Norrsken leads search for next African unicorns

Norrsken, in collaboration with venture capitalists and 30 unicorn founders, has recently announced the establishment of a $200 million fund aimed at supporting growth-stage startups in Africa. The initiative is driven by the mission to discover the next billion-dollar companies on the African continent. Pascal Murasira, the Managing Director of Norrsken East Africa, discussed the significance of this fund in a recent interview with CNBC Africa's Julius Bizimungu. Describing the inception of Norrsken's expansion to Africa in 2018, Murasira highlighted the critical issue of access to capital faced by African entrepreneurs. From the outset, Norrsken recognized the importance of establishing funds dedicated specifically to the African market, leading to the impressive scale of the current initiative. The newly established fund, Norrsken 2022, will focus on investing in high-growth startups that are positioned to become unicorns. Murasira emphasized that while the fund targets companies with significant growth potential, it does not exclude early-stage startups from other investment opportunities. Collaborating with investors across the continent, Norrsken is building a pipeline to support a diverse range of startups that could benefit from Norrsken 2022. The fund specifically aims to invest in technology-driven companies that contribute positively to the continent, irrespective of the sector in which they operate. Murasira mentioned countries like Kenya, Nigeria, South Africa, and Egypt as key hubs for attracting substantial investments, emphasizing the presence of strong founding teams, core market strategies, traction, and a forward-looking approach as common attributes among successful startups in Africa. Norrsken's investment approach involves partnering with representatives in Nairobi, South Africa, and Nigeria, who will drive investment decisions in collaboration with the fund's entrepreneurship committee. Additionally, the network of unicorn founders associated with the fund will serve as advisors and mentors to portfolio companies. The fund features influential backers, including executives and founders of renowned companies like Skype, Delivery Hero, and Freta Weave. Murasira expressed that the shared mission of using entrepreneurship to address global challenges facilitated collaboration with these experienced investors. The fund, which has already raised half of the targeted $200 million, aims to grow further without a defined ceiling. The launch of Norrsken's East Africa Entrepreneurship Hub aligns with the organization's objective of promoting entrepreneurship in the region by providing access to capital to scale operations and reach more people. Murasira expressed optimism about the hub generating opportunities for startups in Kigali to become part of Norrsken's portfolio companies. Entrepreneurs interested in accessing the fund can visit the website, Northscane22.com, to find detailed information and contact details of key decision-makers. The process aims to facilitate applications from innovative startups aspiring to expand their impact across the continent.