News24.com | Naspers Foundry invests R40 million in agritech startup Nile

Naspers Foundry has invested R40 million in agritech startup Nile.


Naspers Foundry has invested R40 million in agritech startup Nile.



A Naspers early-stage tech investment vehicle, Naspers Foundry, has made a R40 million investment in Nile, an agritech company that connects farmers with buyers of fresh produce, it was announced on Tuesday.

The transaction is its 10th investment since launching in 2019.

Nile – co-founded in 2020 by Louis de Kock, Eugene Roodt and Rick Kleinhans – provides a platform for farmers to trade fresh produce with multiple producers across a number of African countries.  Its digital solutions address inherent issues relating to food trading, quality verification, payments and traceability.

“While we were able to bootstrap Nile through our initial growth phase, we look forward to having the backing of an internationally respected investor and experienced operator like Naspers as we scale our cross-border operations to the rest of Africa,” said de Kock.

The Naspers Foundry portfolio boosts a wide range of startups, including companies offering education, insurance and cleaning services. The fund is part of Naspers’s R1.4 billion commitment to grow South Africa’s tech ecosystem.

According to the Foundry, Nile has since inception traded approximately 30 million kilograms of fruit and vegetables with buyers from five countries and 35 towns and cities across Southern Africa. It leverages data and a complex logistical network to allow farmers to reach better-yielding markets beyond those closest to them.

Buyers range from large South African-listed companies to small family-owned retailers and wholesalers.

The CEO of  Naspers South Africa, Phuthi Mahanyele-Dabengwa, described the investment in Nile is a great example of how technology can support communities and improve economic opportunity.

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