The Norrsken Foundation has formed a partnership with 30 unicorns, as well as private equity and venture capital investors, to establish a $200 million fund to assist African startups.
Following a $139 million funding round for European startups, the Norrsken22 African Tech Growth Fund has reportedly raised $110 million.
Natalie Kolbe, former Actis global head of private equity, as well as Lexi Novitske and Ngetha Waithaka, former Acuity Ventures Platform managing partners, have all invested in the Norrsken22 African Tech Growth Fund.
African Venture Capital funding has already surpassed the $4 billion mark, far exceeding the amount raised by the continent’s startups in the previous two years.
Growth and late-stage investments from companies like Chipper Cash, OPay, Andela, Paystack, Flutterwave, mPharma, and others have primarily fueled the success.
Norrsken22 is a regional growth-stage firm that will assist businesses in Kenya, Nigeria, and South Africa in leveraging key partnerships to increase profitability, pitch, and facilitate expansion plans.
Norrsken22 will invest in fintech, MedTech, edtech, and market-enabling technologies such as B2B marketplaces and inventory management companies.
The company intends to invest in 20 startups with an average of $10 million, with some going up to $16 million in follow-on rounds.
Norrsken22 plans to invest 40% of its cash, or $80 million, in Series A and B startups, with the remainder going into Series C follow-on rounds.