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Naspers is investing R40 million in agritech company that connects farmers with buyers of fresh produce

Naspers announced, through its first phase tech investment car Naspers Foundry, an investment of R40 million in Nile, an agritech company that connects farmers with buyers of fresh produce.

The investment is part of a R83 million stake led by Naspers Foundry, in addition to new investors, Platform Investment Partners, Raba Capital and Base Capital. The transaction marks the tenth investment of Naspers Foundry since its launch in 2019 and is part of Naspers’ R1.4 billion commitment to grow South Africa’s technical ecosystem.

Nile was established in 2020 to provide farmers with digital solutions that can address various pain points inherent in food trade – including price transparency, quality verification, speed of payments, product traceability and food waste.

Nile’s end-to-end process connects farmers with commercial retailers of fresh produce both in South Africa and across the continent. The B2B platform facilitates transactions and guarantees payments on behalf of farmers, resulting in increased transparency and improved cash flow.

The company makes use of data and a complex logistics network that enables farmers to reach better-performing markets, not just those closest to them. Buyers of fresh produce, such as retailers, wholesalers and processors, can access live availability and country costs for a wide range of products, and are able to trade through a variety of B2B payment methods.

Phuthi Mahanyele-Dabengwa, CEO of Naspers South Africa, said: “The importance of food security can not be overstated, and a platform like Nile makes a positive contribution to supporting it. According to the World Bank, Africa’s food system has enormous potential. to create more and better jobs.More inclusive value chains that link farmers and other stakeholders can help to realize this potential.

Louis de Kock, co-founder and CEO of Nile, said: “Although we were able to bootstrap the Nile through our first growth phase, we look forward to the support of an internationally respected investor and savvy operator like Naspers as we scale our cross. border operations to the rest of Africa.

Since the inception of Nile, some 30 million kilograms of fruits and vegetables have been traded on the Nile platform, with buyers coming from five countries and 35 cities and towns in Southern Africa.


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Naspers is investing R40 million in agritech company that connects farmers with buyers of fresh produce

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