Naspers cut their losses in Foundry, the African tech company reported that they’re shutting down the venture capital of the business. Foundry has helped a range of startups that are big businesses today, that includes Naked insurance, SweepSouth, Aerobotics and others.
It’s very sad to see another legendary company like Foundry close shop, unless another venture capital firm comes on board to replace Foundry.
“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,” said Naspers spokesperson.
“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.”
According to Business Day, Naspers is aligning its efforts with the approach it adopts internationally via 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,
Naspers launched the company Foundry in 2019 with the hope of helping small and medium debate and calling it a day.