Swedfund International

Swedfund International AB, established in 1979, is a Swedish government-owned investment firm specializing in high-risk, emerging markets. It provides risk capital, including equity, loans, and expertise, to seed, start-up, and mature companies in Africa, Asia, Latin America, Eastern Europe, and Sweden. Swedfund invests between SEK 5 million and SEK 100 million, seeking a minority stake not exceeding one-third of the total investment. It typically invests in companies that do not manufacture or sell weapons, tobacco, or alcohol, and avoids investing in Swedish businesses of Swedish companies. Swedfund takes a Board seat in its portfolio companies and seeks to exit investments within five to ten years. It does not invest alongside private individuals or co-operatives, provide donations, or engage in sponsorships.

Björn Areskog

Senior Investment Manager

Benoît Bourban

Investment Analyst

Agnes Carlström

Investment Manager

Dahlfors, Håkan

Director of Project Accelerator

Gayk Dzharayan

Investment Manager

Julia Ekberg

Investment Analyst

Anthony Foulgoc

Investment Analyst

Sofia Gedeon

Investment Director Sustainable Enterprises

Helen Hagos

Senior Investment Manager

Junehee Han

Investment Analyst

Jérémie Hoffsaes

Senior Investment Manager

Maria Håkansson

CEO

Sara Jolind

Investment Analyst

Jonas Kolijn

Senior Investment Manager

Jakob Larsson

Senior Investment Manager

Alejandro Navarro

Investment Manager

Jane Niedra

Investment Director, Financial Inclusion

Jane Niedra

Investment Director Financial Inclusion

Gunilla Nilsson

Investment Director Energy and Climate

Gunilla Nilsson

Investment Director Energy and Climate

Jonas Nilsson

Investment Manager

Audrey Obara

Senior Investment Manager and Head of Regional office, Nairobi

Arvid Raa

Investment Manager

Sofia Ragnhammar

Investment Manager

Johan Selander

CFO

Filip Stubbfält

Investment Analyst

Anton Ståhl

Investment Manager

Sebastian Süllmann

Investment Manager

Elin Thesleff

Investment Manager

Esther Wachira

Associate Senior Investment Manager

Tomas Wadström

Senior Investment Manager

Björn Areskog

Senior Investment Manager

Tomas Wadström

Senior Investment Manager

42 past transactions

AgDevCo

Venture Round in 2025
AgDevCo is a specialist investor that focuses on agribusinesses to support small and medium-sized enterprises. They invest in African agribusinesses with debt and equity to create jobs, improve food security, and boost prosperity. Their investments enable large amounts of private capital to be leveraged into socially responsible farming and agri-processing businesses in Africa, with significant benefits for smallholder farmers and local communities.

Victoria Commercial Bank

Debt Financing in 2025
Victoria Commercial Bank is a commercial bank company that provides financial services. It also offers personal banking services to employees and corporate clients. They provide online banking, credit cards, and other financial services.

Sturdee Energy

Funding Round in 2024
Sturdee Energy develops and operates renewable energy projects in Sub-Saharan Africa, focusing on solar power.

Groupe Cofina

Debt Financing in 2024
Groupe Cofina is an African financial institution focused on mesofinance, aiming to enhance financial services across the continent. Established in 2013, the company operates in six French-speaking African countries: Congo-Brazzaville, Ivory Coast, Gabon, Guinea Conakry, Mali, and Senegal. Cofina is committed to supporting the private sector by facilitating the formalization of the African business market and prioritizing financial inclusion. The institution provides essential transactional financial services, including savings and credit, specifically designed for small and medium-sized enterprises that may not meet the requirements of traditional commercial banks. Through its efforts, Groupe Cofina plays a significant role in promoting the growth of informal micro-enterprises and fostering economic development in the region.

Access Bank

Debt Financing in 2024
Access Bank, established in 1988 and headquartered in Lagos, Nigeria, is a commercial bank that offers a wide range of banking products and services to individual and business customers. The bank operates in Ghana and provides various accounts, including standard savings and current accounts, as well as specialized options such as access advantage and premier accounts. Access Bank also offers online banking services, facilitating ATM transactions, online access, point-of-sale terminal services, bill payments, and Western Union money transfers. In addition to personal banking, the bank provides corporate and investment banking, commercial and business banking services, along with mortgage loans and sustainable international banking solutions.

