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Since 2025, Norfund has backed 4 African startups across 2 disclosed funding rounds totaling $40M, most heavily in Senegal and Fintech.
Norfund is the Norwegian Investment Fund for developing countries. It is owned and funded by the Norwegian Government. The fund invests to create jobs, improve lives, and support the transition to net zero. Norfund has its headquarters in Oslo, Norway, with regional offices in Africa, Asia, and Latin America. Norfund targets primarily Sub-Saharan Africa, including countries like Nigeria and Kenya. It invests in early to growth stages such as Series A, Series B, and debt financing. Focus sectors include renewable energy, financial inclusion, and scalable enterprises. From October 2017 to April 2025, Norfund participated in five funding rounds totaling $130 million, with four investments in Nigeria and one in Kenya, primarily in energy and utilities. Norfund has backed companies like Arnergy in modular solar power, Omni in trade networks, and M-KOPA in pay-as-you-go products. It often co-invests with partners such as Breakthrough Energy Ventures and All On. As a responsible minority investor, Norfund provides equity and risk capital on commercial terms to build sustainable businesses.
Data updated · Jul 29, 2026
Norfund has backed 4 African startups across 2 disclosed funding rounds tracked on Liners, totaling $40M since 2025.
Mostly Series A: 2 of its 2 tracked rounds are at that stage.
Its tracked rounds lean toward Fintech (3), Logistics & Supply Chain (1), E-commerce & Retail (1).
Norfund most often shares rounds with Finnfund (2 shared deals), Timon Capital (2 shared deals), Aruwa Capital (2 shared deals).
Norfund has backed Arnergy in Nigeria for modular solar power, Omni in Nigeria for trade networks, and M-KOPA in Kenya for pay-as-you-go smartphones and products. These investments span energy, e-commerce, and fintech sectors.