Norsken22 Launches Africa’s First Technology Growth Fund with $205 Million in Commitments
Norsken22, a venture capital firm focused on the African market, has successfully raised $205 million for Africa’s inaugural technology growth fund, surpassing its initial target of $200 million. This fund marks a significant milestone not only for Norsken22 but also for the broader landscape of African technology investment, as it is spearheaded by a team of seasoned partners with extensive experience in both Africa and the tech sector.
Founded in 2022 by Niklas Adalberth, a co-founder of significant tech companies including Klarna and the Norsken Foundation, and Hans Otterling, a partner at Northzone, the firm’s investment team is noteworthy for its depth of expertise. The team, led by Natalie Kolbe, who previously served as the global head of private equity at Actis, includes Gesa Waitaka, also from Actis, and Lexi Nowitzk, a former founder of Acuity Venture Partners in Nigeria. Norsken22 boasts a pan-African presence, with teams strategically placed in Nigeria, South Africa, Kenya, and Ghana.
The firm concentrates on supporting entrepreneurs focused on fintech, edtech, medtech, and other market-enabling solutions that promise substantial benefits and a positive social impact across the continent. This targeted approach aims to leverage Africa’s unique demographic and technological landscape for sustainable development.
Initial backing for the fund came from over 30 notable unicorn founders, such as Olugbenga Agboola of Flutterwave, Jacob de Geer from Isetl, and Niklas Østberg of Delivery Hero. Additional support was also provided by the SEB Pension Foundation and various family offices, emphasizing the broad interest and confidence in Africa’s growing tech ecosystem.
Since the fund’s first closing, Norsken22 has attracted a range of institutional investors, including British International Investment (BII), the International Finance Corporation (IFC), the U.S. International Development Finance Corporation (DFC), Standard Bank, and Norfund, further enhancing its credibility and resources.
Reflecting on the fund’s closure, Niklas Adalberth praised Africa’s youthful demographic, stating that the emerging Digital First generation represents the continent’s future. He expressed enthusiasm about the fund’s potential to stimulate job creation and sustainable economic growth through technology investment.
In her remarks, Natalie Kolbe underscored the opportune timing of the fund’s launch, suggesting that Norsken22 is uniquely positioned to ride the wave of technological advancement in Africa. She articulated a vision of transformative technology that could redefine traditional business models and highlighted the firm’s commitment to partnering with startups that show promise for positive impact across the continent.
Norsken22 has already embarked on five investments, which include significant players such as South Africa’s Timebank, the B2B digital commerce platform Sabi, Africa’s leading identity verification service Smile ID, and auto finance solution Autocheck. This initial portfolio reflects Norsken22’s strategic emphasis on innovation across various sectors essential for Africa’s development.
The fund also benefits from an advisory board composed of business leaders across Africa, adding local insights alongside global perspectives. Members include Nonkululeko Nyembezi, Chairman of Standard Bank Group, former MTN CEO Putuma Nhleko, and Shingai Mutasa, founder and CEO of Masawara.
