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

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
Cofina Mali is a microfinance institution focused on supporting the growth of informal micro-enterprises in the region. Established as part of Groupe COFINA, it aims to enhance financial inclusion by offering a range of financial services, including savings and credit options tailored for small and medium-sized enterprises. Cofina Mali plays a crucial role in the formalization of the African business market by providing medium and long-term financing to businesses that may not meet the criteria of traditional commercial banks. With a presence in multiple French-speaking African countries, Cofina Mali is dedicated to fostering the development of the private sector and contributing to economic growth 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 while providing investors with stable investment opportunities in rooftop solar projects. The platform offers a comprehensive suite of services, including renewable energy advisory, financing options, tailored solutions, and installation and maintenance support. By connecting rooftop owners with investors, Xurya helps to ensure a seamless experience and peace of mind for both parties, ultimately contributing to a greener and more sustainable 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 based in Nairobi. It specializes in providing smallholder farmers with access to critical farming inputs, financing, and advisory services. Apollo's innovative platform employs 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 enables farmers to enhance their yields and profits, with a focus on emerging markets, starting in 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 making clean energy accessible and affordable for rural and semi-urban populations. The company's offerings include a range of solar-powered devices such as lights, radios, televisions, fans, and other home appliances, all of which are part of rechargeable solar kits. These products are designed to improve health, increase productivity, and enhance the overall quality of life for users by providing reliable and sustainable energy solutions.

Serengeti Energy

Venture Round in 2022
Serengeti Energy is engaged in the development, construction, and operation of renewable energy projects, with a particular emphasis on run-of-river hydropower in Southern Africa. The company invests in and co-develops small to medium-sized independent power plants, focusing on both new and refurbished facilities. In addition to its core projects, Serengeti Energy provides installation and maintenance services for semiconductors utilized in renewable energy applications, ensuring that its operations positively impact local markets and communities.

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 making clean energy accessible and affordable for rural and semi-urban populations. The company's offerings include a range of solar-powered devices such as lights, radios, televisions, fans, and other home appliances, all of which are part of rechargeable solar kits. These products are designed to improve health, increase productivity, and enhance the overall quality of life for users by providing reliable and sustainable energy solutions.

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 company, established in 2016, that operates in Rwanda and Kenya. It specializes in distributing a wide range of personal care and health products tailored to women, including menstrual care, sexual health items, pharmaceuticals, and mom and baby care products. Kasha's online platform ensures accessibility to these products in both urban and rural areas, promoting women's health and well-being at various life stages.

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 company that provides a range of maternal healthcare services. Established in 2011, it focuses on offering comprehensive outpatient care for mothers and their families. The services include pediatric health and general consultations, covering areas such as diabetes and cervical cancer. Jacaranda Maternity aims to support the health and well-being of mothers and their children through accessible and quality healthcare.

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 making clean energy accessible and affordable for rural and semi-urban populations. The company's offerings include a range of solar-powered devices such as lights, radios, televisions, fans, and other home appliances, all of which are part of rechargeable solar kits. These products are designed to improve health, increase productivity, and enhance the overall quality of life for users by providing reliable and sustainable energy solutions.

Snapper Hill Clinic

Private Equity Round in 2018
Snapper Hill Clinic is a prominent healthcare provider located in Monrovia, Liberia, and operates the largest private outpatient facility in the capital. It has a historical significance as the only private clinic that remained operational during Liberia’s civil wars, continuing to serve the local population amidst challenging healthcare conditions. The clinic offers a range of services, including general physician diagnoses, referrals, minor surgical procedures, prescriptions, and access to an internal pharmacy and laboratory. By providing these essential clinical services, Snapper Hill Clinic enables patients to receive effective and affordable healthcare within a resource-limited environment.

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 provider founded in 2001 and headquartered in Ebene, Mauritius. Through its subsidiaries, the company offers a range of retail financial services across multiple countries, including Mauritius, Botswana, Colombia, Ghana, Mexico, Mozambique, South Africa, Tanzania, Uganda, and Zambia. Its product offerings include personal loans, such as payroll and retail loans, as well as savings accounts, flexible deposits, and transaction accounts. Additionally, Bayport provides mobile banking solutions, e-wallets, payment kiosks, and ATM services. The company also offers various insurance products, including credit insurance, education protection plans, and coverage for hospital and funeral expenses. Bayport Management generates revenue primarily through interest income and administration fees associated with its financial products and services.

DBL Group

Debt Financing in 2017
DBL Group operates as a diversified conglomerate with a focus on manufacturing and exporting various products and services. Its primary areas of expertise include apparel, textiles, and textile printing, along with washing and garment accessories. The company also engages in packaging, ceramic tiles, and pharmaceuticals. Additionally, DBL Group is involved in dredging and provides services in information and communications technology and telecommunications. This broad portfolio enables the company to serve multiple industries and markets effectively.

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, providing tailored solutions to help their customers improve their living conditions sustainably. The company's platform offers personalized loan options, digital payment services, and easy financial management tools, empowering both individuals and businesses to enhance their financial flexibility and growth.

Ecobank

Debt Financing in 2015
Ecobank Transnational Incorporated (ETI), a public limited liability company under a private sector initiative spearheaded by the Federation of West African Chambers of Commerce and Industry with the support of the Economic Community of West African States (ECOWAS). In the early 1980’s foreign and state-owned banks dominated the banking industry in West Africa. Commercial banks in West Africa owned and managed by the African private sector were a rarity. Its founders created ETI with the objective of filling this vacuum. The Federation of West African Chambers of Commerce promoted and initiated a project to create a private, regional banking institution in West Africa. In 1984, Ecopromotions S.A. was incorporated. Its founding shareholders raised seed capital for feasibility studies and the promotional activities leading to the creation of ETI. In October 1985, ETI was incorporated with authorised capital of US$100 million. The initial paid up capital of US$32 million was raised from over 1,500 individuals and institutions from West African countries. The largest shareholder was the ECOWAS Fund for Cooperation, Compensation and Development (ECOWAS Fund), the development finance arm of ECOWAS. Ecobank signed a Headquarters’ Agreement with the Government of Togo in 1985, which granted it the status of an international organisation. This status came with the rights and privileges necessary for ETI to operate as a regional institution, including the status of a non-resident financial institution. ETI commenced operations with its first subsidiary in Togo in March 1988.

Medica Superspecialty Hospital

Private Equity Round in 2013
Medica Superspecialty Hospital is a healthcare provider based in Kolkata, West Bengal, specializing in a wide range of medical services. The hospital focuses on treating cardiac and neurological diseases, kidney disorders, orthopedic conditions, and gastroenterological issues, among others. It also offers critical care, ENT services, and treatments for breast diseases. Medica Superspecialty Hospital operates a network of facilities designed to deliver healthcare services in a safe, comfortable, and transparent environment, ensuring that patients have access to affordable and high-quality medical care.

Azura-Edo IPP

Debt Financing in 2013
Azura-Edo IPP is a 450MW open cycle gas turbine power station located in Nigeria and represents the inaugural project of Azura Power Holdings. After more than six years of development, financial closure for Phase 1 was achieved on December 28, 2015, with construction commencing shortly thereafter on January 5, 2016. The project is being executed by a consortium that includes Julius Berger Nigeria, a leading construction firm, and Siemens, a prominent global power company. Azura-Edo IPP aims to contribute significantly to Nigeria's energy infrastructure by providing a sustainable power generation solution, with expectations to begin electricity production by the end of 2018. Additionally, the company focuses on the development and operation of large-scale gas-fired power generation facilities throughout Nigeria and West Africa.

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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