Norrsken22, a venture capital firm focused on Africa, has secured support from over 30 unicorn founders and institutions to raise $205 million for new technology investments in the region.
Notable investors in the fund include individuals such as Skype’s Niklas Zennström, Delivery Hero’s Niklas Östberg, and Flutterwave’s Olugbenga Agboola. The fund aims to identify and back the next generation of tech companies in Africa, particularly in sectors like fintech, edtech, and meditech.
The majority of investments will be directed towards startups in countries such as South Africa, Nigeria, Ghana, Kenya, and Egypt. The goal is to build a portfolio of around 20 investments in key African economies.Africa boasts the world’s fastest-growing and youngest population, with increasing smartphone usage and a growing demand for tech-related services. Norrsken22 aims to capitalize on this trend, driven by investments in digital infrastructure and smartphone adoption, as well as urbanization and the increasing need for financial and healthcare services in the region.
Among the fund’s other backers are Standard Bank Group Ltd., Norfund, British International Investment, the International Finance Corporation, and the US International Development Finance Corporation.
Like the global trend, startup funding in Africa has seen a decline this year. In the first half of the year, the continent attracted approximately $2.5 billion in investments. However, there are still significant funds and venture capital firms, such as Partech, actively raising funds for deployment in African tech startups.
Source: Blomberg