Skype-backed VC fund Norrsken22 closes at $205M

Norrsken22, the Pan-African venture capital firm, recently closed its debut fund, exceeding its initial target by raising a total of $205M.

• Founder History: Norrsken22 was established by five individuals in venture capital and private equity. Founding partners include Niklas Adalberth, also a founder at Klarna, and Hans Otterling, along with managing partner Natalie Kolbe and general partners Ngetha Waithaka and Lexi Novitske.

• First Close: The firm reached the first close of its debut fund, the Norrsken22 African Tech Growth Fund, at $110M in January 2022. The final close was anticipated by end of 2022, but due to a global tech investment pullback, it was delayed to 2023.

• Norrsken22 Africa Tech Growth Fund: The fund was oversubscribed, with about 59% of the funding coming from a consortium of unicorn founders. This included big names like Flutterwave CEO Olugbenga Agboola and Skype co-founder Niklas Zennström.

• Overcoming Challenges: Despite a slowdown in venture capital activity in Africa, from $5-6B in 2022 to $2.5-3.4B so far in 2023, Norrsken22 still achieved the final close of its fund. This was largely due to the experienced founding team and the support of other limited partners, mainly founders of unicorn startups.

• Funding Focus: The firm intends to invest approximately half of the fund in Series A and B companies, with a focus on fintech, edtech, health tech, and market-enabling solutions. The remaining will be reserved for follow-on investments.

• Investment Strategy: They support startups looking to expand beyond their borders and build Pan-African businesses. The firm also aims to provide startups with the necessary funds for future investment rounds.

To date, the firm has already made investments in five companies, including TymeBank, Sabi, Smile Identity, Autochek, and Shara.