Norrsken22, Pan-African Venture Capital Firm, Closes Debut Fund at $205 Million

Norrsken22, a Pan-African venture capital firm, has achieved the final close of its debut fund, raising a total of $205 million, surpassing its initial target. This is a significant milestone, highlighting the keen interest from institutional investors in supporting African startups at an essential phase of their journey.

Founding team and operational reach

Norrsken22 was founded by five individuals with extensive experience in venture capital and private equity, including founding partners Niklas Adalberth and Hans Otterling, along with managing partner Natalie Kolbe and general partners Ngetha Waithaka and Lexi Novitske. The firm has operational teams in Nigeria, South Africa, Kenya, and Ghana.

Investment thesis

Norrsken22 is focused on investing in growth-stage startups that are developing fintech, edtech, medtech, and market-enabling solutions across Africa. The firm believes that these sectors have the potential to deliver strong returns and have a positive impact on the continent.

Funding and investors

Norrsken22 began its fundraising at a time when there was a significant surge in capital flowing into the tech sector. The firm attracted a mix of investors, including a consortium of 30 unicorn founders globally, development finance institutions (DFIs), family offices, and institutional investors such as British International Investment (BII), International Finance Corporation (IFC), U.S. International Development Finance Corporation (DFC), Standard Bank, and Norfund.

Investment strategy

Norrsken22 typically invests in Series A and B rounds, with an average ticket size of around $10 million. The firm may go as high as $16 million, encompassing follow-on rounds in select portfolio companies.

Exit strategy

Norrsken22 is focused on preparing portfolio companies for exits through international strategic buyers, consolidation involving local industry leaders, and large multinational corporations in Africa. The firm has an advisory council of business leaders in multinationals across banking, telecommunications, agriculture, and real estate.

Norrsken22’s final close is a positive development for the African tech ecosystem. The firm’s focus on growth-stage investments and its experienced founding team make it well-positioned to support African startups as they scale their businesses and drive impact.

Leave a Reply

Your email address will not be published. Required fields are marked *