. Its portfolio spans across technology sectors: online classifieds, payments and fintech, online food delivery, online travel, social and internet services, education, and health.

Naspers through Naspers ventures finds and backs promising entrepreneurs and early-stage businesses across the world.

Featured Image Courtesy: Twitter

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