In a move to bolster the African tech ecosystem, Norrsken22, a Pan-African venture capital firm, has opened applications for its prestigious Norrsken Accelerator. This 8-week growth sprint, combined with a substantial upfront investment of $125,000, aims to empower promising startups across the continent.
The Norrsken Accelerator
Located in Stockholm, Sweden, Norrsken Accelerator goes beyond conventional funding programs. It is a tailor-made experience connecting entrepreneurs with world-class investors and mentors who share a profound belief in technology and entrepreneurship as catalysts for positive change. The mentors and investors involved have faced and conquered challenges similar to those encountered by startups, making them invaluable allies on the road to success.
The Norrsken Accelerator provides participants with:
- $125,000 Upfront Investment: A substantial injection of capital to fuel growth and development.
- Unicorn Mentors: Access to mentors who have achieved unicorn status, bringing invaluable insights and guidance.
- Top Investors: Networking opportunities with high-profile investors who can propel startups to the next level.
Norrsken22’s Remarkable Journey and Fundraising Success
November 2023 marked a significant milestone for Norrsken22 as it closed its debut fund, surpassing its initial target and securing a total of $205 million. This accomplishment underscores the strong interest from institutional investors in supporting African startups during crucial growth stages.
Founded by individuals with extensive experience in venture capital and private equity, Norrsken22 boasts a distinguished team operating across Nigeria, South Africa, Kenya, and Ghana. The firm’s African Tech Growth Fund, launched in January the previous year, achieved its first close at $110 million, with notable contributions from a consortium of 30 unicorn founders worldwide.
Despite challenges faced in the global tech investment landscape, Norrsken22’s fundraising success stands out, especially considering the decline in venture capital activity in Africa from $5–6 billion in 2022 to $2.5–3.4 billion in 2023.
Investment Focus and Strategic Exits
Norrsken22’s investment focus centers on Series A and B rounds, bridging the gap between growth and late-stage investments. Approximately 50% of its capital will be allocated to building a portfolio with Series A and B companies, with the remainder reserved for follow-on investments.
The firm targets entrepreneurs in fintech, edtech, medtech (health tech), and market-enabling solutions that promise strong returns and positive impacts across Africa. Notable investments include TymeBank, Sabi, Smile Identity, Autochek, and Shara.
In line with its commitment to success, Norrsken22 actively prepares its portfolio companies for strategic exits. Rigorous evaluations of potential exit scenarios, including identification of buyers and valuation assessments, are integral to the firm’s approach.
Call to African Entrepreneurs: Seize the Opportunity
Norrsken22 is actively seeking innovative startups to join the Norrsken Accelerator and benefit from its investment and mentorship program. As the tech landscape in Africa continues to evolve, this opportunity can be a game-changer for startups looking to scale and make a positive impact.
Interested entrepreneurs can apply on the official Norrsken22 link (https://airtable.com/app7bGSveZe9qXGM5/pag01no0ldy3Ae7Br/form), seizing the chance to be part of a transformative experience that could define the future of their ventures. Norrsken22’s commitment to fostering growth and innovation in Africa makes this accelerator an unmissable opportunity for those ready to take their startups to new heights.
Charles Rapulu Udoh is a Lagos-based lawyer, who has several years of experience working in Africa’s burgeoning tech startup industry. He has closed multi-million dollar deals bordering on venture capital, private equity, intellectual property (trademark, patent or design, etc.), mergers and acquisitions, in countries such as in the Delaware, New York, UK, Singapore, British Virgin Islands, South Africa, Nigeria etc. He’s also a corporate governance and cross-border data privacy and tax expert. As an award-winning writer and researcher, he is passionate about telling the African startup story, and is one of the continent’s pioneers in this regard.