Naspers has shut down Naspers Foundry, its $100 million South Africa-focused venture capital fund.
Despite the closure, Naspers says it will maintain the investments, including writing follow-on checks, in its nine portfolio companies such as Planet42, SweepSouth, Naked Insurance, Aerobotics, and WhereIsMyTransport.
Africa’s most valuable firm by capitalisation said it is aligning its efforts with the approach it adopts internationally with 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 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 reviewed our early-stage investment strategy within SA to bring it in line with our international approach,” a Naspers spokesperson said.
“We 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.”
Launched in 2019 to back South African startups in Series A and B stages that aligned with the internet businesses on which Naspers focuses — such as food, payments, or classifieds — and any other digital venture that addresses a societal need.