Norrsken22, an Africa-focused venture capital firm, has received the support of over 30 unicorn founders and institutions in its quest to raise $205 million for new technology investments across the continent.
The fund, with prominent investors such as Niklas Zennström (Skype), Niklas Östberg (Delivery Hero), and Olugbenga Agboola (Flutterwave), is on a mission to discover the next generation of ‘tech giants’ in Africa, particularly in sectors like fintech, edtech, and Meditech, as stated by Natalie Kolbe, managing partner at Norrsken22.
News About Nigeria gathered that while its investments will encompass a broad scope, the firm is primarily focusing on startups in South Africa, Nigeria, Ghana, Kenya, and Egypt.
Norrsken22 has already made five investments, one of which includes TymeBank in South Africa, and it aims to build a portfolio of approximately 20 investments in key African economies.
“We have made five investments to date, including in TymeBank in South Africa,” said Kolbe. “We would like to build out a portfolio of about 20 investments in the beacon economies of Africa.”
Africa boasts the world’s fastest-growing and youngest population and tech-savvy youth are increasingly embracing digital services, from entertainment to banking.
Norrsken22 recognises the potential for tech businesses in Africa to grow significantly, driven by investments in digital infrastructure, increased smartphone adoption, urbanisation, and the growing demand for financial and healthcare services.
The fund has garnered support from a range of investors, including Standard Bank Group, Norfund, British International Investment, the International Finance Corporation, and the US International Development Finance Corporation.
This backing comes at a time when startup funding in Africa has experienced a slowdown, mirroring global trends, but remains an attractive destination for investors keen on the continent’s burgeoning tech landscape.
