# Norfund

> Norfund is a VC fund in Oslo backing Financial Services and Energy. See 104 investments, check sizes, portfolio and contact details. Updated Aug 2026.

- Type: VC Fund
- Location: Oslo, Norway
- Total investments: 104
- Last investment: Jul 2026
- Lead investor: 63%
- Last fund: Jan 2009
- Last updated: Aug 2026
- LinkedIn: https://www.linkedin.com/company-beta/39376/
- X (Twitter): https://twitter.com/norfund_
- Website: https://norfund.no

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.

## Contacts

5 contacts available for Norfund. Shizune tracks 4 team members at Norfund. Sign up free to unlock them: https://app.shizune.co/sign-up/investor-profiles/find-team-emails/norfunds?utm_source=investor_profile

## Round sizes

| Stage | Round size |
| --- | --- |
| Debt Financing | $2.2M–$156M |
| Private Equity | $7.4M–$125M |

## Investment focus

### Industry

| Industry | Investments | Share |
| --- | --- | --- |
| Financial Services | 25 | 24% |
| Energy | 23 | 22% |
| Renewable Energy | 20 | 19% |
| Solar | 13 | 13% |
| Finance | 11 | 11% |

85 industries tracked in total.

### Stage

| Stage | Investments | Share |
| --- | --- | --- |
| Private Equity | 22 | 21% |
| Funding Round | 21 | 20% |
| Debt Financing | 16 | 15% |
| Venture - Series Unknown | 14 | 13% |
| Series B | 4 | 4% |

13 stages tracked in total.

### Country

| Country | Investments | Share |
| --- | --- | --- |
| Kenya | 10 | 10% |
| South Africa | 10 | 10% |
| Nigeria | 6 | 6% |
| United Kingdom | 5 | 5% |
| Myanmar | 4 | 4% |

35 countries tracked in total.

## Team

| Name | Title | Investments | Profile |
| --- | --- | --- | --- |
| Fay Chetnakarnkul | Investment Director, Head of Asia Region | 4 | https://shizune.co/investors/profile/fay-chetnakarnkul |
| Donald Kariuki | Investment Manager | 2 | https://shizune.co/investors/profile/donald-kariuki-b182 |
| Mark Davis | Investment Director | 1 | https://shizune.co/investors/profile/mark-davis-14 |
| Tellef Thorleifsson | CEO | 12 | https://shizune.co/investors/profile/tellef-thorleifsson |

## Investments

| Company | Description | Amount | Stage | Date | Website |
| --- | --- | --- | --- | --- | --- |
| Yarych Confectionery | 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 | 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 | 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 | 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 | Publimovil offers outdoor advertising with digital and static billboards across Central America for brand visibility. | $10M | Private Equity | May 07, 2026 |  |
| Nafasi Water | 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 | 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 | Mulilo Wind Enterprises is an Independent power producer focusing on renewable energy. | $75M | Private Equity | Nov 13, 2025 |  |
| SAEL | SAEL is the brand for an end-to-end solution for agro-energy products and services. They have successfully forayed into procurement, processing, refining, warehousing, and distribution of rice, rice by-products, solvent extraction, and renewable energy solutions. They are into technological innovation, sustainable energy creation, conversion, andutilization, powering sustainable and scalable farming practices, and promoting and safeguarding the interests of producer-consumer interests. They have rice mills, and the main product is different varieties of rice. They also have biomass and solar-based power plants and are expanding solar and biomass power plants. They also have a warehouse for food storage. | $20M | Debt Financing | Oct 09, 2025 |  |

10 of 104 investments shown.

## Co-investors
- [British International Investment](https://shizune.co/investors/profile/cdc-group) — VC Fund, 15 deals together
- [FMO](https://shizune.co/investors/profile/fmo) — VC Fund, 9 deals together
- [British International Investment](https://shizune.co/investors/profile/british-international-investment) — VC Fund, 8 deals together
- [Finnfund](https://shizune.co/investors/profile/finnfund) — VC Fund, 8 deals together
- [International Finance Corporation](https://shizune.co/investors/profile/international-finance-corporation) — VC Fund, 7 deals together
- [Swedfund International](https://shizune.co/investors/profile/swedfund-international) — VC Fund, 5 deals together

## Similar investors

### Similar industry
- [Antler](https://shizune.co/investors/profile/antler-be9c) — VC Fund
- [SOSV](https://shizune.co/investors/profile/sosv) — VC Fund
- [Bpifrance](https://shizune.co/investors/profile/bpifrance) — VC Fund

### Similar stage
- [Foresight Group](https://shizune.co/investors/profile/foresight-group) — VC Fund
- [YFM Equity Partners](https://shizune.co/investors/profile/yfm-equity-partners) — VC Fund
- [Fondaction](https://shizune.co/investors/profile/fondaction) — VC Fund

### Similar country
- [Launch Africa](https://shizune.co/investors/profile/launch-africa) — VC Fund
- [Ventures Platform](https://shizune.co/investors/profile/ventures-platform) — VC Fund
- [Women Entrepreneurship for Africa](https://shizune.co/investors/profile/women-entrepreneurship-for-africa) — VC Fund

## Featured in investor lists
- [All Investors in Africa](https://shizune.co/investors/investors-africa)
- [All VC Funds in Africa](https://shizune.co/investors/vc-funds-africa)
- [Climate VC Funds in Africa](https://shizune.co/investors/climate-vc-funds-africa)
- [Energy Investors in Africa](https://shizune.co/investors/energy-investors-africa)
- [Energy VC Funds in Africa](https://shizune.co/investors/energy-vc-funds-africa)
- [Renewable Energy Investors](https://shizune.co/investors/renewable-energy-investors)

## FAQ

### What does Norfund invest in?

Norfund invests primarily in Financial Services, Energy and Renewable Energy startups, most often at Private Equity and Funding Round stage. Most of the 104 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 $2.2M–$156M at Debt Financing and $7.4M–$125M at Private Equity. 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 Aug 2026 and is updated monthly. Spotted something off? Use the “Suggest an edit” link near the top of the page.

# About Shizune
Shizune.co is an investor database. Core features:
- 48,091 startup investors (angels, VCs, accelerators, and others)
- Email, phone, LinkedIn (for intros), socials, and other contact data
- Updated daily from public funding news
- CSV and Excel export

The User can access the full database FOR FREE after signing up: shizune.co