Xurya

Venture Round in 2024
Xurya is a renewable energy platform that facilitates the transition to solar energy for commercial and industrial rooftop owners. It offers a solar lease product that allows these owners to access solar technology without the upfront costs typically associated with installation. At the same time, Xurya provides investors with a stable and secure investment opportunity in rooftop solar plants. The company focuses on delivering comprehensive services, including renewable energy advisory, financing options, and ongoing maintenance, which ensures both rooftop owners and investors experience peace of mind throughout their partnership. By streamlining the process of switching to solar energy, Xurya aims to accelerate the adoption of renewable solutions and contribute to a greener future.

Bridge Bank Microfinance

Debt Financing in 2024
Bridge Microfinance, a Teyliom group firm, is a microfinance organization providing digital financial services. Its mission is to financial products and services.

Apollo Agriculture

Debt Financing in 2024
Apollo Agriculture, established in 2015, is a Kenyan agtech company with a presence in Nairobi. It specializes in providing smallholder farmers with access to critical farming inputs, financing, and advisory services. The company leverages agronomic machine learning, remote sensing, and mobile technology to assess credit risk and tailor financial and technical assistance to each farmer's unique needs and location. This approach aims to enhance farm yields and profitability in emerging markets, with a focus on Kenya.

Husk Power Systems

Series D in 2023
Husk Power Systems Pvt. Ltd. is a renewable energy company based in Patna, India, that focuses on generating and distributing electricity to households, community services, small businesses, and factories. Founded in 2007, the company utilizes biomass waste—such as rice husks and other agricultural residues—to produce electricity through its proprietary technology. Husk Power Systems designs and operates mini-power plants and micro-grids, offering electricity as a pay-for-use service primarily to rural areas. This approach not only provides reliable lighting, reducing reliance on kerosene, but also fosters economic development by enabling microenterprises and the use of electricity-operated machinery. By creating a sustainable energy ecosystem at each power plant, Husk Power Systems aims to deliver shared value to its stakeholders and stimulate local economies.

d.light

Venture Round in 2023
D.light is a developer of solar home lighting and power products aimed at providing clean energy solutions to rural and semi-urban populations. The company offers a range of solar goods, including lights, radios, televisions, fans, and other home appliances, all powered by rechargeable solar kits. By making these products accessible and affordable, D.light seeks to improve health, increase productivity, and enhance the overall quality of life for its users.

Serengeti Energy

Venture Round in 2022
Serengeti Energy is a company that focuses on the development, construction, and operation of renewable energy projects, particularly run-of-river hydropower initiatives in Southern Africa. It specializes in both greenfield projects and the refurbishment of existing independent power plants. In addition to its core activities, Serengeti Energy invests in and co-develops small and medium-sized energy projects, ensuring that all operations yield positive impacts on local markets and communities. The company also provides installation and maintenance services for semiconductors utilized in the renewable energy sector.

Bank of Georgia

Debt Financing in 2022
Bank of Georgia, headquartered in Tbilisi, is a leading financial services provider in Georgia and Armenia. It offers a comprehensive suite of banking and financial services, including retail and corporate banking, investment management, wealth management, and financial planning. The company's extensive network comprises 272 service centers and 933 ATMs, enabling it to serve a wide range of corporate and individual customers. Its primary revenue driver is the Retail Banking segment, which provides consumer loans, mortgage loans, credit cards, deposits, and other banking services. Additionally, the company caters to small and medium enterprises (SMEs) and corporates through its SME Banking and Corporate Investment Banking segments.

Interact Climate Change Facility

Debt Financing in 2022
Interact Climate Change Facility is a co-financing facility dedicated to climate-friendly investments. It finances renewable energy and energy efficiency projects in the private sector in developing countries and emerging economies.

d.light

Venture Round in 2021
D.light is a developer of solar home lighting and power products aimed at providing clean energy solutions to rural and semi-urban populations. The company offers a range of solar goods, including lights, radios, televisions, fans, and other home appliances, all powered by rechargeable solar kits. By making these products accessible and affordable, D.light seeks to improve health, increase productivity, and enhance the overall quality of life for its users.

