South African internet and technology company Naspers is winding down its venture capital fund Naspers Foundry in a bid to scale down operations amidst the global downturn.
Naspers Foundry, which managed a ~$100M (R1.4B) South Africa-focused venture fund, will maintain its stakes in the existing nine portfolio companies and will continue to make follow-on investments. However, the portfolio startups will now be managed by Prosus Ventures, which manages its international portfolio.
Notable portfolio startups include Planet42, Naked, Aerobotics, SweepSouth, and WhereIsMyTransport.
- Launched in 2019, Naspers Foundry backed Series A and B-stage startups that aligned with its internet business.
- The fund has deployed half of its fund size to date.
- Per TechCrunch, South Africa’s Competition Commission released a report last July that highlighted the lack of funding support for historically disadvantaged persons, people of color, and women at some local companies, including Naspers Foundry.
- TechCrunch reckons that the report, along with other challenges, were contributing factors behind the shutting down of Naspers Foundry.
