30 Apr 2025
Following months of record high AI funding, new Prosus report says applications will drive the next wave of AI investment
A new report from Prosus and dealroom.co, ‘Shaping an AI-enabled Future: How Prosus is Investing in the Next Wave of AI Applications’ sheds light on how AI venture capital is evolving, pointing to a pivotal shift in focus from investment in foundational technologies to applications with tangible business impacts.
In 2024, artificial intelligence reached unprecedented investment levels, with global venture capital into AI-first companies soaring to US$110bn – a 62% year-on-year growth. AI comprised one-third of all global venture capital funding, more than doubling its share from just two years prior.
Historically, much of this growth was driven by massive investments in foundational AI layers. These include groundbreaking large language models and generative AI frameworks, the engines behind today’s AI boom.
Looking ahead, the report from Prosus highlights an emerging inversion in terms of where investment dollars will be allocated: the next frontier for profit generation will be in the application layer. These are purpose-driven tools that integrate foundational models directly into business workflows, improving efficiency and enhancing consumer experiences. From personalised e-commerce platforms and automated healthcare processes to intelligent enterprise software tailored for efficiency – these application-driven solutions promise to redefine industries.
Fabricio Bloisi, Prosus Group CEO, said: “As companies increasingly leverage AI to accelerate their relevance to consumers, enhance personalisation, and drive growth, we’ll see a shift in investment capital from foundational AI models to the powerful ecosystems built around them. At Prosus, we’re already seeing this shift globally across our portfolio and have strategically invested in companies around the world that are using AI across e-commerce, fintech, healthcare, and beyond.”
Going forward, investments are expected to tilt significantly toward application-layer startups. Such startups are strongly positioned to drive revenue growth, operational efficiencies, and enhanced user engagement.
There are many AI applications currently making waves. Here are our top picks, and the ones that you should keep an eye on.
Download the full report and read our blog post to learn why applications will drive the next wave of AI investment.
About Naspers:
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. These include Takealot, Mr D Food, Autotrader, Property24 and PayU, in addition to Media24, South Africa’s leading print and digital media business.
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 a level 1 American Depository Receipt (ADR) programme which trades on an over-the-counter basis in the US.
For more information, please visit www.naspers.com.
Naspers Labs
In 2019, Naspers Labs, a youth development programme designed to transform and launch South Africa’s unemployed youth into economic activity, was launched. Naspers Labs focuses on digital skills and training, enabling young people to pursue tech careers.