CreditAccess Grameen

Debt Financing in 2021
CreditAccess Grameen is a microfinance company based in India that specializes in providing financial products and services primarily to women from rural and low-income households. The company offers a range of microcredit loans designed for various purposes, including income generation, family welfare, home improvement, and emergencies. In addition to lending, CreditAccess Grameen provides micro insurance services that encompass life and health insurance, as well as access to a national pension scheme. The company also emphasizes non-financial support through services such as enterprise development, financial literacy promotion, basic health and nutrition education, and training focused on women's rights and gender issues. Operating solely within India, CreditAccess Grameen serves its clients through a structure of Joint Liability Groups, fostering community support and empowerment among women.

Co-operative Bank of Kenya

Debt Financing in 2021
The Co-operative Bank of Kenya Limited, established in 1965, is a banking institution incorporated under the Companies Act in Kenya. Originally registered under the Co-operative Societies Act, it transitioned to its current structure in 2008 to align with requirements for listing on the Nairobi Securities Exchange. The bank offers a wide range of financial services, including corporate and retail banking, investment, and asset management. It operates through three primary segments: Retail Banking, which serves individual customers with loans, deposits, and related services; Wholesale Banking, catering to corporate and institutional clients; and Group Functions, which encompasses support departments such as ICT and Finance. The majority of the bank's revenue is derived from its Retail Banking operations, highlighting its significant role in providing financial services to the Kenyan population.

Kasha

Venture Round in 2020
Kasha is a Rwanda-based e-commerce platform established in 2015, with an additional office in Nairobi, Kenya, dedicated to improving access to health and personal care products for women in East Africa. The company offers a wide range of products that cater to various aspects of women's health, including beauty care, menstrual hygiene, and sexual and reproductive health. Its product lineup includes bath and body items, menstrual care products such as sanitary pads and menstrual cups, contraceptives, pharmaceuticals, and mom and baby care items. Kasha’s innovative approach serves both urban and rural populations, ensuring that women have access to essential health products at all stages of life, including maternal health and disease prevention. The company emphasizes the importance of accessibility and affordability in promoting overall health and well-being for women in the region.

Platcorp Holdings

Debt Financing in 2020
Platcorp Holdings is an impact finance investment management holding company that primarily invests in non-banking lending subsidiaries.

Jacaranda Maternity

Venture Round in 2020
Jacaranda Maternity is a Nairobi-based healthcare provider established in 2011, specializing in maternal and pediatric healthcare services. The company delivers comprehensive outpatient services aimed at supporting mothers and their families, encompassing a range of offerings, including general consultations and specific health services related to diabetes and cervical cancer. Through its focus on maternal health, Jacaranda Maternity seeks to improve health outcomes for women and children in the region.

LOLC

Post in 2019
LOLC is a prominent non-banking financial company that has established itself as a leader in the financial services sector. It offers a range of products, including microfinance, leases, loans, deposits, and savings accounts. The company's services extend beyond traditional finance to include sectors such as leisure, agriculture and plantations, manufacturing and trading, digital empowerment, research and innovation, strategic investments, construction and real estate, and mining. With its diverse portfolio, LOLC has rapidly grown to become one of the largest and most diversified non-banking financial institutions in the region.

Equity Bank Kenya

Debt Financing in 2019
Equity Bank is engaged in the provision of investment banking, custodial, insurance, philanthropic, consulting, and infrastructure services. They provide mortgage financing for the majority of customers who fall into the low-income population.

Chigirin Solar Power Plant

Debt Financing in 2019
Chigirin Solar Power Plant is a renewable energy company located in Ukraine.

d.light

Series E in 2018
D.light is a developer of solar home lighting and power products aimed at providing clean energy solutions to rural and semi-urban populations. The company offers a range of solar goods, including lights, radios, televisions, fans, and other home appliances, all powered by rechargeable solar kits. By making these products accessible and affordable, D.light seeks to improve health, increase productivity, and enhance the overall quality of life for its users.

Snapper Hill Clinic

Private Equity Round in 2018
Snapper Hill Clinic is a prominent healthcare provider based in Liberia, operating the largest private outpatient facility in the capital city of Monrovia. Historically significant, it was the only private clinic to remain operational during Liberia's civil wars, demonstrating resilience in a challenging environment where health services are limited. The clinic offers a range of clinical services, including general physician diagnoses, referrals, minor surgical procedures, prescriptions, and access to an internal pharmacy and laboratory. By providing these essential services, Snapper Hill Clinic aims to deliver cost-effective and quality healthcare to the Monrovian population, addressing a critical need in the region.

