By Jake Bright
Startups in East Africa have a new source for investment and mentorship.
Sweden’s Norrsken Foundation—a coworking space and investment fund based in Stockholm—opened its tech fund and entrepreneurship hub in Rwanda today to support ventures across the region.
Norrsken’s Kigali center is located on the former École Belge campus and will begin with seed investments of $25K to $100K for early stage startups in all sectors starting this year, Norrsken CEO Erik Engellau-Nilsson told TechCrunch.
The fund size is still being determined and Norrsken Kigali will extend the fund to larger series-stage investments from $100K to $1 million in the future.
Norrsken’s Fredrika Wessman is the head of Africa expansion and the organization is in the process of hiring a local director for its new Kigali operation.
The Swedish foundation’s move into Rwanda is strongly connected to the organization’s focus on the power of tech entrepreneurs to solve problems and generate capacity.
“We believe the single most important thing we can do here is help people get wealthy, because if that happens more investors will start to look at this region and see there’s business opportunities and bring more capital,” said Engellau-Nilsson.
“The aim is to build the biggest hub for entrepreneurship in East Africa.”
Startups that …read more
Source: Tech Crunch