Skype, Flutterwave founders back R3.8-billion Africa tech fund
The Africa-focused venture capital firm, Norrsken22 has received back from more than 30 unicorn founders and institutions to raise US$205-million (R3.8-billion) for new tech investments on the continent. The fund includes individuals such as Niklas Zennström from Skype, Niklas Östberg from Delivery Hero, as well as Olugbenga Agboola from Flutterwave among its investors, in an
Skype, Flutterwave founders back R3.8-billion Africa tech fund
The Africa-focused venture capital firm, Norrsken22 has received back from more than 30 unicorn founders and institutions to raise US$205-million (R3.8-billion) for new tech investments on the continent.
The fund includes individuals such as Niklas Zennström from Skype, Niklas Östberg from Delivery Hero, as well as Olugbenga Agboola from Flutterwave among its investors, in an interview, Norrsken22 managing partner Natalie Kolbe said the company is seeking the next generation of “tech giants” on the continent in sectors such as fintech, edtech and meditech.
Mostly, investments will focus on start-ups in South Africa, Nigeria, Ghana, Kenya and Egypt, she said. “We have made five investments to date, including in TymeBank in South Africa. We would like to build out a portfolio of about 20 investments in the beacon economies of Africa.” – said Kolbe.
Norrsken22 also mentioned that it is looking to invest in the growth in tech businesses expected in Africa, that is fuelled by investment in digital infrastructure and smartphone adoption on the continent. Additionally, Kolbe said that urbanisation and the growing need for financial and health services bring an opportunity for tech start-ups to scale.
Other investors in the fund include Standard Bank Group, Norfund, British International Investment, the International Finance Corporation and the US International Development Finance Corporation.
