Media giant Naspers is in the process of launching a multi-billion-rand investment fund, Naspers Foundry, geared towards developing tech start-ups in the country – particularly black-owned businesses.
"Technology innovation is transforming the world. The Naspers Foundry aims to both encourage and back South African entrepreneurs to create businesses which ensure South Africa benefits from this technology innovation," says Naspers CEO Bob van Dijk.
The multinational company, with operations and investments in over 120 countries and markets globally, made the announcement on Friday at the start of the inaugural South Africa Investment Conference where hundreds of international and local investors will gather over the next two days.
The summit, a brainchild of President Cyril Ramaphosa, is the government's attempt to work to reinforce the country's investment profile as an attractive African emerging market. The aim is to attract a staggering R1,2 trillion in new investments over the next five years.
"We believe the best ideas often start locally, with passionate entrepreneurs starting businesses that meet the needs of the communities they know best," van Dijk says.
"And when those needs are universal across the markets we know well, with the right backing, there is the future potential for their businesses to grow beyond their home market."
The fund will officially launch next year, with further detail to follow in due course.
Over the next three years Naspers plans to invest a total of R4,6 billion (including the start-up fund) into the country's technology sector.
"We recognise the important role that local businesses can play in boosting local economies, which in turn boosts the wider South African economy. That's why a significant portion of the Naspers Foundry investment will be focused on black-owned South African start-ups," says Naspers CFO Basil Sgourdos.
