Norfund

Norfund is a government development finance institution and economic development agency based in Oslo, Norway, established in 1997. It provides equity, risk capital, and loans to companies and projects in developing countries, focusing on markets where private capital is scarce and economic development can be accelerated. The organization aims to reduce poverty and promote sustainable growth by investing in sectors and regions with high potential, notably Sub-Saharan Africa, parts of Southeast Asia and Central America, and supporting small and medium-sized enterprises through minority investments and SME funds. It collaborates with local entrepreneurs and institutions to strengthen local capital markets and create lasting economic impact.

Anders Blom

Investment Manager, Clean Energy

Fay Chetnakarnkul

Regional Director - Asia

Mark Davis Ph.D

Executive Vice President, Clean Energy

Carlos Escobar

Senior Investment Manager, Financial Institutions

Naana Winful Fynn

Regional Director - West Africa

Pal Helgesen

Investment Director

Donald Kariuki

Investment Manager

Finn Marum

Executive Vice President

Athivadee Panuvatvanich

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

Kristoffer Valvik

Investment Manager

Past deals in Sub Saharan Africa

OmniRetail

Series A in 2025
OmniRetail is a B2B e-commerce platform founded in 2019, headquartered in Lagos, Nigeria. It aims to digitize the consumer goods supply chain from manufacturers through distributors to retailers, improving reliability, visibility, and financial capabilities.

CrossBoundary

Private Equity Round in 2025
Founded in 2011, CrossBoundary is a frontier market investment advisory firm based in New York. It specializes in providing services such as capital raising, strategic advisory, due diligence, and market assessment to clients including governments, development finance institutions, private equity firms, corporations, and research institutions.

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 specializing in developing, owning, procuring, building, and operating renewable energy power projects. These include Small Scale Embedded Generation and utility-scale power plants. As a leading South African IPP, Pele focuses on driving structural change through innovative renewable energy projects, reshaping the national grid, reducing dependency on conventional energy sources, and supporting long-term ecological and economic growth.

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.

Wecyclers

Debt Financing in 2023
Wecyclers is a waste recycling service that aims to promote environmental sustainability and social welfare in Lagos, Nigeria. The company enables households to capture value from their waste by collecting recyclable materials such as plastic bottles, plastic bags, and aluminum cans. Utilizing a fleet of low-cost, bicycle-powered collection vehicles known as "wecycles," Wecyclers collaborates with the Lagos Waste Management Authority to facilitate waste collection at the household level. Households are incentivized through a rewards system that offers redeemable points based on the volume and quality of recyclables they provide. Wecyclers sorts and aggregates the collected materials, which are then sold to local recyclers, thereby supporting the recycling industry and fostering a more sustainable environment.

CrossBoundary

Private Equity Round in 2022
Founded in 2011, CrossBoundary is a frontier market investment advisory firm based in New York. It specializes in providing services such as capital raising, strategic advisory, due diligence, and market assessment to clients including governments, development finance institutions, private equity firms, corporations, and research institutions.

Lona Group

Venture Round in 2022
Lona Group 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, along with various vegetables. Through its export operations, Lona Group plays a significant role in the global supply chain for fresh produce, providing high-quality fruits and vegetables to international markets.

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 based in Port Harcourt, Nigeria. Founded in 2004, it operates a chain of quick-service restaurants across various cities, including Lagos and Abuja, and is best known for its brand "Kilimanjaro," which has become a market leader in the fast food sector. The company specializes in a diverse range of offerings, including industrial catering, housekeeping, events catering and management, and bakery services. By combining traditional Nigerian cuisine with Western fast food concepts, Sundry Foods targets Nigeria's growing middle class, providing fresh meals that cater to a wide array of cultural preferences and food cravings.

Freight in Time

Private Equity Round in 2016
Founded in 1998, Freight in Time is a logistics company based in Nairobi, Kenya. It specializes in providing comprehensive solutions for various industries across Africa, including sea and air freight, project cargo handling, warehousing, and distribution services.

Vertical Agro

Venture Round in 2015
Vertical Agro Limited is an independent grower, processor, exporter, and marketer of fresh and frozen vegetables and fruits, operating from a state-of-the-art processing facility in Naivasha, Kenya. The company is recognized as a leading producer of high-quality fresh and frozen vegetables, adhering to stringent food safety and quality standards throughout its operations. Vertical Agro is committed to ensuring that customers have access to premium farm produce, leveraging its expertise in agricultural practices and processing techniques to deliver exceptional products to the market.

African Century Infrastructure Services

Private Equity Round in 2014
African Century is a private equity firm established in 2008 and located in Grand Baie, Mauritius. The firm focuses on investments in various sectors, including food, financial services, real estate, and agriculture. Additionally, African Century Infrastructure Services, a subsidiary, specializes in leasing equipment to support the oil and gas industry in Tanzania and Mozambique. This division provides large-scale machinery and equipment, such as forklifts and portable heavy-duty cranes, to facilitate industrial development in these regions.

SN Power

Private Equity Round in 2013
SN Power operates as an independent power producer focused on hydropower in emerging markets. It acquires, develops, constructs, and operates renewable energy projects globally, with a multinational team supporting operations across Southeast Asia, Africa, Central America, and Europe.

DFCU Group

Private Equity Round in 2013
DFCU Bank, established in 1964 and headquartered in Kampala, Uganda, offers a range of commercial banking products and services. The bank provides savings and investment accounts, personal and corporate credit, trade finance, and foreign exchange services. It also facilitates medium and long-term financing for various sectors, including agriculture, education, health, manufacturing, transport, hospitality, tourism, and construction. DFCU Bank actively promotes small and medium enterprises and supports women in business through its tailored financial solutions. With a network of 63 branches and 100 ATMs, the bank ensures accessible banking through internet and mobile platforms, allowing customers to manage their finances conveniently and securely. As a subsidiary of Arise B.V., DFCU Bank has played a significant role in Uganda's economic development.

Family Bank

Private Equity Round in 2010
Family Bank is a commercial bank established in Kenya in May 2007 and regulated by the Central Bank of Kenya. With a customer base exceeding 1.7 million, the bank operates a network of 93 branches across the country. It specializes in providing financial services to underserved segments of the market, including small-scale farmers, salaried employees, micro, small, and medium-sized enterprises, as well as youth and women. Additionally, Family Bank seeks to attract large corporate clients to bolster its deposit base. Notably, it was the first bank in Kenya to implement paperless banking through smart card technology, showcasing its commitment to innovation in the financial sector.

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 Norwegian company specializing in afforestation and wood processing in East Africa. Established in 1995, it operates plantations spanning over 40,000 hectares across Mozambique, Tanzania, and Uganda, producing timber for various markets including the Middle East and global hardwood sectors. The company manufactures sawn timber, electricity poles, charcoal, and other wood products, utilizing waste wood for power generation. It also engages in carbon offset projects, developing emission reduction initiatives and trading high-quality CERs and VERs. Green Resources' operations include East Africa's largest sawmill in Tanzania, along with charcoal plants and pole treatment facilities across the three countries it operates in.
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