South Africa-based internet and media group Naspers is looking to expand its investments in US-based startups, chief executive Bob van Dijk has told Bloomberg Business.
Originally founded in 1915, Naspers has effectively ridden the growth in e-commerce and internet technology on the back of an early investment in Tencent, the China-based internet portal that has grown into one of the industry’s biggest players.
Naspers’ 34% share of Tencent is alone worth about $60bn, but the firm also holds stakes in a range of international media and e-commerce companies including online marketplaces Souk and Flipkart, classified listings platforms OLX and LetGo, and internet company Mail.ru.
Most of the company’s investments have been in Africa, Asia and Europe, but Naspers’ $100m investment in US-based LetGo in September this year is set to herald greater involvement in companies based in or around Silicon Valley, the CEO stated.
“We will probably have more focus on the Bay Area than we’ve had previously,” Van Dijk said. “If we see the right opportunities we could see ourselves put a good amount of capital there.”
Naspers is accordingly considering the placement of “a number of investment professionals” in the Bay Area to source investments, though it is yet to announce specific appointments.