Norfund

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.

Anders Blom

Investment Manager, Clean Energy

Fay Chetnakarnkul

Regional Director - Asia

Carlos Escobar

Senior Investment Manager, Financial Institutions

Naana Fynn

Regional Director - West Africa

Pal Helgesen

Investment Director

Panuvatvanich, Athivadee

Investment Associate

Ellen Rasmussen

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 Sub Saharan Africa

Access Bank

Debt Financing in 2024
Access Bank, established in 1988 and headquartered in Lagos, Nigeria, is a commercial bank that offers a wide range of banking products and services to individual and business customers. The bank operates in Ghana and provides various accounts, including standard savings and current accounts, as well as specialized options such as access advantage and premier accounts. Access Bank also offers online banking services, facilitating ATM transactions, online access, point-of-sale terminal services, bill payments, and Western Union money transfers. In addition to personal banking, the bank provides corporate and investment banking, commercial and business banking services, along with mortgage loans and sustainable international banking solutions.

Bayport Financial Services Zambia

Debt Financing in 2024
Bayport Financial Services Zambia is a micro-finance institution in Zambia.

Pele Green Energy

Debt Financing in 2023
Pele Green Energy is an Independent Power Producer focused on the development, ownership, procurement, construction, and operation of renewable energy power projects in Africa. The company specializes in both small-scale embedded generation and utility-scale power plants, positioning itself as a leading participant in South Africa's Renewable Energy Independent Power Producer Procurement Programme. By delivering electricity generated from renewable sources, Pele Green Energy aims to contribute to sustainable energy solutions in the region.

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.

Miniplast

Venture Round in 2023
Miniplast is a manufacturer of Industrial and Household products in Ghana with over 30 years of experience in the sector.

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.

Lona

Venture Round in 2022
Lona is a manufacturer and exporter of citrus products based in Cape Town, South Africa. The company specializes in a diverse range of agricultural products, including grapefruit, mangoes, grapes, pears, plums, avocados, pomegranates, lemons, and oranges, as well as various vegetables. Through its operations, Lona aims to deliver high-quality produce to international markets, leveraging South Africa's favorable climate for citrus cultivation.

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.

Escotel

Series A in 2020
Escotel is an energy services company currently focused on Sub-Saharan Africa countries. Escotel provides energy services to mobile tower owners and operators, owning and operating decentralized renewable energy infrastructure across Africa

Sundry Foods

Private Equity Round in 2019
Sundry Foods Limited is a prominent food services provider in Nigeria, established in 2004 and headquartered in Port Harcourt. The company operates a chain of quick service restaurants, including its well-known brand "Kilimanjaro," which has become a market leader in the sector. Sundry Foods offers a diverse range of services, including industrial catering, event catering and management, and bakery services. Its unique fast food concept marries traditional Nigerian cuisine with Western fast food, catering to the growing middle-class market across major cities such as Lagos, Port Harcourt, and Abuja. Through its integrated approach, Sundry Foods aims to meet the culinary needs of various customer demographics, providing fresh meals that resonate with both local and continental tastes.

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.

SN Power

Private Equity Round in 2013
SN Power invests in clean, renewable energy on commercial basis in emerging markets. The company has operations in Southeast Asia, Africa, and Central America and the focus is to acquire, develop, construct and operate hydropower assets. SN Power has several running Hydropower plants in The Philippines, Laos, Zambia and Panama, and the company consist of a multinational team of people employed globally in its operations and projects. In addition to the operating assets, SN Power has an office in Amsterdam, Netherlands and is Head-quartered in Oslo, Norway.

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

Real People Home Finance

Private Equity Round in 2010
Real People is a financial institution that offers credit to small enterprises and individuals who otherwise have limited access to financial services in South Africa and other countries in the region. Real People is one of South Africa’s largest non-banking independent financial services provider that has been operating in Southern Africa for more than 15 years. Real People is a consumer finance and mortgage financing institution that targets customers from previously disadvantaged communities, with low to moderate household earnings who would traditionally not qualify for credit from the banking institutions in South Africa.

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.
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