Access Bank

Debt Financing in 2018
Access Bank, established in 1988 and headquartered in Lagos, Nigeria, is a commercial bank that offers a wide range of banking products and services to individual and business customers. The bank operates in Ghana and provides various accounts, including standard savings and current accounts, as well as specialized options such as access advantage and premier accounts. Access Bank also offers online banking services, facilitating ATM transactions, online access, point-of-sale terminal services, bill payments, and Western Union money transfers. In addition to personal banking, the bank provides corporate and investment banking, commercial and business banking services, along with mortgage loans and sustainable international banking solutions.

Husk Power Systems

Series C in 2018
Husk Power Systems Pvt. Ltd. is a renewable energy company based in Patna, India, that focuses on generating and distributing electricity to households, community services, small businesses, and factories. Founded in 2007, the company utilizes biomass waste—such as rice husks and other agricultural residues—to produce electricity through its proprietary technology. Husk Power Systems designs and operates mini-power plants and micro-grids, offering electricity as a pay-for-use service primarily to rural areas. This approach not only provides reliable lighting, reducing reliance on kerosene, but also fosters economic development by enabling microenterprises and the use of electricity-operated machinery. By creating a sustainable energy ecosystem at each power plant, Husk Power Systems aims to deliver shared value to its stakeholders and stimulate local economies.

Victoria Commercial Bank

Debt Financing in 2018
Victoria Commercial Bank is a commercial bank company that provides financial services. It also offers personal banking services to employees and corporate clients. They provide online banking, credit cards, and other financial services.

Bayport Management

Debt Financing in 2017
Bayport Management Ltd is a financial services company headquartered in Ebene, Mauritius, with operations extending across several countries, including Botswana, Colombia, Ghana, Mexico, Mozambique, South Africa, Tanzania, Uganda, and Zambia. Established in 2001, the company specializes in offering a range of retail financial products, including personal loans, savings accounts, flexible deposits, and transaction accounts. Additionally, Bayport provides innovative banking solutions such as mobile banking, e-wallets, payment kiosks, and ATM services. The company also offers various insurance products, including credit insurance and plans for education, hospital, and funeral coverage. Bayport Management generates revenue primarily through interest income and administration fees associated with its financial services.

DBL Group

Debt Financing in 2017
DBL Group is a diversified conglomerate that operates in various sectors, including apparel, textiles, textile printing, washing, garment accessories, packaging, ceramic tiles, pharmaceuticals, dredging, and information and communications technology. The company specializes in the manufacturing and export of these products, demonstrating a robust presence in both local and international markets. With a comprehensive portfolio, DBL Group aims to meet diverse consumer needs while contributing to multiple industries.

Acleda Bank

Debt Financing in 2015
ACLEDA Bank Plc. is a leading commercial bank in Cambodia, offering a wide range of banking and financial services primarily to individuals and small to medium-sized enterprises. Founded in 1993 and headquartered in Phnom Penh, the bank provides various deposit products, including savings accounts, fixed deposits, corporate deposits, and trust accounts. Its loan offerings encompass micro, small, and medium business loans, personal loans, housing loans, and student loans, as well as credit cards and trade loans. In addition to traditional banking products, ACLEDA Bank offers comprehensive cash management services, trade finance solutions, e-banking, and life insurance services. With a substantial presence in Cambodia, the bank operates through 238 offices, 152 ATMs, and 904 POS terminals, and has expanded its reach to the Lao People's Democratic Republic with 28 offices. The institution is committed to serving the financial needs of its customers while contributing to the economic development of the region.

National Microfinance Bank

Debt Financing in 2015
National Microfinance Bank is a non-profit organization that offers a range of financial services. It primarily serves institutions focused on financial inclusion, aiming to deliver tailored solutions that improve the living conditions of their customers sustainably. The bank's platform provides personalized loan options, digital payment services, and user-friendly financial management tools, empowering both individuals and businesses to enhance their financial flexibility and growth.

