Africa's most valuable tech company, Naspers, has reportedly shut down the operations of its R1.4 billion ($100 million) South Africa-focused venture capital fund, Naspers Foundry. However, the company will maintain its investments, including writing follow-on checks, in its nine portfolio companies. According to a spokesperson, Naspers will continue to support the development of South Africa's early-stage tech sector and assess new opportunities in a way that is consistent with its other global markets. Naspers Foundry launched in 2019 to back South African startups in Series A and B stages that aligned with Naspers' internet businesses, but faced challenges such as its relationship with South Africa's Competition Commission and diversity problems.

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