Norrsken22, a Pan-African venture capital firm, has raised $205 million for its debut fund, which will invest in growth-stage startups in fintech, edtech, medtech, and market-enabling solutions.
The fund, which is oversubscribed, is backed by a consortium of unicorn founders, institutional investors, and family offices. It will invest in Series A and B rounds, with a typical ticket size of $10 million.
Norrsken22 has already made five investments, including challenger bank ThymeBank, B2B commerce retail platform Sabi, identity verification solution Smile Identity, auto financing platform Autochek, and financing app for informal merchant communities Shara.
The firm is focused on investing in entrepreneurs who are building multi-country, Pan-African businesses. It has three general partners in the beacon economies of sub-Saharan Africa: Nigeria, Kenya, and South Africa.
Norrsken22 is also focused on preparing its portfolio companies for exits. It thoroughly evaluates the potential exit scenarios, including working to identify potential buyers and assessing the valuations they might offer at
the end of its investment period.
The firm believes that large multinational corporations in Africa could present exit opportunities to startups. Some of these companies often struggle to innovate in-house and may seek innovation by acquiring tech businesses.
Key takeaways:
Norrsken22 is a Pan-African venture capital firm that invests in growth-stage startups.
It has raised $205 million for its debut fund, which is backed by a consortium of unicorn founders, institutional investors, and family offices.
The fund will invest in Series A and B rounds, with a typical ticket size of $10 million.
Norrsken22 is focused on investing in entrepreneurs who are building multi-country, Pan-African businesses.
The firm is also focused on preparing its portfolio companies for exits, including working to identify potential buyers and assessing the valuations they might offer at the end of its investment period.
Norrsken22 believes that large multinational corporations in Africa could present exit opportunities to startups.
Play audio
No comments