Naspers to invest R30 million in SweepSouth
This is the first investment by Naspers Foundry, a R1.4 billion start-up fund.
Naspers Foundry, the R1.4 billion start-up fund launched by Naspers, says it will invest R30 million in South African tech start-up SweepSouth, an online cleaning service that connects clients with domestic cleaners.
Launched at the South Africa Investment Conference in October 2018, Naspers Foundry is a R1.4 billion start-up fund aimed at boosting South Africa’s technology sector. This is the fund’s first investment since it was launched and said it would be focusing on addressing “big societal needs.”
As well as providing funding, Naspers Foundry aims to assist local technology entrepreneurs develop and grow their businesses, the company said.
Co-founded in 2014 by Aisha Pandor and Alen Ribec, SweepSouth says it has recorded exceptional growth, creating jobs for more than 10,000 people. SweepSouth employees have full flexibility over their hours and availability, and benefit from pay rates ‘significantly’ higher than the national minimum wage.
“We are ecstatic about the Naspers Foundry investment in SweepSouth, and believe the partnership will help us achieve our vision of expanding into other home services and growing beyond the South African market,” said Pandor.
“We see ourselves as an emerging market-focused platform that aims to serve the many professionals who don’t have the time to source the services we provide, whilst also creating meaningful employment opportunities.”
Naspers CEO Bob van Dijk (pictured) said the group’s start-up fund aims to announce other deals in SA “in the coming months”, adding that Naspers would also continue investing in its existing operations in SA, including Takealot, Superbalist, Mr D Food, OLX, Autotrader SA, Property24, and Media24.