Source: Timi Odueso/Techcabal

Africa’s most valuable company by market capitalisation, Naspers, has shut down its $100 million venture capital fund Naspers Foundry in an effort to scale down its operations.

Post the sunsetting of the fund, the Foundry will continue to maintain the investments it has made, which include startups like Naked Insurance, SweepSouth, and most recently, Planet42’s $100 million mega-round.

“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,” a Naspers spokesperson told BusinessDay

“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. Naspers 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.”

Since its launch in 2019, Naspers Foundry has funded over nine startups to the tune of over R740 million (~$40 million).

Source: Timi Odueso/Techcabal