Fundraising FoxNorfund
Government fundOslo · Growth–Late Stage
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Investment thesis
Norfund operates under a development mandate aimed at job creation and improving livelihoods, focusing on around 30 core investment countries primarily in Sub-Saharan Africa, plus selected countries in Asia and Latin America. Under a separate climate mandate, it backs the transition to net zero by investing in 13 core countries across North and Southern Africa and South and Southeast Asia. Norfund also holds a dedicated mandate to help build sustainable businesses in Ukraine. As a development finance institution, its investments are oriented toward impact, sustainability, and economic development in emerging markets.
Source: firm website, verified Aug 3, 2026.
What they invest in
from 13 of 13 portfolio companiesEnergy ×5Cleantech ×4AgTech ×3Fintech ×3Climate Tech ×2E-commerce ×2FoodTech ×2Impact & Social Good ×2
HQs:Nigeria×2South Africa×2Switzerland×1Côte d’Ivoire×1Colombia×1Indonesia×1
Investments · 13 tracked
founders shown can be your intro pathBy year:2026 · 22025 · 22024 · 22019 · 12018 · 18 dated
Arnergy provides modular, scalable solar energy systems and real-time energy management solutions for homes and businesses across Africa.
CleantechEnergyIoTLagos, NG
Co-investorsBreakthrough Energy VenturesAll OnBritish International Investment
Starsight Energy is a clean energy company operating across Africa, backed by Helios Investment Partners and African Infrastructure Investment Managers.
CleantechClimate TechEnergy
Paul Van Zijl(Group Chief Executive Officer)in
Co-investorsHelios Investment PartnersAfrican Infrastructure Investment ManagersHelios Digital VenturesBritish International Investment
Valency International delivers sustainable agricultural products designed to minimize environmental impact and support responsible farming practices.
Advanced ManufacturingAgTechFoodTech
PK Jain(Chairman)Sumit Jain(CEO)in
Co-investorsIFC&GreenBritish International Investment
Candi Solar develops and deploys solar energy solutions for businesses across multiple continents.
CleantechClimate TechEnergyZurich, CH
Philippe Flamand(Founder)inNishant Soodin
Co-investorsE3 CapitalPersistentIFCSTOA
MetLife Colombia offers life, health, and accident insurance products for individuals, including indemnity coverage, private pension life insurance, and flexible policies with investment options.
FintechInsurTech
Co-investorsMetLife Investment ManagementAugment InfrastructureAxon Partners GroupEndeavor Catalyst
LB Al-Salamah offers Wakala, a Shari'ah-compliant investment model where investors appoint the company as an agent to manage funds according to Islamic finance principles.
Fintech
Co-investorsSwedfund International ABBlueOrchard Finance S AFMO
Marginpar breeds, cultivates, produces and sells high-quality summer cut flowers such as Eryngium, Astrantia and Clematis, working with breeders and production partners on farms in Africa.
AgTechConsumerAalsmeer, NL
Maarten Goos(CEO Marginpar Group)in
Co-investorsExeo Capital
OmniHub is a distribution management platform for product distributors in Africa that connects them with retailers through a unified ordering and visibility system.
AI & Machine LearningB2B MarketplacesE-commerceEnterprise SoftwareFintechLogistics & Supply ChainRetail TechSaaSJohannesburg, ZA
Deepankar Rustagi(Founder)in
Co-investorsAruwa CapitalGoodwell InvestmentsShell FoundationVentures PlatformAlitheia Capital
Panorama Nyheter is a Norwegian news outlet covering international development, humanitarian aid, global politics, and foreign affairs.
Media & Entertainment
Victory Farms Kenya sells tilapia fillets sourced from Lake Victoria through partnerships with local fishermen, with zero-plastic packaging and online ordering via M-Pesa payment.
AgTechE-commerceFoodTechImpact & Social GoodKaksingri, KE
Co-investorsAgDevCoCeniarthTimon CapitalVestedWorldAcumenCreadev+2 more
Xurya develops renewable energy solutions, generating green electricity while creating environmental benefits and green jobs in communities.
CleantechEnergyJakarta, ID
N. Edwin Widjonarko(Founder)in
Co-investorsAC VenturesAgaeti VenturesBritish International InvestmentClime CapitalEast VenturesMitsui & Co+1 more
Other
Tracked investments with no reachable website or further public details — typically companies that wound down, renamed, or were absorbed.
Portfolio news
latest coverage across their companiesVictory Farms · trysignalbase.com · Jul 28, 2026
Arnergy · techcrunch.com · Apr 14, 2025
Frequently asked questions
- How many investments has Norfund made?
- Norfund has 13 tracked investments, including 4 dated in the last 24 months.
- What stage does Norfund invest at?
- Norfund invests at the Growth, Late Stage stages.
- What is Norfund's typical check size?
- Norfund typically writes checks of $5M – $50M.
- What sectors does Norfund focus on?
- Norfund focuses on AgTech, B2B Marketplaces, Cleantech, Climate Tech, Energy, Fintech, Impact & Social Good, Sector Agnostic.
- Where is Norfund located?
- Norfund is headquartered in Oslo, NO.
- Does Norfund lead rounds?
- Norfund typically participates in rounds rather than leading them.
Media · Podcasts & interviews
from their channelErik Sandersen and State Secretary Håheim Norfund Conference 2026
NorfundVideo
Your call: responsible ownership part 1
NorfundVideo
Your call: responsible ownership part 2
NorfundVideo
Tellef Thorleifsson's opening
NorfundVideo
Hard lessons on empowerment
NorfundVideo
Who wants to pay taxes?
NorfundVideo
Images
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