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Naspers Shuts Down South Africa’s Largest VC Fund

Mar 15, 2023 12:14 AM
Naspers Shuts Down South Africa’s Largest VC Fund

Africa’s most valuable company by market capitalisation, Naspers, has shut down its venture capital fund Naspers Foundry in an effort to scale down its operations.

Post the sunsetting of the fund, the Foundry will continue to maintain the investments it has made which include in startups like Naked Insurance, SweepSouth, and most recently, Planet42’s $100 million mega-round.

Naspers will continue to support the development of SA’s early-stage tech sector, assessing the market and new opportunities in a way that is consistent with our other global markets.

Since its launch in 2019, Naspers Foundry has funded over nine startups to the tune of over R740 million.

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