Money Rain for Startups in South Africa
People, it may be time to consider strategic partnerships with South African startups: money is going to rain therein. Africa's biggest company by market cap, bigger than the entire Nigerian Stock Exchange, wants to invest $314 million in South Africa. This is great news and something we hope money men in Nigeria will also do. Yes, we need to see companies commit capital to stimulate our economy by investing to fund the companies of the future.
Africa’s most valuable company is putting more of its vast war-chest of investment dollars to work in South Africa.
Naspers, the Cape-Town based giant, has announced plans to invest $314 million in tech businesses in South Africa over the next three years. Of that amount, around $92 million will be committed to Naspers Foundry, a startup fund for tech businesses. The fund, Naspers says, “aims to fund and support South African technology start-ups seeking to address big societal needs.” Naspers will spend the remainder on startups it has already invested in, including OLX, delivery service Mr D Food and e-commerce firm, Takealot.
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The fund and the focus on South Africa could have an outsize impact on the country’s tech startup ecosystem and could in turn attract more tech investment dollars to countries beyond South Africa