FSN's marketplace integrates food ordering system of manufacturers,distributors, restaurants, hotels and retailers.
End-to-end tech platform streamlines food ordering process while improving stock accuracy and saving time.
Platform integrates with accounting and point of sale (POS) systems.
Naspers Foundry, Naspers's R1.4 billion early-stage tech investment vehicle aimed at boosting the South African tech sector, has closed its third deal, an investment in Food Supply Network (FSN) on undisclosed terms.
FSN is an independent business-to-business marketplace that integrates ordering systems of manufacturers, distributors, and buyers (restaurants, hotels and retailers) of food products.
Phuthi Mahanyele-Dabengwa, CEO South Africa of Naspers, said:
Naspers Foundry invests in early stage and founder-led South African tech companies and we're delighted to announce our backing of Food Supply Network. It's the third investment we've made through Naspers Foundry and we're excited to add a food-focused company to our growing portfolio.'
Fabian Whate, Head of Naspers Foundry, said:
'The FSN deal is a great addition to our portfolio of early stage tech investments. It's a classic marketplace model using technology to more efficiently link the three distinct stakeholder groups involved in the process of efficiently ordering and moving food products across the supply chain. We look forward to helping the FSN team continue to grow their business.'
FSN founder and CEO, Gert Steyn, said:
'We're extremely excited about our partnership with Naspers Foundry. Naspers brings unparalleled global experience, marketplace expertise and extensive networks to the table. Their capabilities complement our own, as well as those of our existing partners at Venturen, who also participated in this round.
Naspers shares our vision of optimising the local and global food supply chains in an industry that still relies on manual processes.'
The platform streamlines the process across the board - buyers reduce their administrative overhead, payment reconciliations and out-of-stock events; distributors improve service delivery and grow market share; manufacturers drive sales by accurately showcasing all their brands, products and promotions throughout their supply chain.
FSN addresses a global problem. It is already active in South Africa, Namibia, Zambia, and will soon expand to Angola as it extends its reach to the rest of the continent and beyond.
Last year, Naspers Foundry invested in online home cleaning services marketplace business, SweepSouth and in subscription-based artificial intelligence (AI) agritech company, Aerobotics in May this year.
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For more information contact:
Fabian Whate, Head of Naspers Foundry
Shamiela Letsoalo, Media Relations Director
+27 78 802 6310
Established in 1915, Naspers has transformed itself to become a global consumer internet company and one of the largest technology investors in the world. Through Prosus, the group operates and invests globally in markets with long-term growth potential, building leading consumer internet companies that empower people and enrich communities. Prosus has its primary listing on Euronext Amsterdam and a secondary listing on the Johannesburg Stock Exchange and Naspers is the majority owner of Prosus.
In South Africa, Naspers is one of the foremost investors in the technology sector and is committed to building its internet and ecommerce companies in the country. These include Takealot, Mr D Food, Superbalist, OLX, Autotrader, Property24 and PayU, in addition to Media24, South Africa's leading print and digital media business.
Naspers is also focused on boosting South Africa's local tech sector through Naspers Foundry
. This is a R1.4 billion investment targeting early stage technology companies in South Africa that seek to address big societal needs. To help address youth unemployment in impoverished communities, in 2019, Naspers launched Naspers Labs
, a social impact programme for young, unemployed South Africans aged between 17 and 25. Located in low income, urban settings, Naspers Labs provide a structured development journey enabling young people to enter the economy.
Naspers has a primary listing on the Johannesburg Stock Exchange (NPN.SJ) and a secondary listing on the A2X Exchange (NPN.AJ) in South Africa, and has an ADR listing on the London Stock Exchange (LSE: NPSN).
For more information, please visit www.naspers.com
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