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Flutterwave Founder Olugbenga Agboola Supports $205 Million African Tech Fund

Olugbenga Agboola, the founder of fintech behemoth Flutterwave, has joined a group of over 30 unicorn founders and institutions to help Norrsken22, an Africa-focused venture capital firm, raise $205 million for new technology investments throughout the continent.

This significant investment, supported by Agboola, Skype’s Niklas Zennström, and Delivery Hero’s Niklas Stberg, positions Norrsken22 to identify the next generation of African “tech giants.” Their investments will mostly focus on fintech, edtech, and medtech.

The Standard Bank Group, Norfund, British International Investment, the International Finance Corporation, and the United States International Development Finance Corporation are among the institutional investors backing this fund.

Natalie Kolbe, managing partner of Norrsken22, stressed that the additional investments would go to developing entrepreneurs in South Africa, Nigeria, Ghana, Kenya, and Egypt.

This announcement comes at a critical juncture in the venture capital scene, with a strong emphasis on Africa, which now has the world’s fastest-growing and youngest population. African youth are increasingly tech-savvy and connected via cellphones, allowing them to access a variety of services ranging from entertainment to banking, creating a fertile field for technological innovation.

Norrsken22’s plan is to capitalize on the continent’s rising tech revolution, which is being pushed by investments in digital infrastructure and skyrocketing smartphone penetration. Urbanization trends and rising demand for financial and health services have created opportunities for software businesses to scale, presenting an attractive promise for potential investors.

Agboola’s participation in this new fund demonstrates his growing prominence in the African IT scene. He played a crucial role in the purchase of various firms across the continent, with the goal of boosting the operations of Flutterwave, Africa’s largest tech startup.

 

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