Naspers Foundry has invested Rs 40 crore in agro-tech startup Nile.

On Tuesday, it was announced that Naspers company in the early stages of investing in technology, Naspers Foundry, had made an investment of Rs 40 million in Nile, an agronomic company that connects farmers with buyers of fresh produce.

This is the 10th investment since its launch in 2019.

Nile – co-founded in 2020 by Louis de Kok, Eugene Rudt and Rick Kleinhans – provides farmers with a platform to trade in fresh produce from several producers in a number of African countries. Its digital solutions address inherent issues related to food trade, quality control, payments and tracking.

“While we have been able to launch Neil through the initial growth phase, we look forward to the support of an internationally respected investor and experienced operator like Naspers as we expand our cross-border operations to the rest of Africa,” de Kok said.

The Naspers Foundry portfolio expands a wide range of startups, including companies that offer educational, insurance and cleaning services. The fund is part of Naspers ’1.4 billion rupees commitment to the development of South Africa’s technological ecosystem.

According to Foundry, Neil has from the beginning traded about 30 million pounds of fruits and vegetables with buyers from five countries and 35 cities in South Africa. It uses data and a sophisticated logistics network to allow farmers to enter more productive markets outside of those closest to them.

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

Naspers South Africa CEO Phuthi Mahanyele-Dabengwa called the investment in the Nile a great example of how technology can sustain communities and improve economic opportunities.

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