British International Investment

Norrsken22 Fund (D) AB

AfricaNigeriaSouth AfricaAfricaEast AfricaSouthern AfricaWest AfricaCommunications & IT servicesFinancial services

Norrsken22 will invest in tech-enabled companies operating in fintech, market enablement, healthtech and edtech across sub-Saharan Africa.

Our investment

Description of the investment.

This investment is part of our strategy to (i) support the local entrepreneurial ecosystem in our markets in order to build new businesses which create jobs, and; (ii) provide us access to early-stage companies that have the potential to create transformational impact at scale. Norrsken22 Fund (D) AB will invest in tech-enabled business models addressing the mass market and lower-income customer segments. It is expected to contribute at scale to productive employment and market efficiencies in priority sectors.

Impact information

Applies to investments made from 2019 onwards. The tabs in this section define what we expect to achieve through the investment, assessing the potential impact of the investment against six dimensions of impact. You can find more details on our methodology of assessing impact here.

What?

Impact
  • Income generating opportunities through direct and indirect job creation (SDG 8.5).
  • Improved quality of life from increased access to financial services, healthcare, education and other goods and services (SDGs 8.10, 3, 4).

How?

Primary Secondary

Support the development of a track record for successful local fund managers and support the ecosystem for later-stage venture capital in Africa to attract a greater supply of capital to this segment and further unlock economic growth. Signposts for success in the medium term would be the fund delivering growth of investees, positive financial returns and follow-on fundraises. Longer-term markers of success would be the growth of the availability of later-stage venture capital through additional Africa-focused VC funds being established.

Invest in 20-25 fintech, marketplace, medtech and edtech business models with potential for rapid scaling.

Who?

Stakeholder Geography Characteristics
Employees and suppliers

Sub-Saharan Africa, primarily Nigeria, Kenya, South Africa and Ghana.

Business owners, workers across a range of sectors, particularly in technology and software.

Suppliers and consumers

B2C segments will primarily target underserved individuals, especially those with potential for large scale and therefore likely to have a wider reach in hard-to-reach locations.

Contribution/additionality

Contribution/additionality
  • Financial additionality: Our participation will help the fund reach its target size

Impact score

Impact score (at point of investment)

The Impact Score is a tool to help us manage our performance against our strategic impact objectives. It is designed to incentivise investments that support our productive, sustainable, and inclusive objectives. You can find out more here.

The Impact Score is published for investments made from 2022 onwards. The Impact Scores are calculated at the point of investment. We publish the Impact Scores of new investments annually, once the information has been externally assured by an independent third party.

7

Environmental and social information

  • Environmental and social summary

    A high-level description of the environmental and social aspects of the investment. This may include a summary of key environmental and social risks identified during environmental and social due diligence (ESDD); key elements of an environmental and social action plan (ESAP); or ways in which we plan to support the investee improve environmental and social standards, such as through their environmental and social management system (ESMS); as well as any other priority areas agreed with the investee.

  • Environmental and social risk

    A risk category rating, which indicates the level of environmental and social risk associated with an investment. For an explanation of the categorisations used, see here. We consistently provide an environmental and social risk category for all investments screened from 2023 onwards.

Environmental and social summary

We agreed an ESAP which included the strengthening of their ESMS, introducing environmental and social risk categorisation and a formalised approach to portfolio monitoring, as well as updates to their safeguarding procedure, and the development of internal and external grievance mechanisms.

Environmental and social risk

Medium-Low

Reporting and Complaints Mechanism

The Reporting and Complaints Mechanism allows anyone outside BII to report alleged breaches of the business integrity or environmental and social provisions of BII’s Policy on Responsible Investing. This includes breaches made by BII, a BII investee, or a portfolio company of a fund in which BII has invested. The Reporting and Complaints Mechanism Rules are available here. Reports and complaints can be submitted by email to [email protected] or by mail. See more details on our Reporting and Complaints Mechanism here.

For any other general enquiries contact us at [email protected]

  • Key facts

    Last updated

    When the last quarterly update of the website database occurred.

    :
    March 2024
    Project number

    An identifier number shared by investments in the same project.

    :
    D5149
    Status

    The current status of the investment (green flag for active and red flag for exited).

    :
    Active
    Region

    The geographical region where the country is located. We currently invest in Africa, South Asia, South East Asia and the Caribbean. In 2023, BII’s investment mandate was extended allowing it to invest in regional funds linked to Ukraine, with the majority of activity expected to begin post-war. Investments outside these regions were made prior to 2012 under previous investment mandates.

    :
    Africa, East Africa, Southern Africa, West Africa
    Sector

    We prioritise those sectors that facilitate development and need our capital the most. Our priority sectors contribute towards many of the Sustainable Development Goals. They range from investing in the power infrastructure that will provide people with better access to electricity, to investing in financial institutions that direct capital to the individuals and businesses that need it the most.

    :
    Communications & IT services, Financial services

    We provide capital in the following ways: directly – through direct equity, direct debt, guarantees and other non-intermediated financial instruments; and indirectly – principally through investment funds.

    For direct investments and fund investments, this is the date BII committed capital to the investments. This is typically the date on which legal agreements are signed by all parties.

    For the portfolio companies of our fund investments, this is the date (either the month or the quarter) on which the fund committed capital to the portfolio company.

    For direct equity investments, this is the date at which British International Investment exited the investment.

    For debt investments, this is the date at which the final debt repayment was made.

    For funds, this is the date at which the fund was terminated.

    For underlying fund investments, this is the date at which the fund manager exited the investment.

    The total amount committed, per financial instrument, per investment, on the date BII becomes subject to a binding legal obligation to provide funding or assume a contingent liability. This information is provided in US dollars.

    For direct investments, this is the amount that BII has committed to the business or project. For fund investments, this is the amount BII has committed to the fund.

    The currency in which the investment was made.

    Investment type :
    Fund
    Start date :
    October 2022
    Amount :
    $15m
    Currency of investment :
    USD
    Fund Manager:
    Norrsken22 Management AB
    Domicile

    The company or investment fund’s place of incorporation.

    :
    Sweden

Investments made by this fund into companies:

For further information about these companies, visit https://www.norrsken22.com/

Investment name Country Region Sector Start date Status
Autochek Africa Africa Communications & IT services December 2022 Active
Sabi Nigeria West Africa Communications & IT services March 2022 Active
Shara Africa Africa Communications & IT services May 2023 Active
Smile Identity Inc Africa Africa Communications & IT services October 2022 Active
Tyme Group Holdings PTE South Africa Southern Africa Financial services May 2023 Active
Vee8 International Holdings Inc Nigeria West Africa Communications & IT services May 2022 Exited

Subscribe to receive our latest news and updates