JOHANNESBURG - Naspers said on Friday it would invest R4.6 billion over the next three years in its technology businesses and to fund technology start-ups.
The initiative is called the Naspers Foundry aims to fund and support South African technology startups that are looking to focus on big needs in society.
Naspers said in a statement ahead of an investment summit called by President Cyril Ramaphosa it would allocate R3.2 billion to developing its existing technology businesses including the OLX Group, Takealot, and Mr D Food. Naspers said R1.4 billion would be used to fund technology start-ups.
In a media statement, Naspers chief executive Bob van Djik said "Technology innovation is transforming the world, and the Naspers Foundry aims to both encourage and back South African entrepreneurs to create businesses which ensure South Africa benefits from this technology innovation".
The chief executive added that Naspers understands the innovative and entrepreneurial of South Africans.
According to the Naspers media statement, the Naspers Foundry will launch next year.
Chief Financial Officer Basil Sgourdos said, "When we invest in an entrepreneur, we are able to bring much more to the table than just funding: we understand what it’s like to build and grow tech businesses, and we share that knowledge to help them succeed."