Norrsken22, a Pan-African venture capital firm, has successfully closed its first fund at $205 million.
This fund will be dedicated to supporting growth-stage entrepreneurs working on fintech, edtech, and healthtech projects in Africa.
Norrsken22 plans to invest around $10 million to $16 million in approximately 20 African startups.
Founder Niklas Adalberth expressed their excitement about the vast opportunities in Africa and their mission to boost funding for African tech, fostering job creation and sustainable growth in the region.
This $205 million fund is named the Norrsken22 African Tech Growth Fund and received support from over 30 local and foreign unicorn founders. Notable backers include Olugbenga Agboola, co-founder and CEO of Flutterwave, as well as other tech industry leaders. SEB Pension Foundation and family offices also contributed to the fund.
Natalie Kolbe, Managing Partner of Norrsken22, highlighted the timing as ideal for supporting the growing tech sector in Africa, where technology can transform traditional business methods.
The firm has already made five investments, including Tyme Bank, Sabi, Smile ID, and Autochek. Norrsken22 was established in 2022 by Niklas Adalberth and Hans Otterling, along with an experienced investing team.
They currently have operations in Nigeria, South Africa, Kenya, and Ghana, aiming to capitalise on the immense opportunities in the African tech landscape.