Naspers Invests R40M In Agritech Company

 Naspers Invests R40M In Agritech Company
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Nasper said that over the next three years, they would invest R4.6 billion total into local tech sectors. Naspers Foundry, the lead investor in this series B round, was launched by Naspers in 2019 as a R1.4-billion fund ($100-million) to support tech startups in South Africa. Naspers portfolio of early-stage technology investments has powered a broad array of startups, including companies offering education, insurance, and home services. In addition to Aerobotics, Naspers Foundry has invested in SweepSouth, an online cleaning service, as well as food delivery platform Food Supply Network.

South African consumer Internet giant Naspers led the round of an oversubscribed Series B via its investment arm, Naspers Foundry, investing $5.6M, according to Aerobotics. The company later raised another $4 million Series A in February 2019, led by Nedbank Capital and Paper Plane Ventures. The company said that it plans to use its $17 million in funds to continue developing additional technologies and products, for the US as well as for other markets. The investment is part of a R83-million ($5.1-million) equity round led by the media and Internet groups early-stage tech investment vehicle, Naspers Foundry, which invested along with Platform Investment Partners, Raba Capital and Base Capital, according to the groups announcement.

The $40m investment into Nile is part of a R83m equity round led by Naspers Foundry, along with new investors, Platform Investment Partners, Raba Capital and Base Capital. Naspers, through its early-stage tech investment arm Naspers Foundry, has announced the investment of R40m into Nile, an agritech company connecting farmers with buyers of fresh produce. agritech company connecting farmers with buyers of fresh produce. JSE-listed multinational Naspers, through its Know-How Fund Naspers Foundry, has unveiled a R40 million funding of Nile, an agri-tech firm. JSE-listed multinational Naspers said that Nile, an agritech company, has traded about 30 million kg of fruits and vegetables since it was established, with buyers coming from five countries and 35 towns and cities in Southern Africa.

Naspers South Africa managing director Phuthi Mahanyele-Dabengwa said Nile has made a positive contribution to helping to maintain food security. Louis de Kock says Nile, the local agritech firm, will use the investment to increase its presence in East Africa, where it sees many opportunities for mutually beneficial trade with southern Africa. South African talk radio station Radio 702 quotes Nile co-founder and CEO Louis de Kock saying that the investment is part of a larger funding agreement which will be used to fast-track Niles core businesses. South African Chief Executive Officer, Phuthi Mahanyele-Dabengwa, described the investment in Nile as an excellent example of how technology could empower communities and enhance economic opportunities.

The deal marks the 10th investment by Naspers Foundry since it launched in 2019, and is part of Naspers R1.4bn commitment to developing the technology ecosystem in South Africa. Niles holistic strategy links South African farmers to for-profit retail stores selling fresh produce throughout South Africas. Farmers of every size, from small-scale farms to large-scale commercial farmers, engage Niles services, while buyers range from giant listed companies in South Africa or the small-scale, mom-and-pop retailers and distributors. Rising Tide Africa is an early-stage investor in digitally-enabled, tech-enabled companies that will enhance African womens lives and Africas way of life.

Enygma Ventures is a member of The Africa Trust Group, an early-stage, South Africa-based, gender-focused investment group. Greycroft Partners is a U.S.-based venture capital firm that primarily invests in digital media and technology startups. Kalon Venture Partners is a South African-based VC firm based on Section 12J, one of the few 12J funds investing in technology startups. The fund overseer for the South African VC firm, 4Di Capital, was founded in 2009.

This year, 4Di launched its third investment vehicle, the 4Di Capital Fund III ($9.4-million), with the SA SMEs Fund as its initial lead investor. The first start-ups who are planning on managing the increased capital for Seed investments, find the interest from their venture capital agencies, which really thinks about backing a foundation. Founded in 2010, Vumela Funds goal is to invest and develop small-to-medium size businesses, and to offer support services for growth of both invested and uninvested companies. To date, its Know How fund, Naspers Foundry, has invested in SweepSouth, Aerobotics, Meals Provided Community, The Scholar Hub, WhereIsMyTransport, Ctrl, Planet24, and Bare Insurance Coverage.

The dispute began last May, when South African start-up Intergreatme announced that it had raised more than R32.6 million through a campaign conducted on Uprise.Africa, a local equity crowdfunding platform.

This e-mail informed those who had participated in the raising that SA-based startup Intergreatme will only take R6-million, as the sources of funds – five pledges had failed to comply with crowdfunding platform Uprise.Africas regulatory processes. Dewald Tiart alleges Qadir broke his and SA startups own rules at Intergreatme, adding the amount raised on the website by R25-million. Qadir said that she can only confirm that neither the SA-based startup Intergreatme, nor any of its officers or directors, had any prior relationship with the investors who signed a commitment to invest R25-million, and that investors were introduced to Uprise by Intergreatme, since investors approached the start-up directly. Commenting on Ventureburn Qadir said while he had made an error by failing to disclose to the media at the time that R25-million was not invested by the SA start-up Intergreatme, nothing was improper about how he handled the payments.

In the year before, ICT made up 30% of all deals, but there was more money invested in biotechnology, healthcare and medical devices developed in Africa, and agritech.

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