Norfund
VC Fund
Oslo, Norway
Norfund is an active, strategic minority investor. They offer risk capital and expertise to help building sustainable businesses in poor countries.Norfund aim to invest in countries where they can have the greatest impact. In countries where the private sector is weak and access to capital is scarce. This is primarily in Sub-Saharan Africa, butalso in some countries in South East Asia and Central America.
- Total investments:
- 105
- Last investment:
- Lead investor:
- 63%
- Last fund:
Last updated:
For AI agents: llms.txt
Industries Norfund invests in
Stages Norfund invests in
Countries Norfund invests in
Round sizes
Contacts
| Name | Phone | Socials | |
|---|---|---|---|
Round size
- Private Equity
- $7.4M–$125M
- Venture - Series Unknown
- $8M–$70M
Investment Focus
Industry
- Financial Services 25 (24%)
- Energy 23 (22%)
- Renewable Energy 20 (19%)
- Solar 13 (12%)
- Finance 11 (10%)
Stage
- Private Equity 22 (21%)
- Venture - Series Unknown 18 (17%)
- Funding Round 17 (16%)
- Debt Financing 16 (15%)
- Series B 4 (4%)
Country
- Kenya 10 (10%)
- South Africa 10 (10%)
- Nigeria 6 (6%)
- United Kingdom 5 (5%)
- Myanmar 4 (4%)
Team
| Name | Title | Investments | Links | |
|---|---|---|---|---|
Fay Chetnakarnkul
Investment Director, Head of Asia Region
|
Investment Director, Head of Asia Region | Total investments: 4 | Find email | |
Donald Kariuki
Investment Manager
|
Investment Manager | Total investments: 2 | Find email | |
Mark Davis
Investment Director
|
Investment Director | Total investments: 1 | Find email | |
| CEO | Total investments: 14 | Find email |
Investments
| Company | Description | Round | Links |
|---|---|---|---|
| We build Solar PV, EV infrastructure and Electric Energy Storage systems. Erco was founded in 2012 and is based in Medellín,Colombia with offices in Cali and Bogotá. | $129M / Series C / Aug 13, 2026 | ||
| Yarych Confectionery operates as a packaged biscuits producer. Yarych Confectionery provides packaged biscuits market with its branded Maria, petit beurre and The Crackers biscuits. | $10M / Venture - Series Unknown / Jul 06, 2026 | ||
| WeLight deploys sustainable and accessible solutions to accelerate energy inclusion in rural areas of Africa. | $30.6M / Venture - Series Unknown / Jun 24, 2026 | ||
| Communication and Renewable Energy Infrastructure sit at the intersection of innovation and opportunity, driving progress in telecommunications and sustainable energy systems. | $90M / Debt Financing / Jun 17, 2026 | ||
| NMB Bank operates the financial markets for the leading commercial banks in the banking industry. Their online services include mobile banking, NMB 3D secure, applying for credit cards, opening savings accounts, and more. | $180M / Post-IPO Debt / May 18, 2026 | ||
| Publimovil offers outdoor advertising with digital and static billboards across Central America for brand visibility. | $10M / Private Equity / May 07, 2026 | ||
| Nafasi Water offers expertise in the design, construction, and operation of complex and sustainable desalination and water treatment plants. | $9.8M / Venture - Series Unknown / Apr 20, 2026 | ||
| Softlogic Life Insurance is engaged in the insurance business. They offer insurance services for the sectors of retail, healthcare, information and communications technology, automobiles, leisure, and financial services. | $15M / Post-IPO Debt / Jan 20, 2026 | ||
|
Obelisk
|
Obelisk solar-plus-storage project in Egypt. | $39.5M / Dec 08, 2025 | |
| Mulilo Wind Enterprises is an Independent power producer focusing on renewable energy. | $75M / Private Equity / Nov 13, 2025 | ||
| See all 105 investments → | |||
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FAQ
What does Norfund invest in?
Norfund invests primarily in Financial Services, Energy and Renewable Energy startups, most often at Private Equity and Venture - Series Unknown stage. Most of the 105 investments tracked by Shizune back companies in Kenya. The Investment Focus section breaks down every industry, stage and country in the portfolio.
What is Norfund's check size?
Norfund typically joins rounds of $7.4M–$125M at Private Equity and $8M–$70M at Venture - Series Unknown. These ranges are 10th–90th percentile round sizes calculated from confirmed public funding rounds, so they are a realistic guide to the rounds Norfund participates in.
How do I contact Norfund?
Public channels for Norfund include LinkedIn, X (Twitter) and the website linked on this profile. For a verified work email and phone number, create a free Shizune account — contact data is searched across 20+ sources and validated before delivery, so your outreach lands in the right inbox.
Who are the partners at Norfund?
The team at Norfund includes Fay Chetnakarnkul (Investment Director, Head of Asia Region), Donald Kariuki (Investment Manager) and Mark Davis (Investment Director). The Team section lists each member with their title, investment count and links.
Is Shizune's investor data accurate?
Yes — every stat on this profile is calculated from confirmed public funding rounds monitored across hundreds of sources since 2020. This profile was last refreshed in Sep 2026 and is updated monthly. Spotted something off? Use the “Suggest an edit” link near the top of the page.
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