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News > Private Equity > Deals

Naspers Foundry makes first investment

Anna Lyudvig
June 20, 2019, 9:54 p.m.
409

Word count: 385

Naspers Foundry, a South Africa-focused start-up funding initiative, has announced its first deal, with a R30m investment in SweepSouth, an online cleaning services platform that connects clients with trusted, reliable domestic cleaners.

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Naspers Foundry, a South Africa-focused start-up funding initiative, has announced its first deal, with a R30m investment in SweepSouth, an online cleaning services platform that connects clients with trusted, reliable domestic cleaners.

Co-founded in 2014 by Aisha Pandor and Alen Ribic, SweepSouth has established itself as a fast-growing tech start-up.

The exceptional growth of the business since launch has created jobs for more than 10,000 people, with the platform matching demand for trusted cleaning services that was previously unfulfilled - the online platform connects clients to pre-vetted cleaners across major cities in South Africa.

SweepSouth cleaners, known as “SweepStars”, have full flexibility over their hours and availability, and benefit from pay rates significantly higher than the national minimum wage.

Bob van Dijk, Naspers CEO, said:

“We are excited to announce our first Naspers Foundry investment and to welcome SweepSouth to the Naspers family. We are inspired by entrepreneurs like Aisha and Alen who use innovative technology to improve people’s lives. We know what it takes to scale tech businesses, and the team is looking forward to working together with SweepSouth to help them do that.”

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.

Launched in October last year, Naspers Foundry is a R1.4bn start-up fund aimed at boosting the South African technology sector.

As well as providing much needed funding, Naspers Foundry will help talented and ambitious South African technology entrepreneurs develop and grow their businesses.

Aisha Pandorm, SweepSouth co-founder, said: "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.”

“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.”

Van Dijk added: “Naspers Foundry is off to a good start and we aim to announce more backing for South African start ups in the coming months. We are excited about the potential technology has to improve people’s lives, and will also continue investing in our existing operations in South Africa, including Takealot, Superbalist, Mr D Food, OLX, Autotrader SA, Property24, and Media24.”

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