Global Outlook 2024 Report

NEWSLETTER

Like this article?

Sign up to our free newsletter

Norrsken22 holds first close of USD200m fund backing Africa’s future tech giants

The Norrsken Foundation, founded by Klarna co-founder Niklas Adalberth, has teamed up with Hans Otterling, Partner at Northzone, and an investment team led by Natalie Kolbe, previous Global Head of Private Equity at Actis in South Africa, Actis colleague Ngetha Waithaka in Kenya, and Lexi Novitske, prior founder of Acuity Venture Partners in Nigeria, to launch Norrsken22 Africa Tech Growth Fund, which has held it first close at USD110 million.

The Norrsken Foundation, founded by Klarna co-founder Niklas Adalberth, has teamed up with Hans Otterling, Partner at Northzone, and an investment team led by Natalie Kolbe, previous Global Head of Private Equity at Actis in South Africa, Actis colleague Ngetha Waithaka in Kenya, and Lexi Novitske, prior founder of Acuity Venture Partners in Nigeria, to launch Norrsken22 Africa Tech Growth Fund, which has held it first close at USD110 million.

The fund, w which is targeting total commitments of USd100 million, is backed by 30 unicorn founders, contributing their skills along with USD65 million in funding. Among them are 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 is also backed by SEB Pension Foundation and family offices, who share the Norrsken22 vision of scalable entrepreneurship as a driver of long-term and sustainable economic growth across Africa.
 
Norrsken22 will back exceptional businesses and category leaders within fintech, edtech, medtech and market-enabling solutions. The fund is dedicated to delivering top quartile returns, and will drive strong, positive impact across Africa. Norrsken Foundation will re-invest its portion of the capital generated by Norrsken22 back into supporting African entrepreneurship, to further promote the growth of the Africa tech ecosystem and a new generation of founders.
 
The fund is also supported by an advisory council of business leaders from across the continent, contributing local business knowledge as well as global perspectives: Nonkululeko Nyembezi, Chairman Johannesburg Stock Exchange (JSE), Arnold Ekpe, ex-Group Chief Executive, Ecobank, Phuthuma Nhleko, ex-Chief Executive, MTN and Shingai Mutasa, Founder and CEO, Masawara Plc.

Like this article? Sign up to our free newsletter

MOST POPULAR

FURTHER READING

Featured