Ecobank

Debt Financing in 2015
Ecobank Transnational Incorporated, established in 1985 and headquartered in Lomé, Togo, provides a range of retail, corporate, and investment banking services across Africa and internationally. Its operations include Corporate & Investment Banking, Commercial Banking, and Consumer Banking, offering products such as current and savings accounts, loans, cards, and digital banking services. The bank serves a diverse clientele, including individuals, small and medium enterprises, multinationals, government agencies, and non-governmental organizations. With a network of 888 branches and over 2,460 ATMs, Ecobank facilitates various financial services, including treasury, cash management, remittance, and bancassurance. Subsidiaries such as Ecobank Nigeria Limited and Ecobank Zimbabwe Limited extend its services, focusing on commercial and retail banking tailored to local markets.

Medica Superspecialty Hospital

Private Equity Round in 2013
Medica Superspecialty Hospital is a healthcare provider based in Kolkata, West Bengal, specializing in a range of medical services. The hospital offers treatments for cardiac sciences, neurological diseases, kidney diseases, orthopedic sciences, gastroenterology and GI surgery, critical care, ENT, and breast diseases. It operates a network of facilities designed to deliver critical treatments while ensuring patient care is both affordable and accessible. Medica Superspecialty Hospital is committed to providing healthcare services in a safe, comfortable environment, prioritizing transparency and ethical practices in its operations.

Azura-Edo IPP

Debt Financing in 2013
Azura-Edo IPP is a power generation company based in Nigeria, specifically focused on the development and operation of gas-fired independent power plants. It is best known for its 450MW open cycle gas turbine power station, which marks the first project undertaken by Azura Power Holdings. After more than six years of development, the company achieved financial closure for Phase 1 on December 28, 2015, with construction commencing shortly thereafter in January 2016. The construction is being conducted by a consortium including Julius Berger Nigeria and Siemens, both recognized leaders in construction and power generation, respectively. Azura-Edo IPP aims to contribute to the sustainable development of Nigeria's energy infrastructure while enhancing power generation capabilities in the region. The facility is expected to begin generating electricity by the end of 2018.

UAP Group

Venture Round in 2012
UAP Group is a pan-African financial services group with interests in insurance, investment management, property development and investments, securities brokerage and financial advisory. The history of the Group can be traced back by over 90 years while recent expansion and growth in the East African market have made UAP one of the key players in the financial services sector in the region. Currently, the group has businesses operating in Kenya, Uganda, South Sudan, Rwanda, DRC and Tanzania.

Artheon Electronics

Private Equity Round in 2010
Artheon Electronics is a manufacturer and distributor of SMF-VRLA batteries. These batteries are manufactured with AGM technology with lead-calcium-tin alloy grids. They offer batteries for UPS applications, emergency lights, weighing scales, solar applications, wind energy applications, communication towers, and telecom.

Interact Climate Change Facility

Debt Financing in 2010
Interact Climate Change Facility is a co-financing facility dedicated to climate-friendly investments. It finances renewable energy and energy efficiency projects in the private sector in developing countries and emerging economies.

Radisson Emerald Addis Hotels

Debt Financing in 2008
Radisson Emerald Addis Hotels contains 204 rooms in the upmarket center of Addis Ababa.

Radisson Emerald Addis Hotels

Private Equity Round in 2008
Radisson Emerald Addis Hotels contains 204 rooms in the upmarket center of Addis Ababa.

Amartha

Amartha is a microfinance technology platform dedicated to fostering economic growth at the grassroots level by facilitating connections between micro and small to medium-sized enterprises (SMEs) and investors. The platform enables entrepreneurs, particularly in rural areas, to access microfinance loans through user-friendly mobile applications and websites. By bridging the gap between potential lenders and borrowers, Amartha aims to create equal opportunities for prosperity, thereby contributing to the overall development of local economies.

Emerging Africa Infrastructure Fund

Emerging Africa Infrastructure Fund is a public-private partnership firm established in 2002 and headquartered in Ebene, Mauritius. It focuses on mobilizing capital from both public and private sources to provide long-term debt and mezzanine finance for infrastructure projects in sub-Saharan Africa. The firm primarily lends to projects that are owned, managed, and operated by private sector businesses, particularly in fragile states where traditional lenders are often hesitant to engage due to perceived risks. By financing the construction and development of essential infrastructure, the Emerging Africa Infrastructure Fund aims to foster growth and development in the region, enhancing the overall economic landscape. The fund is managed and advised by Investec Asset Management.
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