Norrsken22 Fund (DFC-2022-NORRSKEN22FUND)

  • Africa
Geographic location where the impacts of the investment may be experienced.
  • Ghana
  • Kenya
  • Nigeria
  • South Africa
Geographic location where the impacts of the investment may be experienced.
Financial Institutions
  • US International Development Finance Corporation (DFC)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
Norrsken22 Africa Fund
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
  • Finance
  • Industry and Trade
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 15.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Loan Amount (USD)
$ 15.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Primary Source

Original disclosure @ DFC website

Updated in EWS Feb 17, 2023

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Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

The Fund will make investments in entrepreneurial, technology-related companies demonstrating the potential for significant growth, with particular focus on innovative edtech, health-tech, fin-tech and market enablement companies across Africa.
According to the DFC, the Fund is expected to have a highly developmental impact focusing on building successful, sustainable, tech-enabled businesses across sub-Saharan Africa. By focusing on the sectors of fin-tech, market enablement, ed-tech, and med-tech, the target businesses will be at the core of solving many of the societal problems of access to and
affordability of critical goods and services in Africa.

Investment Description
Here you can find a list of individual development financial institutions that finance the project.

The DFC states that the target of the Norrsken22 Africa Fund is US$ 200 million, to which the DFC will contribute with an equity investment of "up to US$ 15 million".

Financial Intermediary
A financial intermediary is a bank or financial institution that receives funds from a development bank. A financial intermediary then lends these funds to their clients (private actors) in the form of loans, bonds, guarantees and equity shares. Financial intermediaries include insurance, pension and equity funds. The direct financial relationship is between the development bank and the financial intermediary.
Private Actors Description
A Private Actor is a non-governmental body or entity that is the borrower or client of a development project, which can include corporations, private equity and banks. This describes the private actors and their roles in relation to the project, when private actor information is disclosed or has been further researched.

According to Bloomberg, the Norrsken Foundation operates as a venture capital firm. The Firm invests in early-stage social technology companies. The Norrsken Foundation serves investors worldwide.
The Norrsken Foundation is one of the founding investors of the Norrsken22 Africa Fund. The latter is a a women-led fund investing in high-impact technology companies across Africa.
The investment manager for the DFC project will be N22 Africa Fund (D) AB, a company created in 2021 and registered in Stockholm.

Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
- - - - Norrsken Foundation Parent Company Finance

Contact Information
This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.

Project contacts not disclosed by the DFC.

Norrsken22 Africa Fund:


N22 Africa Fund (D) AB:

Address: Birger Jarlsgatan 57C, 11356 Stockholm, Sweden
Phone: +46-920-95-644  

Norrsken Foundation:

Address in Stockholm: Norrsken House Stockholm, Birger Jarlsgatan 57 C, 113 56 Stockholm
Address in Kigali: Norrsken House Kigali, KN, 78 St, Kigali, Rwanda


Unlike many other development finance institutions, DFC does not currently have an access to information policy.

Under the United States Freedom of Information Act (FOIA), DFC is obliged to respond to reasonably formulated requests for Agency records. However, DFC may apply exemptions from release to certain types of information and may charge fees in responding to requests. DFC has a designated FOIA officer who is trained in how to respond to requests and implement the law. You can learn more about filing a FOIA request at:


The Office of Accountability is an independent office that addresses complaints about environmental or social issues related to DFC-supported projects. The office provides communities an opportunity to have concerns independently reviewed and addressed. If you submit a complaint to the Office of Accountability, it may assist you by either seeking to address your problems by facilitating a problem solving dialogue between you and those implementing the project and/or investigating whether the DFC complied with its policies to prevent environmental, social, human rights, and labor harms.

You can find more information about the Office of Accountability at:

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