Norfund is an economic development agency based in Oslo, Norway, established in 1997. As an active and strategic minority investor, it provides equity, risk capital, and loans to support the growth of businesses in countries with limited access to capital, primarily focusing on Sub-Saharan Africa, as well as select regions in Southeast Asia and Central America. Norfund aims to foster sustainable business development in areas where the private sector is underdeveloped, by investing in small and medium-sized enterprises and other targeted sectors. The agency's approach is designed to create significant economic impact and promote long-term growth in these developing markets.
Executive Vice President, Green Infrastructure and Scalable Enterprises
Kjell Roland
Managing Director and CEO
Lisa Thomsen
Senior Investment Manager, Clean Energy
Tellef Thorleifsson
CEO
Kristoffer Valvik
Investment Manager
Donald Kariuki
Investment Manager
Past deals in East Africa
Bayport Financial Services Zambia
Debt Financing in 2024
Bayport Financial Services Zambia is a micro-finance institution in Zambia.
Ecobank
Post in 2023
Ecobank Transnational Incorporated, established in 1985 and headquartered in Lomé, Togo, provides a range of retail, corporate, and investment banking services across Africa and internationally. Its operations include Corporate & Investment Banking, Commercial Banking, and Consumer Banking, offering products such as current and savings accounts, loans, cards, and digital banking services. The bank serves a diverse clientele, including individuals, small and medium enterprises, multinationals, government agencies, and non-governmental organizations. With a network of 888 branches and over 2,460 ATMs, Ecobank facilitates various financial services, including treasury, cash management, remittance, and bancassurance. Subsidiaries such as Ecobank Nigeria Limited and Ecobank Zimbabwe Limited extend its services, focusing on commercial and retail banking tailored to local markets.
Wave Mobile Money
Debt Financing in 2022
Wave Mobile Money provides an app-based financial solution to save, transfer, and borrow money. Wave Mobile Money is on a mission to make Africa the first cashless continent. On a continent where less than 10% of the population has a bank account, Wave is building the first modern financial network — no account fees, instantly available, and accepted everywhere! It is building life-changing financial infrastructure. When mobile money succeeded in Kenya, it lifted about a million people out of poverty. And yet, over 10 years later, most Africans still lack access to affordable ways to save, transfer or borrow the money they need to build businesses or provide for their families. Wave is solving this problem by using technology to build a radically inclusive and extremely affordable financial network.
Brighter Life Kenya 1
Debt Financing in 2021
Brighter Life Kenya 1 Limited (BLK1), an indirect subsidiary of AFC incorporated in Jersey, was incorporated to acquire pay-as-you-go solar home system accounts receivables from d.light Limited (d.light Kenya), providing d.light Kenya with flexible working capital to finance its continued growth.
Verde Beef Processing
Private Equity Round in 2017
The project was founded by the Ethiopian venture firm, Verdant Frontiers, whose founders have established and sold numerous successful companies both in the US and Ethiopia. Verde Beef is led by two proven agribusiness managers residing in Ethiopia, Mr. Bruce Hamilton and Mr. Arnold Krul, who have both managed successful Ethiopian agribusiness ventures over the past five years. Verde Beef Processing PLC is an Ethiopian agribusiness company with an established feedlot in Adami Tulu, Oromia, Ethiopia on a 1,300 hectare farm.
Freight in Time
Private Equity Round in 2016
Freight in Time Limited is a logistics company based in Nairobi, Kenya, specializing in comprehensive freight and supply chain solutions across East Africa, including South Sudan, Ethiopia, and Djibouti. Founded in 1998, the company offers a range of services including sea freight, air freight, project cargo, express delivery, warehousing, and distribution. It caters to various sectors such as perishables, pharmaceuticals, telecommunications, humanitarian aid, mining, and oil and gas. Freight in Time is equipped to handle both regional cross-border transportation and integrated solutions, with a presence at key ports, airports, and border points throughout the region. The company has received equity investment to support its expansion in the logistics and distribution sector.
Vertical Agro
Venture Round in 2015
Vertical Agro(EPZ)Limited is a vertically integrated independent grower, processor, exporter and marketer of fresh and frozen vegetables and fruits. Vertical Agro has built a state of the art processing facility in Naivasha , Kenya and it's currently the leading grower, processor and exporter of highest quality fresh and frozen vegetables,packed to the highest standards.
African Century Infrastructure Services
Private Equity Round in 2014
African Century Infrastructure Services offers equipment on lease to support the development of the oil and gas industry in Tanzania and Mozambique. It provides large scale machinery and other equipment such as forklifts and portable heavy duty cranes.
DFCU Group
Private Equity Round in 2013
dfcu Limited was established in 1964 as a development finance institution. For many years dfcu has been associated with many success stories in Uganda's economy. dfcu Bank is the banking branch of the group and has been successfully serving the nation especially promoting SMEs and Women In Business
Green Resources
Private Equity Round in 2009
Green Resources AS is a forestation and wood processing company based in Oslo, Norway, with operations in East Africa, specifically Mozambique, Tanzania, and Uganda. The company manages approximately 40,000 hectares of plantation forest and is recognized as a leader in East African wood manufacturing. It operates the region's largest sawmill in Tanzania, along with electricity pole and charcoal production facilities in all three countries. Green Resources specializes in producing a variety of wood products, including sawn timber, pallets, and charcoal, while also generating renewable energy from biomass and hydro power. Additionally, the company develops carbon offset projects and offers advisory services in carbon markets, focusing on sustainable development initiatives across Africa. Founded in 1995, Green Resources aims to meet the demands of both local and global markets through its diverse product offerings and commitment to sustainable practices.
Spot something off? Help us improve by flagging any incorrect or outdated information. Just email us at support@teaserclub.com. Your feedback is most welcome.