* . *
  • About
  • Advertise
  • Privacy & Policy
  • Contact
Sunday, June 22, 2025
Earth-News
  • Home
  • Business
  • Entertainment
    Netflix unveils Dallas immersive venue for fans of hit shows like ‘Squid Game,’ ‘Stranger Things’ – Houston Chronicle

    Step Inside Netflix’s New Dallas Immersive Experience Featuring Hits Like ‘Squid Game’ and ‘Stranger Things

    ‘Puttin’ on the Ritz’: Civic Players bring ‘Young Frankenstein’ to life – Yahoo

    Civic Players Deliver a Hilarious and Unforgettable Performance of ‘Young Frankenstein

    ‘Wheel of Fortune’: Amputee Wins $60,000 After Breaking Incredible ‘Curse’ – Hastings Tribune

    Wheel of Fortune’ Amputee Breaks Incredible ‘Curse’ to Win $60,000!

    North Star Sports & Entertainment Network: Coming soon – KTTC News

    North Star Sports & Entertainment Network: Coming soon – KTTC News

    Safety concerns in Deep Ellum create apprehension as the entertainment district gains visitors – CBS News

    Safety Concerns Surge Amid Deep Ellum’s Booming Popularity and Growing Crowds

    Elisabeth Moss’ ‘Handmaid’s Tale’ Emmy chances, by the numbers – Yahoo

    Elisabeth Moss’ ‘Handmaid’s Tale’ Emmy chances, by the numbers – Yahoo

  • General
  • Health
  • News

    Cracking the Code: Why China’s Economic Challenges Aren’t Shaking Markets, Unlike America’s” – Bloomberg

    Trump’s Narrow Window to Spread the Truth About Harris

    Trump’s Narrow Window to Spread the Truth About Harris

    Israel-Gaza war live updates: Hamas leader Ismail Haniyeh assassinated in Iran, group says

    Israel-Gaza war live updates: Hamas leader Ismail Haniyeh assassinated in Iran, group says

    PAP Boss to Niger Delta Youths, Stay Away from the Protest

    PAP Boss to Niger Delta Youths, Stay Away from the Protest

    Court Restricts Protests In Lagos To Freedom, Peace Park

    Court Restricts Protests In Lagos To Freedom, Peace Park

    Fans React to Jazz Jennings’ Inspiring Weight Loss Journey

    Fans React to Jazz Jennings’ Inspiring Weight Loss Journey

    Trending Tags

    • Trump Inauguration
    • United Stated
    • White House
    • Market Stories
    • Election Results
  • Science
  • Sports
  • Technology
    Technology Convergence Report 2025 – The World Economic Forum

    Technology Convergence Report 2025 – The World Economic Forum

    How AI can help make cities work better for residents – MIT Technology Review

    How AI can help make cities work better for residents – MIT Technology Review

    Tech Champions with Leo Bletnitsky of Healthy Technology Solutions – Buzz Media Group

    Meet Tech Champion Leo Bletnitsky of Healthy Technology Solutions

    Crypto’s true revolution is about humanity, not technology – Cointelegraph

    Crypto’s Real Revolution: Transforming Humanity Beyond Technology

    $1 Billion Problem: New Technology Could Save Your Daily Cup of Coffee – SciTechDaily

    The $1 Billion Challenge: How New Technology Could Rescue Your Daily Cup of Coffee

    Canada’s construction industry gets serious about investing in technology as pressure mounts to do more with less – Yahoo Finance

    Canada’s Construction Industry Accelerates Tech Investments to Overcome Growing Challenges and Boost Efficiency

    Trending Tags

    • Nintendo Switch
    • CES 2017
    • Playstation 4 Pro
    • Mark Zuckerberg
No Result
View All Result
  • Home
  • Business
  • Entertainment
    Netflix unveils Dallas immersive venue for fans of hit shows like ‘Squid Game,’ ‘Stranger Things’ – Houston Chronicle

    Step Inside Netflix’s New Dallas Immersive Experience Featuring Hits Like ‘Squid Game’ and ‘Stranger Things

    ‘Puttin’ on the Ritz’: Civic Players bring ‘Young Frankenstein’ to life – Yahoo

    Civic Players Deliver a Hilarious and Unforgettable Performance of ‘Young Frankenstein

    ‘Wheel of Fortune’: Amputee Wins $60,000 After Breaking Incredible ‘Curse’ – Hastings Tribune

    Wheel of Fortune’ Amputee Breaks Incredible ‘Curse’ to Win $60,000!

