As a sign of support, and in an effort to attract new investors to the country, Naspers announced that it will spend R4,6 billion on new and existing technology companies.
There’s plenty of cash to go around, given that Naspers is Africa’s biggest company by market value. R1,4 billion of that earmarked money will be put towards local start-ups, and the rest will go to Naspers units including online retailer Takealot and OLX.
According to Fin24, “cash for new businesses will come from an initiative called Naspers Foundry, the Cape Town-based firm said in an emailed statement on Friday”.
TechCentral with a statement from Naspers CEO Bob van Dijk [below]:
“As well as providing much needed funding, Naspers Foundry will help talented and ambitious South African technology entrepreneurs to develop and grow their businesses…Technology innovation is transforming the world. The Naspers Foundry aims to both encourage and back South African entrepreneurs to create businesses which ensure South Africa benefits from this technology innovation,” he said…
“The group started in South Africa and understands the innovative and entrepreneurial spirit of South Africans,” said Van Dijk in a statement. “We believe the best ideas often start locally, with passionate entrepreneurs starting businesses that meet the needs of the communities they know best. And when those needs are universal across the markets we know well, with the right backing there is the future potential for their businesses to grow beyond their home market.”
Good news for start-ups looking for funding. Let’s just hope that funding is giving wisely, and with some sort of mentorship as well.
According to Naspers CFO Basil Sgourdos (great name), that’s the plan:
“When we invest in an entrepreneur, we are able to bring much more to the table than just funding: we understand what it’s like to build and grow tech businesses, and we share that knowledge to help them succeed. We also recognise the important role that local businesses can play in boosting local economies, which in turn boosts the wider South African economy. That’s why a significant portion of the Naspers Foundry investment will be focused on black-owned South African start-ups.”
Quick Monday idea – how about an app that tells people when they must just leave you alone and give you space? Somebody, please get on this.
[sources:fin24&techcentral]
