Norrsken22, a Pan-African venture capital firm, on Friday, November 3 revealed that it has achieved the final close of its debut fund, raising a total of $205 million.
The fund raised has surpassed its initial target of $200 million. The fund highlights a keen interest from institutional investors in supporting African startups.
“Final Close Achieved! Norrsken22 is thrilled to announce the successful closing of our first African tech growth fund at $205M, exceeding our $200M target.
A huge shout out to our incredible investors who share our vision on backing amazing companies across Africa,” Norrsken22 stated.
Norrsken22, established in 2022 by five individuals who have extensive experience in venture capital and private equity. They include founding partners Niklas Adalberth and Hans Otterling.
Likewise, the venture also includes managing partner Natalie Kolbe as well as general partners Ngetha Waithaka and Lexi Novitske.
Moreover, the venture capital firm, nearly two years old, has operational teams in Nigeria, South Africa, Kenya, and Ghana.
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Norrsken22 Mission in Africa
Meanwhile, Norrsken22‘s mission revolves around supporting entrepreneurs involved in fintech, edtech, medtech, and market-enabling innovations.
The fund’s primary objective is to bridge the existing funding gap for tech startups. These entails startups in the growth stage across the African continent.
On the other hand, the fund’s origins can be traced to the Norrsken Foundation. The Stockholm-based impact ecosystem dedicated to supporting entrepreneurs committed to addressing global challenges.
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Norrsken22 Partners
Following the initial fund close, several high-profile institutional investors have joined the ranks of supporters.
They includes British International Investment (BII), International Finance Corporation (IFC), US International Development Finance Corporation (DFC), Standard Bank, and Norfund.
The institutions will impact Norrsken22’s potential to drive impactful tech innovation across Africa.
Niklas Adalberth, Founder of Norrsken Foundation, revealed that the fund will be used in Africa where there is huge opportunity.
“Africa has the youngest population globally and its upcoming digital-first generation is the future of Africa and the world
We are excited to continue our mission of driving funding into African tech, and creating jobs and sustainable growth in the region”
At the same time, the company gets support from an advisory council of business leaders. The leaders come from across the continent. They help in contributing local business knowledge as well as global perspectives.
They include Nonkululeko Nyembezi, Chairman Standard Bank Group, Phuthuma Nhleko, ex-Chief ExecutNatalie Kolbe, Managing Partner of Norrsken22, Similarly stated that the fund will help the Company to support African growing start ups
The timing of the fund ideally positions Norrsken22 to support a growing African tech tailwind. The transformative power of technology can leapfrog traditional ways of doing business. Africa has the opportunity to lead the World with its solutions.
Natalie Kolbe, Managing Partner of Norrsken22, said: “The timing of the fund ideally positions Norrsken22 to support a growing African tech tailwind. The transformative power of technology can leapfrog traditional ways of doing business, and Africa has the opportunity to lead the World with its solutions,”
She further stated that the company was excited to partner with Promising start ups. The Startups will help to create a positive impact in Africa.
Norrsken22 has already made five investments. Furthermore, the portfolio includes South African challenger bank Tyme Bank, African business-to-business digital commerce platform Sabi.
On the other hand, it has also made investments in Africa’s leading identity verification solution, Smile ID and auto financing platform Autochek.