South African company Naspers has closed its locally-focused venture capital fund Naspers Foundry, citing the “global investment environment” as the reason. “We believe that developing South Africa’s early-stage tech ecosystem will have a lasting impact on the broader South African economy,” Fabian Whate, head of Naspers Foundry, told Disrupt Africa in September 2021. So, at Naspers Foundry, our mission is to find, fund and then help grow the next big South African tech companies.”That was then, but barely 18 months later Naspers has shuttered its fund, with no further investments to be made, according to BusinessDay. “The global investment environment, as well as the local South African one, has changed, and we have made clear the need for our business to adapt. “Naspers will continue to support the development of South Africa’s early-stage tech sector, assessing the market and new opportunities in a way that is consistent with our other global markets.”

Source: The North Africa Journal March 14, 2023 17:59 UTC