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Norfund

Venture capitalLimited partner

Venture Capital, Private Equity · Founded 1998 · Oslo, Norway

#4,424 Investor rankamong investors on Dealroom

The Norwegian Investment Fund for Developing Countries, owned by the Norwegian Government and serves as an instrument in Norwegian development policy.

Website ↗LinkedIn ↗X / Twitter ↗
76 Portfolio companies+74% in 5 years
4 Unicorns
86 Investments
Aug 2026 Last investment
01 · Biggest holdings

Norfund’s biggest current holdings.

The most valuable companies Norfund still holds, ordered by Dealroom’s latest valuation. Companies that have been acquired or gone public are in Exits instead. Dealroom has no parsed shareholder register for Norfund, so the size of each stake isn’t shown.

#CompanyValuation
  1. 1 Wave Mobile MoneyUnicorn · Fintech · Senegal $1.7B
  2. 2 M-KOPAFintech · Kenya $960M

Unicorns and thoroughbreds Norfund has backed and still holds, at Dealroom’s latest valuation. See the underlying shareholder registers on Dealroom →

02 · Portfolio analysis

Where Norfund’s portfolio is concentrated.

Distribution of portfolio companies by headquarters country, sector, entry stage and current growth stage. Across all 76 portfolio companies. "Stage entered" is the first priced round the investor joined, derived from the investor’s transaction history.

By countryCount
  1. South Africa15
  2. Kenya12
  3. Nigeria5
  4. India3
  5. Indonesia3
  6. Sri Lanka3
  7. USA3
  8. Bangladesh2
  9. Ghana2
  10. Singapore2
  11. Tanzania2
  12. Vietnam2
By sectorCount
  1. Energy28
  2. Fintech22
  3. Food10
  4. Home Living4
  5. Travel3
  6. Enterprise Software2
  7. Marketing2
  8. Transportation2
  9. Engineering and Manufacturing Equipment1
  10. Health1
  11. Kids1
  12. Security1
By stage enteredCount
  1. Series B+37
  2. Series A9
  3. Seed1
By growth stageCount
  1. Late stage23
  2. Breakout stage21
  3. Early stage17
  4. Mature15
03 · Ecosystem map

Norfund in the Oslo ecosystem

The Norfund office with the hot startups, most funded companies and other investors around it. Hover or tap a pin.

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Dealroom maps whole ecosystems like this one for cities, regions and governments. See the ecosystem platform →

04 · Portfolio market map

Inside Norfund’s portfolio.

The 60 highest-funded portfolio companies, of 76 tracked.

Sun King
Energy · Unicorn
$1.3B
M-KOPA
Fintech
$960M
Ecobank Transnational
Fintech
$904M
Funding Societies
Fintech
$720M
Wave Mobile Money
Fintech · Unicorn
$1.7B
ERCO
Transportation
$774M
d.light
Energy
$90M
Xurya
Energy
$330M
Fourth Partner Energy
Energy · Unicorn
$1.1B
Amartha
Fintech
$105M
Candi
Energy
$228M
AwanTunai
Fintech
$165M
We Light
Energy
$178M
MOPO
Transportation
$44M
Arnergy
Energy
$108M
OmniRetail (DBA Omnibiz)
Enterprise Software
$30M
Yomamicropower
Energy
OmniRetail
Enterprise Software
$120M
NAFASI Water
Energy
$66M
Baobab+
Energy
$26M
Family Bank
Fintech
Hela Clothing
Engineering and Manufacturing Equipment
$84M
Miniplast
Energy
YARYCH
Kids
$60M
Freight in Time
Telecom
GigaWatt Global
Energy
Real People Home Finance
Fintech
Synercore Holdings
Food
Vertical Agro
Food
First Finance MFI
Fintech
Wecyclers
Fintech
Myanmar Finance International Limited
Fintech
Basecamp Explorer Kenya
Travel
Pele Energy Group
Energy
Pele Green Energy
Energy
Lona
Food
Communication and Renewable Energy Infrastructure
Energy
Anthem
Energy
NMB Bank Plc
Fintech
LB Finance
Fintech
B5 Plus Group
Energy
SIPRA
Food
Premier Credit
Kenya
Irvine's Group
South Africa
Kim-Fay
Home Living
AmpIn Energy
Energy
Bayport Financial Services Zambia
Fintech
Mulilo
Energy
Balaji Group
Kenya
BECIS
Singapore
African Frontier Capital
South Africa
Zambia National Commercial Bank
Fintech
SeA Bank
Fintech
Softlogic Life
Fintech
$103M
Mutual Trust Bank
Fintech
Sael
Energy
Kensta Group
Marketing
VPBank
Fintech · Unicorn
$9.4B
AFGRI
Food
$236M
Sundry Foods Limited
Food
05 · Portfolio founders

Where Norfund’s portfolio founders come from.

42 founders across the 76 highest-funded portfolio companies — by current location, university attended, and the companies they worked at before founding. Sourced from the founder records the API links to each portfolio company.

LocationCount
  1. Nigeria6
  2. Indonesia5
  3. India4
  4. United States4
  5. Kenya3
  6. Singapore3
  7. United Kingdom3
  8. Colombia2
  9. South Africa2
  10. Switzerland2
UniversityCount
  1. Harvard Business School4
  2. Stanford University Graduate School of Business3
  3. University of Illinois Urbana Champaign3
  4. Columbia Business School2
  5. Cornell University2
  6. Harvard Kennedy School2
  7. INALDE Business School2
  8. INSEAD Business School2
  9. Stanford University2
  10. Universidad EAFIT2
Previous companyCount
  1. Accenture2
  2. responsAbility Investments2
  3. SUSI Partners2
  4. Adskom1
  5. Alphabet | Google1
  6. AOL1
  7. Applico1
  8. Australian National University1
  9. Avigo Capital Partners1
  10. Axiata1
06 · Similar investors

Similar investors.

Peers the API surfaces as most similar by portfolio shape, with Dealroom investor rank and portfolio scale.

Crowdcube
Crowdfunding · London
#1,997 rank 1,292 companies $149B portfolio
Republic Europe
Crowdfunding · London
#3,320 rank 859 companies $126B portfolio
Eurazeo
Venture Capital · Paris
#103 rank 710 companies $155B portfolio
Techstars
Accelerator · New York City
#851 rank 6,143 companies $260B portfolio
Startupbootcamp
Accelerator · Amsterdam
#17,681 rank 1,296 companies $6.5B portfolio
International Finance Corporation
Venture Capital · Washington DC
#260 rank 619 companies $133B portfolio
Innovation Norway
Government & Non-Profit · Oslo
#4,306 rank 1,664 companies $268B portfolio
SOSV
Venture Capital · Princeton
#1,000 rank 1,478 companies $45B portfolio