Multinational internet and media Group Naspers has announced the introduction of Naspers Foundry, a R1.4 billion initiative established to boost South Africa's technology sector.

The company made the announcement at the inaugural South African Investment Conference 2018 on 26 October 2018 and said the initiative would be used to "support South African technology start-ups seeking to address big societal needs."

A significant portion of the Naspers Foundry investment will be focused on black-owned SA start-ups.

Naspers CFO Basil Sgourdos said, "We also recognise the important role that local businesses can play in boosting local economies, which in turn boosts the wider South African economy."

The investment forms part of an overall R6.4 billion targeted at the country's sector, with R3.2 billion allocated to the development of existing tech businesses including OLX, Takealot and Mr D Food.

Naspers CEO Bob van Dijk said, "The Naspers Foundry aims to both encourage and back South African entrepreneurs to create businesses which ensure South Africa benefits from this technology innovation."

"We believe the best ideas often start locally, with passionate entrepreneurs starting businesses that meet the needs of the communities they know best."

According to Future of Work: Exploring the African Digital Work Landscape Report 2018by Disrupt Africa, 180 start-ups in operation across Africa are changing the face of the continent's work and employment landscape.

Nigeria and South Africa are the continental leaders when it comes to digital work start-ups according to the report, with the former hosting 58 start-ups active in the space, and the latter contributing a further 47.