    North Star Sports & Entertainment Network: Coming soon – KTTC News

    North Star Sports & Entertainment Network: Coming soon – KTTC News

    Safety concerns in Deep Ellum create apprehension as the entertainment district gains visitors – CBS News

    Safety Concerns Surge Amid Deep Ellum’s Booming Popularity and Growing Crowds

    Elisabeth Moss’ ‘Handmaid’s Tale’ Emmy chances, by the numbers – Yahoo

    Elisabeth Moss’ ‘Handmaid’s Tale’ Emmy chances, by the numbers – Yahoo

  • General
  • Health
  • News

    Cracking the Code: Why China’s Economic Challenges Aren’t Shaking Markets, Unlike America’s” – Bloomberg

    Trump’s Narrow Window to Spread the Truth About Harris

    Trump’s Narrow Window to Spread the Truth About Harris

    Israel-Gaza war live updates: Hamas leader Ismail Haniyeh assassinated in Iran, group says

    Israel-Gaza war live updates: Hamas leader Ismail Haniyeh assassinated in Iran, group says

    PAP Boss to Niger Delta Youths, Stay Away from the Protest

    PAP Boss to Niger Delta Youths, Stay Away from the Protest

    Court Restricts Protests In Lagos To Freedom, Peace Park

    Court Restricts Protests In Lagos To Freedom, Peace Park

    Fans React to Jazz Jennings’ Inspiring Weight Loss Journey

    Fans React to Jazz Jennings’ Inspiring Weight Loss Journey

    Trending Tags

    • Trump Inauguration
    • United Stated
    • White House
    • Market Stories
    • Election Results
  • Science
  • Sports
  • Technology
    Technology Convergence Report 2025 – The World Economic Forum

    Technology Convergence Report 2025 – The World Economic Forum

    How AI can help make cities work better for residents – MIT Technology Review

    How AI can help make cities work better for residents – MIT Technology Review

    Tech Champions with Leo Bletnitsky of Healthy Technology Solutions – Buzz Media Group

    Meet Tech Champion Leo Bletnitsky of Healthy Technology Solutions

    Crypto’s true revolution is about humanity, not technology – Cointelegraph

    Crypto’s Real Revolution: Transforming Humanity Beyond Technology

    $1 Billion Problem: New Technology Could Save Your Daily Cup of Coffee – SciTechDaily

    The $1 Billion Challenge: How New Technology Could Rescue Your Daily Cup of Coffee

    Canada’s construction industry gets serious about investing in technology as pressure mounts to do more with less – Yahoo Finance

    Canada’s Construction Industry Accelerates Tech Investments to Overcome Growing Challenges and Boost Efficiency

    Trending Tags

    • Nintendo Switch
    • CES 2017
    • Playstation 4 Pro
    • Mark Zuckerberg
No Result
View All Result
Earth-News
No Result
View All Result
Home Technology

This Swedish non-profit has big dreams for tech startups in Kigali

November 14, 2023
in Technology
This Swedish non-profit has big dreams for tech startups in Kigali
Share on FacebookShare on Twitter

Sweden’s Norrsken Foundation hopes a $20 million investment in its first hub outside Stockholm will birth Rwanda’s first impact unicorn.

On Wednesday, November 8, 2023, Rwanda’s president, Paul Kagame formally opened Norrsken House Kigali. The 12,000-square-metre campus is a $20 million bet by Sweden’s Norrsken Foundation that Kigali will become a nerve centre for African technology companies.

