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# South Africa's Naspers shuts down its venture capital fund
- URL: https://www.techloy.com/naspers-shuts-down-naspers-foundry/
- Published: 2023-03-13T13:23:53.000Z
- Updated: 2023-03-13T13:23:53.000Z
- Author: Acquah Nana Yeboah
- Tags: / News, / Money, Tech in South Africa

Africa's most valuable tech firm [Naspers](https://www.techloy.com/tag/naspers/) has ceased operations of its R1.4 billion ($100 million) South Africa-focused venture capital fund [Naspers Foundry](https://www.naspers.com/foundry), due to the impact of the global downturn on the venture capital sector, according to a [report](https://www.businesslive.co.za/bd/companies/telecoms-and-technology/2023-03-13-naspers-shuts-down-r14bn-sa-focused-tech-fund-foundry/?utm%5Fterm=Autofeed&utm%5Fmedium=Social&utm%5Fsource=Twitter#Echobox=1678677186) by a local news outlet, *BusinessDay.*

The firm says it will continue to maintain investments in its nine portfolio companies, including [Planet42](https://www.techloy.com/planet42-raises-100-million/), [SweepSouth](https://www.techloy.com/sweepsouth-exits-nigeria/), [Naked Insurance](https://www.techloy.com/south-african-insurtech-naked-series-b-funding/), Aerobotics, and WhereIsMyTransport.

However, it will no longer have a dedicated team focused on South African startups, aligning its approach with that of its global venture capital arm, [Prosus Ventures](https://www.techloy.com/prosus-to-cut-30-of-corporate-staff-in-latest-tech-layoffs/). Naspers Foundry, launched in 2019, has invested only half of its fund size before winding down.