Norrsken22, based in Kigali, has raised US$205 million, exceeding its goal of US$200 million, to close its first African tech growth fund.
One of the founders of the Swedish fintech unicorn Klarna, Niklas Adalberth established Norrsken in 2016 with the intention of assisting entrepreneurs in their efforts to address global problems. Norrsken Founders Fund, Norrsken VC, and Norrsken House, a Stockholm co-working space for more than 350 impact entrepreneurs, make up its ecosystem.
Entrepreneurs in the fields of financial technology, educational technology, electronic health care, and market-enabling technologies that will generate substantial profits and improve the lives of people all over Africa are Norrsken22’s primary emphasis. Over 30 unicorn founders, such as Flutterwave’s Olugbenga Agboola, Skype’s Niklas Zennström, and Delivery Hero’s Niklas stberg, backed the fund when it was launched.
Family offices and the SEB Pension Foundation also contributed to the fund. British International Investment (BII), International Finance Corporation (IFC), US International Development Finance Corporation (DFC), Standard Bank, and Norfund are just a few of the notable institutions that have joined the investor base since the fund’s inaugural close.
“Africa has the youngest population globally and its upcoming digital-first generation is the future of Africa – and the world. We’re delighted to announce this final close and with the support the fund has received. There are huge opportunities in Africa. We are excited to continue our mission of driving funding into African tech, and creating jobs and sustainable growth in the region,” said Adalberth.
In addition to its initial investment in the South African challenger bank Tyme Bank, Norrsken22 has also put money into the African business-to-business digital commerce platform Sabi, the leading identity verification system in Africa, Smile ID, and the car financing website Autochek.
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