South African internet and media company Naspers Ltd. announced it will spend about 4.6 billion rands ($314 million) on new and existing technology companies in South Africa, a sign of support from Naspers as the country seeks to woo fresh investment.
Naspers will put $96.2 million toward local startups, with the balance going to its units including online retailer Takealot and delivery service Mr D Food.
Cash for new businesses will come from an initiative called Naspers Foundry.
The announcement comes during South Africa’s first investment summit, which started in Johannesburg, seeking to attract about $100 billion into the economy.