Naspers Foundry invests in talented and ambitious tech entrepreneurs in South Africa
Internet giant Naspers's Foundry investment fund for South African startups has announced its first big bet with a $2 million (R30 million) investment in gig economy startup SweepSouth.
The Cape Town-based firm is an online cleaning service for domestic cleaners in South Africa's major urban centres. It was started in 2013 by couple Aisha Pandor and Alen Ribic, who invested their savings for their children's university studies in the startup after they struggled to find a cleaner.
Often referred to as the "Uber of cleaning," SweepSouth has reached $7 million (R100 million) in revenues in the past year.
“We went from the two of us working around our dining-room table – both of us sitting all day and working on this business plan – to going from a few domestic workers we were interviewing ourselves,” Pandor has said, and "even went from cleaning houses ourselves to having 11,000 domestic workers on the platform”.
Naspers Foundry is a $98 million (R1.4 billion) fund that was announced last year as part of the South Africa Investment Conference last October, held by South African President Cyril Ramaphosa to spur investment into the country.
"The investment kicks off Naspers’ commitment to supporting talented and ambitious entrepreneurs in South Africa who are using technology to improve people’s daily lives," said Naspers chief executive Bob van Dijk.
Latest Articles
How alternative lending options support SMEs
Funding remains one of the biggest limitations to both large and small businesses as banks adopt more stringent lending terms. The contraction in the economy has seen investors and conventional credit providers alike pull back on lending. If credit provision for large corporates is being restricted, one can only imagine what is happening to businesses…
Read More
Business is booming in Mauritius
Mauritius evolution: Why many are taking their business to the beach Mauritius may just be an island – its annual tourist influx of 1.4 million outnumbers its own population of around 1.3 million – but this hasn’t stopped it, over the past three decades, from growing into a giant on the business front, writes David Seinker,…
Read More
Afrocentric design in the bushveld
Tourism Month: Kruger hotel reinvents railway luxury Afrocentricity is at the centre of the Kruger Shalati Train On The Bridge. Set to officially open in December, the Train on a Bridge incorporates the iconic and original Selati railway bridge where visitors would disembark at Skukuza Camp nearly 100 years ago. This reinterpretation of luxury train…
Read More How alternative lending options support SMEs
Funding remains one of the biggest limitations to both large and small businesses as banks adopt more stringent lending terms. The contraction in the economy has seen investors and conventional credit providers alike pull back on lending. If credit provision for large corporates is being restricted, one can only imagine what is happening to businesses…
Read More Business is booming in Mauritius
Mauritius evolution: Why many are taking their business to the beach Mauritius may just be an island – its annual tourist influx of 1.4 million outnumbers its own population of around 1.3 million – but this hasn’t stopped it, over the past three decades, from growing into a giant on the business front, writes David Seinker,…
Read More Afrocentric design in the bushveld
Tourism Month: Kruger hotel reinvents railway luxury Afrocentricity is at the centre of the Kruger Shalati Train On The Bridge. Set to officially open in December, the Train on a Bridge incorporates the iconic and original Selati railway bridge where visitors would disembark at Skukuza Camp nearly 100 years ago. This reinterpretation of luxury train…
Read More
Major cities in partnership
City-to-city agreement renewed Cape Town Tourism renewed its marketing agreement with NYC and Company, the Big Apple’s tourism board, at a rooftop event in the CBD on Monday August 27. At the event, it was also announced that the first direct flight from New York to Cape Town is scheduled to arrive on Monday December…
Read More