The business practices of De Beers have been less than stellar, however De Beers was founded in South Africa, has been headquartered in South Africa and is 15% owned by the Government of Botswana. I agree that they are a poor example though as considering them a start up though would be a bit like calling Ford a startup, both companies are a bit beyond that stage of their lives.

It may have been founded there, but only because that's where the rocks are and they can get away with running a cartel. It was founded by a Englishman and even then it was 120 years ago. Terrible example of an African startup.