Grace Ashiru
Norrsken22, headquartered in Kigali, has successfully secured US$205 million, surpassing its initial target of US$200 million, for its inaugural African tech growth fund.
Niklas Adalberth, one of the co-founders of the renowned Swedish fintech company Klarna, launched Norrsken in 2016. The organization’s primary focus is to support entrepreneurs in tackling global challenges. The Norrsken ecosystem comprises the Norrsken Founders Fund, Norrsken VC, and the Norrsken House in Stockholm, a co-working space serving over 350 entrepreneurs dedicated to creating a positive impact.
Norrsken22 primarily focuses on nurturing entrepreneurs in sectors like financial tech, Medtech, e-health, and technologies that enable markets, aiming to yield significant profits and positively impact lives across Africa. The fund garnered backing from over 30 unicorn creators at its inception, including prominent figures such as Olugbenga Agboola of Flutterwave, Skype’s Niklas Zennström, and Niklas Östberg from Delivery Hero.
Contributions also came from family offices and the SEB Pension Foundation. Since the fund’s initial closure, its investor circle has expanded to include notable entities like British International Investment (BII), the International Finance Corporation (IFC), the US International Development Finance Corporation (DFC), Standard Bank, and Norfund.
Africa boasts the world’s most youthful population, a demographic key to the continent’s future and the global landscape. We are thrilled to announce the final close of this fund, buoyed by the substantial support it has garnered. The African continent presents immense opportunities, and we are eager to persist in our commitment to funnel investment into African technology, thereby fostering job creation and sustainable development in the region,” stated Adalberth.
Beyond its initial funding for Tyme Bank, a South African challenger bank, Norrsken22 has diversified its investments across various African enterprises. These include Sabi, a prominent business-to-business digital commerce platform; Smile ID, a leading African identity verification system; and Autochek, a car financing platform.
