In June this year SweepSouth, the online cleaning services platform that connects clients with domestic cleaners, announced a R30 million investment from one of South Africa’s newest tech funds, Naspers Foundry.
This investment kicks off Naspers’ commitment to supporting talented and ambitious entrepreneurs in South Africa who are using technology to improve people’s daily lives.
The R1.4 billion startup fund is aimed at boosting the South African technology sector. In total, Naspers has said it will invest a total of R4.6-billion over the next three years in the local technology sector.
We answer all your FAQs about the new tech fund.
What is the aim of the fund?
Launched at the South Africa Investment Conference in October last year, Naspers Foundry provides much needed funding and will also help talented and ambitious South African technology entrepreneurs develop and grow their businesses.
What is the investment criteria?
Naspers Foundry backs South Africa-focused technology startups that meet real consumer needs.
In order to be eligible for Foundry funding, your company must meet the following criteria:
– Addresses a big societal need, including education, healthcare, job creation and/or be aligned to Naspers Group’s existing portfolio (includes: Takealot, Superbalist, Mr D Food, OLX, Autotrader SA, Property24, and Media24).
– A passionate and talented founding team.
– Demonstrate proven traction and the potential to scale into other markets.
– Be a for-profit company focused on South Africa.
– Bring a technology-driven product or service to the market.
How can you apply?
To apply for Foundry funding, you will need to send through a pitch deck summarising your company as well as the problem your startup aims to solve and the market opportunity. A template pitch deck can be found on the Foundry homepage.
Do you receive any mentorship or an office as part of the scheme?
While Naspers has extensive understanding of local markets and entrepreneurs, Naspers Foundry however states they are neither an incubator nor an accelerator with a structured mentorship programme.
They add that their investment extends beyond capital – and that they will proactively engage with founding teams to help them grow and scale their operations.
There are currently no plans to provide co-working space at this stage.
Can you apply if you are not a South African citizen but your business operates in the country?
Yes, if your business benefits South African society.
How much will you be investing?
Deal sizes will vary, but according to Naspers Foundry the focus will be on startups raising Series A and Series B funding.
Is there a closing date?
No, there is no closing date.
Who can you contact to query you application?
Contact firstname.lastname@example.org for more information.
All information is courtesy of the Naspers Foundry website.