South Africa-headquartered media and e-commerce group Naspers has formed a dedicated Silicon Valley-based corporate venturing unit called Naspers Ventures, officially disclosing the information earlier today.
Founded in 1915 as a newspaper operator, Naspers has leveraged an early investment in China-based internet group Tencent now worth over $60bn to evolve into a diversified internet and media firm with holdings all over the world.
Naspers has also been one of the corporate venturing world’s most visible investors, providing funding for businesses including e-commerce companies Flipkart and Souq.com, internet companies Movile and Mail.Ru, and online classified listings platform OLX.
Bob van Dijk, chief executive of Naspers, explained to TechCrunch: “We’ve gotten well-represented in those areas. But we also realised that to prepare for our next phase of growth, we want to be focused on other, new consumer needs that are being transformed by tech.”
The new unit will be run by Larry Illg as CEO. Illg joined Naspers in 2013 from realty listings platform Trulia, where he served as general manager of new ventures. He was chief operating officer of Naspers’ e-commerce assets prior to taking the reins at Naspers Ventures.
Illg said in a statement: “Naspers Ventures’ remit is to find investment opportunities for Naspers beyond our traditional markets/segments but that are a strategic fit for the company.”
Naspers Ventures is building an office of up to 15 in California but has been quietly investing over the past few months, with the funds coming directly from its parent company’s balance sheet.
The fund will look to use its international presence to help US-based portfolio companies expand while also providing a base for foreign Naspers investments to penetrate the US market.
Naspers Ventures’ most recent investment is in Brainly, the Poland-based creator of a social learning network. Brainly closed a $15m series B round today led by Naspers Ventures and backed by undisclosed other investors.
Van Dijk said in a press release announcing the round: “Naspers is consistently looking to invest in the leaders in markets that have global scale and the potential to be transformed by technology. The sizeable education market is a perfect fit.
“Improving education delivery is a huge focus in every region around the globe, and Brainly has identified a way that technology can help drive educational impact beyond the traditional classroom model.
“What is more, they have already proven their business works across geographies and we aim to accelerate their growth and impact worldwide.”
Brainly has now raised $24.5m in total, having secured $500,000 in a Point Nine Capital-backed seed round in 2012 and a further $9m from Point Nine, General Catalyst Partners and Runa Capital in late 2014.