Africa's most valuable tech firm Naspers has ceased operations of its R1.4 billion ($100 million) South Africa-focused venture capital fund Naspers Foundry, due to the impact of the global downturn on the venture capital sector, according to a report by a local news outlet, BusinessDay.

The firm says it will continue to maintain investments in its nine portfolio companies, including Planet42, SweepSouth, Naked Insurance, 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. Naspers Foundry, launched in 2019, has invested only half of its fund size before winding down.