Naspers Foundry has announced its first investment worth $2 million (R30 million) in SweepSouth, an online cleaning service in South Africa. Naspers did not disclose their stakes in SweepSouth.
Naspers Foundry was announced by Naspers at the South Africa Investment Conference held in October 2018. It is a $98 million (R1.4 billion) fund set aside for supporting talented and industrious entrepreneurs, applying technology to improve lives within South Africa. Naspers aims to boost the South African technology sector.
See also: Naspers to List Consumer Internet on Euronext Stock Exchange
SweepSouth was started in 2013 by couple Aisha Pandor and Alen Ribic. The strategic positioning as a market-focused platform that aims to serve professionals who don’t have time to do chores, has created employment opportunities for many domestic cleaners. The couple has grown the business from having to clean houses themselves to employing 11000 domestic workers on the platform. They intend to use the funds to expand into other home services and take SweepSouth beyond the South African market.
In a press release, Naspers revealed that they will also continue investing in their existing operations in South Africa. They will help the newly chosen entrepreneurs scale their businesses as well as provide financial support. The investment in SweepSouth is the first, subsequent investments in other startups will be announced in the coming months.