Norrsken22, a tech growth equity fund, closed its first African technology growth fund at $205m, exceeding its $200m target.
The investment group told reporters that unicorn entrepreneurs and institutional investors helped them fill a gap in African growth-stage tech investing.
Niklas Adalberth (Founder of the Norrsken Foundation and Klarna) and Hans Otterling, Partner of Northzone, with another investing team, founded Norrsken22 in 2022.
Norrsken22 works all over Africa and has teams in South Africa, Kenya, Ghana, and Nigeria. Over 30 founders of unicorn companies were behind the fund from the start. These included Olugbenga Agboola, co-founder of Flutterwave; Niklas Zennstrom, co-founder of Skype; Jacob de Geer, co-founder of iZettle; Niklas Ostberg, co-founder of Delivery Hero; Carl Manneh, co-founder of Mojang; Sebastian Knutsson, co-founder of King; and Willard Ahdritz, founder of Kobalt Music.
Scalable business is what the company was built on because its founders thought it would lead to long-term and stable economic growth. Norrsken22 is all about helping entrepreneurs create fintech, edtech, MedTech, and market-enabling products that will make a lot of money and make Africa a better place.
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Norrsken22 tackles Africa’s funding issues
Lexi Novitske, manager at Norrsken22, told reporters that over the last few quarters, tech companies in Africa have gotten less money. What did she say?
“We are excited to be able to help Africa’s best tech companies grow now that our fund was closed with more than $200 million.”
She also thinks that Africa has the most business owners of any continent globally. When you add that digital technology is being adopted quickly, the population is growing, and there are significant problems to solve, Norrsken22 thinks that Africa is the best place in the world to spend.
“I believe that Africa is the world’s biggest untapped market right now.” There has been a lot of growth and progress in the tech ecosystem, but this is just the tip of the iceberg, according to Lexi Novitske, Managing Partner at Norrsken22.
Why this is important for the African tech scene
Natalie Kolbe, Managing Partner of Norrsken22, says the fund’s launch is the perfect time for Norrsken22 to support an expanding tech boost in Africa.
Plus, she says that technology’s ability to change things can skip over old ways of doing business, and Africa has the chance to lead the world with its answers.
“We are thrilled to work with so many innovative startups that can make a difference in Africa.” We’re glad to see that the number of busy and growing early-stage investors across the continent is growing. However, there is still a need for more growth-stage tech funding on the continent. We think this is a great chance and are excited to keep spending now.
Niklas Adalberth, who started the Norrsken Foundation, said that Africa has the world’s youngest population and that its next generation, which will grow up digitally, is the future of Africa and the world.
“We’re thrilled to say that the fund has reached its final close and to thank everyone who has helped it.” Africa has a lot of great chances. We are excited to keep working on our goal to bring more money into African tech, create jobs, and promote long-term growth.