“Rwanda is an excellent testbed and a proof-of-concept hub,” said Niklas Adalberth, the 42-year-old founder and chairman of the Norrsken Foundation in his keynote address. If the Kigali hub is successful, Norrsken will set up similar hubs in other countries. The foundation defines success as being the home for billion-dollar impact businesses and a thriving community of companies that could create profitable businesses that are a net positive for the planet.

It’s a big win for Rwanda; with a gross domestic product of around $13 billion and growing public debt, the country needs private-sector investment. “The country can be small but the value we create can be very high,” President Kagame told guests at Norrsken Africa Week.

Adalberth was only 24 when he co-founded Klarna, the Buy-Now-Pay-Later company that is Europe’s most valuable private company. Adalberth exited the company in 2016 and founded the Norrsken Foundation to support impact businesses. Since then he has progressively sold down his stake in Klarna to less than 1%. Half of the proceeds were committed as an initial investment into the Norrsken Foundation.  Since its creation in 2016, Norrsken’s house in Stockholm has become the centre of the city’s impact entrepreneurship space in a country that is considered Europe’s impact hub. By bringing the right mix of investors, entrepreneurs, and talent, the foundation hopes to recreate the same success in Kigali.

Built on the former site of École Belge de Kigali, a Belgian school founded in 1965, the Kigali campus is the second such hub the foundation has put up since it acquired one of the grand halls of an old tram station in downtown Stockholm for its first facility. Two weeks ago, the foundation opened its third house, a 3-storey, 10,000-square-metre building in Barcelona, Spain. The Kigali campus which has been operational since January 2022 hosts roughly 1200 members, East Africa director, Pascal Murasira said at Norrsken Africa Week. The event is Norrsken’s first impact entrepreneurship and investment meeting held outside Stockholm.

Wooing capital to Kigali

Two weeks ago, Norrsken22, an independently managed African growth-stage VC announced it had raised $205 million to invest in growth-stage tech companies in Africa. Last week, Norrsken22 partners were part of fund managers at Norrsken Africa Week. An event the Norrsken Foundation said was organised to bring capital allocators and tech founders together in person. The Norrsken Foundation is a founding partner of Norrsken22.

This first Africa event was held in the Norrsken campus in Kigali on the 8th and 9th of November. More than 1,500 entrepreneurs, investors, government officials, and academia from Europe, Southeast Asia, the Middle East, and across Africa attended the 2-day networking-focused meeting. The event also brought together the different arms of the Norrsken Foundation, including Norrsken22, the $205 million Africa-focused growth stage fund, and Africa Seed Fund, an early-stage investment outfit. African startups that had been part of the Norrsken Accelerator, a global impact-focused accelerator based in Stockholm were also represented by their founders. 

Kigali’s big push for private capital

Since 2009 Rwanda has aggressively sought to position itself as a diversified investment hub in East Africa. In recent years, the focus moved to tech investments. A $30 million Rwanda Innovation Fund backed by the African Development Bank (AfDB) was launched in 2021 to invest in funds and directly back tech companies in East Africa. Per Statista, Rwandan tech startups raised only $1.9 million in 2022, a year when African startups raised the most ever. It was a decline from 2021’s $6.8 million figure. 2023 has been better. Kasha, a Rwandan startup raised $21 million in Series B funding, and Eden Care, a Rwandan insuretech became the first from the country to be accepted into YCombinator, the famed San Francisco-based accelerator program. 

Making Kigali a leading finance hub is a key part of president Kagame’s economic reform program.

Convincing investors to invest in the country remains challenging. But the country’s new financial centre wants even more. It wants investment funds to be incorporated in the country and has created a special fintech program that boasts Flutterwave, Onafriq (formerly MFS Africa), Chippercash, NALA, and recently, Paystack as members. 

Just before Norrsken Africa Week, it hosted a breakfast meeting for investors. One early-stage investor who had attended the meeting told TechCabal that her firm was still weighing their options. Another early-stage investor said her VC firm was in the process of setting up a new fund in Rwanda and scouting for office space. They favour Norrsken, which is home to at least 3 other VC firms (Katapault, Angaza Capital, and Renew Capital). Earlier this year, on the sidelines of the Inclusive Fintech Forum, the Africa Business Angels Network (ABAN) and Kigali International Financial Centre signed an MoU to pave the way for the network to set up its catalytic Africa fund in Kigali.

