Norrsken22’s Tech Growth Fund Closes Over Target At USD 205 M

Norrsken22 announced today that it has closed its first African technology growth fund at USD 205 M, surpassing its target of USD 200 M. Norrsken22 is a first-time fund, led by a team of partners that each have decades of experience in investing in Africa, and in tech.

Norrsken22 is focused on entrepreneurs developing fintech, edtech, healthtech and market-enabling solutions that will deliver strong returns and have a positive impact across Africa. At its inception, the fund was supported by over 30 unicorn founders, including Olugbenga Agboola, co-founder Flutterwave, Niklas Zennström, co-founder Skype, Jacob de Geer, co-founder iZettle, Niklas Östberg, co-founder Delivery Hero, Carl Manneh, co-founder Mojang, Sebastian Knutsson, co-founder King and Willard Ahdritz, founder Kobalt Music. The fund was also backed by SEB Pension Foundation and family offices.

Since the fund’s first close, a number of high-profile institutional investors have joined the investor base: British International Investment (BII), International Finance Corporation (IFC), US International Development Finance Corporation (DFC), Standard Bank and Norfund.

Norrsken22 has already made five investments. The portfolio includes South African challenger bank Tyme Bank, African business-to-business digital commerce platform Sabi, Africa’s leading identity verification solution, Smile ID and auto financing platform Autochek.