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Technology Expansion: Naspers Invests 4.6 Billion South African Rand on Startups

siliconreview Technology Expansion: Naspers Invests 4.6 Billion South African Rand on Startups

For the next three years, Naspers has declared that it will invest around 4.5 Billion on startups for technological expansion. Naspers Foundry – is the initiative’s name that is aiming to support South African technology. Startups that are focusing on big needs in the society are also those who are providing the best solutions need some financial support. That is why Naspers has taken this new initiative. 

Cyril Ramaphosa the president of the company said it will allocate R3.2 billion for the development of already existing tech businesses. The list includes OLX Group, MR. D Food, Takealot and many others. But Naspers has a separate fund which sums up to R1.4 Billion only for technology startups. The CEO - Bob van Djik also said that "Technology innovation is transforming the world, and the Naspers Foundry aims to both encourage and back South African entrepreneurs to create businesses which ensure South Africa benefits from this technology innovation".

All in all the company understands the need for this investment and will be launching next year for all its customers. "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",  says the Chief Financial Officer Basil Sgourdos.

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