Entrepreneurs also suffer from indecision. One e-logistics startup founder who spoke with TechCabal was impressed with Kigali, but still weighing options. She considers a location that will facilitate access to capital without being too far from the business operations as ideal. “It’s a chicken and egg problem,” the founder conceded.

Resolving this tension between capital and founders is the thrust of the Norrsken Foundation and its ecosystem partners.

This article was edited to correctly state the area of Norrsken’s campus in Kigali. We incorrectly reported it as 4,400 square meters.

Get the best African tech newsletters in your inbox

>>> Read full article>>>
Copyright for syndicated content belongs to the linked Source : TechCabal – https://techcabal.com/2023/11/13/norrsken-bets-on-kigali/

Tags: non-profitSwedishtechnology
Previous Post

Eden Life is staking its future on an e-commerce marketplace in crucial rejig

Next Post

Netflix loses market leader status to Showmax

Technology Convergence Report 2025 – The World Economic Forum

Technology Convergence Report 2025 – The World Economic Forum

June 22, 2025
Kingsley Coman reveals desire to stay at Bayern Munich – Yahoo Sports

Kingsley Coman reveals desire to stay at Bayern Munich – Yahoo Sports

June 22, 2025
What role will Pope Leo XIV play in the future of Laudato Si’ ecological action? – National Catholic Reporter

What role will Pope Leo XIV play in the future of Laudato Si’ ecological action? – National Catholic Reporter

June 22, 2025
Opinion: What if MAGA Has a Point About Science? – Undark Magazine

What If MAGA Is Right About Science?

June 22, 2025
Are We Ready To Redefine the Second? Scientists Just Took a Major Step – SciTechDaily

Are We Ready to Redefine the Second? Scientists Achieve a Groundbreaking Breakthrough

June 22, 2025
What’s your ‘biological age’? And here’s how to lower it… – BreakingNews.ie

What’s your ‘biological age’? And here’s how to lower it… – BreakingNews.ie

June 22, 2025
Club World Cup trophy won’t make up for last season – Guardiola – BBC

Guardiola: Club World Cup Trophy Can’t Erase Last Season’s Disappointment

June 22, 2025
Russia’s Economy Minister Warns of Looming Recession – The Moscow Times

Russia’s Economy Minister Warns of an Imminent Recession

June 22, 2025
Governor Ferguson appoints a new director for the Health Care Authority – KIMA

Governor Ferguson Appoints Dynamic New Leader to Head Health Care Authority

June 22, 2025
‘Sleeping giant’: Jewish Voters Unite pushes NY Jews to flex political power – JNS.org

Sleeping Giant Awakens: How Jewish Voters Are Uniting to Flex Political Power in New York

June 22, 2025

Categories

Archives

June 2025
MTWTFSS
 1
2345678
9101112131415
16171819202122
23242526272829
30 
« May    
Earth-News.info

The Earth News is an independent English-language daily published Website from all around the World News

Browse by Category

  • Business (20,132)
  • Ecology (697)
  • Economy (711)
  • Entertainment (21,611)
  • General (15,511)
  • Health (9,752)
  • Lifestyle (716)
  • News (22,149)
  • People (714)
  • Politics (718)
  • Science (15,930)
  • Sports (21,208)
  • Technology (15,697)
  • World (691)

Recent News

Technology Convergence Report 2025 – The World Economic Forum

Technology Convergence Report 2025 – The World Economic Forum

June 22, 2025
Kingsley Coman reveals desire to stay at Bayern Munich – Yahoo Sports

Kingsley Coman reveals desire to stay at Bayern Munich – Yahoo Sports

June 22, 2025
  • About
  • Advertise
  • Privacy & Policy
  • Contact

© 2023 earth-news.info

No Result
View All Result

© 2023 earth-news.info

No Result
View All Result

© 2023 earth-news.info

Go to mobile version