Norrsken Foundation has teamed up with thirty unicorn founders and a couple of venture capital and private equity investors to launch a $200 million fund targeted at growth-stage African startups.
Making up the firm’s investment are the general partners Natalie Kolbe, the ex-global head of private equity at Actis, a private equity fund investing in emerging markets; her colleague, Ngetha Waithaka; and Lexi Novitske, the ex-managing partner at Acuity Ventures Platform.
The fund, dubbed the Norrsken22 African Tech Growth Fund, has reached its first close of $110 million. Of the $110 million, $65 million comes from a group of unicorn founders globally, including Flutterwave co-founder Olugbenga ‘GB’ Agboola; Skype co-founder Niklas Zennström; iZettle co-founder, Jacob de Geer; Delivery Hero co-founder Niklas Östberg. Others include Carl Manneh, co-founder Mojang; Sebastian Knutsson, co-founder King; and Willard Ahdritz, founder of Kobalt Music.
Norrsken22 intends to be that growth-stage local-based firm that will enable startups to unlock significant partnerships to grow revenue, find the best talent and facilitate expansion plans across Nigeria, Kenya and South Africa.
Norrsken22 plans to invest 40% of its capital, about $80 million in Series A and B companies and the rest in follow-on rounds from Series C up until exit. The firm will make 20 investments at an average ticket size of $10 million and may go as high as $16 million, including follow-on rounds in some portfolio companies.
Norrsken22 will rely on its general partners’ years of experience and investment philosophies to back startups in fintech, medtech, edtech and market-enabling solutions such as B2B marketplaces and inventory management businesses.
See Also:
