The Kigali center is Norrsken’s first launch outside of Sweden and the organization looks to open in 25 markets globally over the next decade.
The groups chief executive, Erik Engellau-Nilsson, said that the fund size is still being determined adding that Norrsken Kigali will extend the fund to larger series-stage investments from US$100K to US$1 million in the future.
“We believe the single most important thing we can do here is help people get wealthy, because if that happens more investors will start to look at this region and see there’s business opportunities and bring more capital.
“That includes unicorn founders, leading tech founders, and developers. We also look to expand that network to local accelerators and incubators,” said Engellau-Nilsson.
Norrsken was formed in 2016 by Niklas Adalberth, the founder of Swedish payments solutions unicorn Klarna with an aim of strengthening and support impact-driven, early stage ventures.
“We wanted to use our experience and tech to solve real problems instead of finding another way to do things like deliver burrito’s faster,” said Engellau-Nilsson.
Currently, over 340 entrepreneurs and 120 companies work out of Norrsken’s Stockholm location which has invested in 17 ventures, including three Africa focused startups—agtech company Wefarm, digital publisher Kognity, and weather forecasting firm Ignita.