Norfund

Norfund, established in 1997, is a Norwegian government organization based in Oslo. It is an economic development agency that provides equity, risk capital, and loans to businesses in selected countries and sectors where access to capital is scarce. Its primary focus is Sub-Saharan Africa, with additional investments in South East Asia and Central America. Norfund aims to contribute to poverty reduction and economic development in these regions by supporting sustainable businesses through strategic minority investments.

Anders Blom

Investment Manager, Clean Energy

Fay Chetnakarnkul

Regional Director - Asia

Mark Davis Ph.D

Executive Vice President, Clean Energy

Carlos Escobar

Senior Investment Manager, Financial Institutions

Naana Winful Fynn

Regional Director - West Africa

Pal Helgesen

Investment Director

Finn Marum

Executive Vice President

Athivadee Panuvatvanich

Investment Associate

Ellen Rasmussen

Executive Vice President, Green Infrastructure and Scalable Enterprises

Kjell Roland

Managing Director and CEO

Lisa Thomsen

Senior Investment Manager, Clean Energy

Kristoffer Valvik

Investment Manager

Donald Kariuki

Investment Manager

Past deals in Kenya

CrossBoundary

Private Equity Round in 2025
Founded in 2011, CrossBoundary is a frontier market investment advisory firm based in New York. It specializes in providing services such as capital raising, strategic advisory, due diligence, and market assessment to clients including governments, development finance institutions, private equity firms, corporations, and research institutions.

CrossBoundary

Private Equity Round in 2022
Founded in 2011, CrossBoundary is a frontier market investment advisory firm based in New York. It specializes in providing services such as capital raising, strategic advisory, due diligence, and market assessment to clients including governments, development finance institutions, private equity firms, corporations, and research institutions.

Brighter Life Kenya 1

Debt Financing in 2021
Brighter Life Kenya 1 Limited (BLK1), an indirect subsidiary of AFC incorporated in Jersey, was incorporated to acquire pay-as-you-go solar home system accounts receivables from d.light Limited (d.light Kenya), providing d.light Kenya with flexible working capital to finance its continued growth.

Freight in Time

Private Equity Round in 2016
Founded in 1998, Freight in Time is a logistics company based in Nairobi, Kenya. It specializes in providing comprehensive solutions for various industries across Africa, including sea and air freight, project cargo handling, warehousing, and distribution services.

Vertical Agro

Venture Round in 2015
Vertical Agro Limited is an independent grower, processor, exporter, and marketer of fresh and frozen vegetables and fruits, operating from a state-of-the-art processing facility in Naivasha, Kenya. The company is recognized as a leading producer of high-quality fresh and frozen vegetables, adhering to stringent food safety and quality standards throughout its operations. Vertical Agro is committed to ensuring that customers have access to premium farm produce, leveraging its expertise in agricultural practices and processing techniques to deliver exceptional products to the market.

Family Bank

Private Equity Round in 2010
Family Bank is a commercial bank established in Kenya in May 2007 and regulated by the Central Bank of Kenya. With a customer base exceeding 1.7 million, the bank operates a network of 93 branches across the country. It specializes in providing financial services to underserved segments of the market, including small-scale farmers, salaried employees, micro, small, and medium-sized enterprises, as well as youth and women. Additionally, Family Bank seeks to attract large corporate clients to bolster its deposit base. Notably, it was the first bank in Kenya to implement paperless banking through smart card technology, showcasing its commitment to innovation in the financial sector.
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