Naspers Foundry, the venture capital subsidiary of the South African group Naspers, has concluded its third deal with an undisclosed investment in Food Supply Network (FSN), a food systems integrator.
The subsidiary was launched in October 2018 with a fund of 1.4 billion rand ($85.2 million) and has already invested in two projects for a total of 130 million rand.
“We’re extremely excited about our partnership with Naspers Foundry. Naspers brings unparalleled global experience, marketplace expertise, and extensive networks to the table. Their capabilities complement our own, as well as those of our existing partners at Venturen, who also participated in this round. Naspers shares our vision of optimizing the local and global food supply chains in an industry that still relies on manual processes,” said Gert Steyn, Director, and Founder of FSN.
Although the investor did not disclose the amount of this third deal, Phuti Mahanyele-Dabengwa, the new CEO of Naspers, announced last May possible investments of up to 300 million rand.
- FSN’s marketplace integrates food ordering system of manufacturers, distributors, restaurants, hotels and retailers.
- End-to-end tech platform streamlines food ordering process while improving stock accuracy and saving time.
- Platform integrates with accounting and point of sale (POS) systems.
Established in 1915, Naspers has transformed itself to become a global consumer internet company and one of the largest technology investors in the world. Through Prosus, the group operates and invests globally in markets with long-term growth potential, building leading consumer internet companies that empower people and enrich communities. Prosus has its primary listing on Euronext Amsterdam and a secondary listing on the Johannesburg Stock Exchange and Naspers is the majority owner of Prosus.
In South Africa, Naspers is one of the foremost investors in the technology sector and is committed to building its internet and ecommerce companies in the country. These include Takealot, Mr D Food, Superbalist, OLX, Autotrader, Property24 and PayU, in addition to Media24, South Africa’s leading print and digital media business.
Naspers is also focused on boosting South Africa’s local tech sector through Naspers Foundry. This is a R1.4 billion investment targeting early stage technology companies in South Africa that seek to address big societal needs. To help address youth unemployment in impoverished communities, in 2019, Naspers launched Naspers Labs, a social impact programme for young, unemployed South Africans aged between 17 and 25. Located in low income, urban settings, Naspers Labs provide a structured development journey enabling young people to enter the economy.
Naspers has a primary listing on the Johannesburg Stock Exchange (NPN.SJ) and a secondary listing on the A2X Exchange (NPN.AJ) in South Africa, and has an ADR listing on the London Stock Exchange (LSE: NPSN).
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