Naspers, Africa’s most valuable tech company by market capitalization, has wound down the operations of its R1.4 billion (≈$100 million) South Africa-focused venture capital fund Naspers Foundry, according to local news outlet BusinessDay.
According to the report, the firm, which is taking this approach as venture capital takes a hit globally, will maintain the investments, including writing follow-on checks, in its nine portfolio companies such as Planet42, SweepSouth, Naked, Aerobotics and WhereIsMyTransport. Naspers is aligning its efforts with the approach it adopts internationally via Prosus Ventures — which now carries the mandate of maintaining Naspers’ local investments — and will no longer have a dedicated team focused on South African startups, the report said.
“The global investment environment, as well as the local SA one, has changed, and we have made clear the need for our business to adapt. In line with changes across the wider business, we have…
