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Home News Africa News

New Fund to Help Somali Start-ups Has Been Launched

Tech Gist Africa by Tech Gist Africa
08/01/2018
in Africa News
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New Fund to Help Somali Start-ups Has Been Launched

Photo Credit: disruptafrica.com

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The Nordic Horn of Africa Opportunities Fund has been established in Somalia with a $10 million fund specifically for supporting SMEs . It is an organization that aims to help Somali entrepreneurs build sustainable businesses, contribute to their country’s economy and tax base, and create a significant number of jobs.

The fund was launched by the investment firm, Norfund; One Earth Future’s Shuraako initiative and Danish development finance institution IFU.

It has an initial capital target of $10 million with the primary investment instrument to be the Sharia-compliant “Murabaha” and an average deal size US$250,000. The capital will flow to all regions of Somalia, with investments made into companies in various sectors.


Also See: Microsoft Unveils Tech Start-ups with Social Impact


Norfund, the initiator and anchor investor, has committed up to US$3 million, while IFU and the Arsenault Family Foundation have committed US$2 million each. The Norwegian Ministry of Foreign Affairs has supported a first loss component of $3 million. The fund will fill a gap by funding SMEs that have no other sources of capital.

Norfund Chief Executive Officer, Kjell Roland stressed that, “This is an important investment for Norfund and an example of how it is possible to do sustainable investment in some of the world’s most fragile states. We believe the fund will have significant development impact in Somalia and also achieve a small yet positive and financially sustainable financial return.”


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