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The Venture Codex

Norfund

Klingenberggata 4, Oslo, N-0161, Norway

Overview

Strategic minority investor supporting sustainable businesses in poor count

Founded

1997

Deals · 12mo

2

Links

WebsiteLinkedInX (Twitter)

Stage focus

—

Geographic focus

Colombia
Ethiopia
India
Indonesia
...

Sector focus

Finance
Impact Investing
Venture Capital

Investment portfolio

16rounds
NAMEDATESIZE
Erco Energía
Aug 2026Participated
$129 MSeries C
Mulilo
Nov 2025Led
$75 MOther Equity
OmniRetail
Apr 2025Led
$20 MSeries A
Arnergy
Apr 2025Participated
$15 MSeries B
Berkeley Energy Commercial Industrial Solutions (BECIS)
Dec 2024Participated
$53 MOther Equity
Xurya
Jul 2024Led
$55 MOther Equity
Candi
Jun 2024Led
$38 MSeries C
Funding Societies
Nov 2023Led
$8 MDebt
Fourth Partner Energy
Aug 2023Led
$42 MOther Equity
Lake Harvest
Jan 2022Led
$7 MOther Equity
Lona
Jan 2022Participated
$7 MOther Equity
Fourth Partner Energy
Jun 2021Led
$125 MOther Equity
Erco Energía
Aug 2026Participated
$129 MSeries C
Mulilo
Nov 2025Led
$75 MOther Equity
OmniRetail
Apr 2025Led
$20 MSeries A
Arnergy
Apr 2025Participated
$15 MSeries B
Berkeley Energy Commercial Industrial Solutions (BECIS)
Dec 2024Participated
$53 MOther Equity
Xurya
Jul 2024Led
$55 MOther Equity
Candi
Jun 2024Led
$38 MSeries C
Funding Societies
Nov 2023Led
$8 MDebt
Fourth Partner Energy
Aug 2023Led
$42 MOther Equity
Lake Harvest
Jan 2022Led
$7 MOther Equity
Lona
Jan 2022Participated
$7 MOther Equity
Fourth Partner Energy
Jun 2021Led
$125 MOther Equity
16
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Insights

Time horizon

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Deal Distribution

Norfund: 16 funding rounds are recorded in the selected participation categories.All available history.
Norfund: 16 funding rounds are recorded in the selected participation categories. All available history
Round typeLed dealsParticipated deals
Series A11
Series B01
Series C+11
Other Equity72
Debt11

Monthly Deal Activity

Norfund: 16 deals are recorded across 118 months.All available history.
Norfund: 16 deals are recorded across 118 months. All available history
MonthDeals
Jan '171
Feb '170
Mar '170
Apr '171
May '170
Jun '170
Jul '170
Aug '170
Sep '170
Oct '171
Nov '170
Dec '170
Jan '180
Feb '180
Mar '180
Apr '180
May '180
Jun '180
Jul '180
Aug '180
Sep '180
Oct '180
Nov '180
Dec '180
Jan '190
Feb '190
Mar '190
Apr '190
May '190
Jun '190
Jul '190
Aug '191
Sep '190
Oct '190
Nov '190
Dec '190
Jan '200
Feb '200
Mar '200
Apr '200
May '200
Jun '200
Jul '200
Aug '200
Sep '200
Oct '200
Nov '200
Dec '200
Jan '210
Feb '210
Mar '210
Apr '210
May '210
Jun '211
Jul '210
Aug '210
Sep '210
Oct '210
Nov '210
Dec '210
Jan '222
Feb '220
Mar '220
Apr '220
May '220
Jun '220
Jul '220
Aug '220
Sep '220
Oct '220
Nov '220
Dec '220
Jan '230
Feb '230
Mar '230
Apr '230
May '230
Jun '230
Jul '230
Aug '231
Sep '230
Oct '230
Nov '231
Dec '230
Jan '240
Feb '240
Mar '240
Apr '240
May '240
Jun '241
Jul '241
Aug '240
Sep '240
Oct '240
Nov '240
Dec '241
Jan '250
Feb '250
Mar '250
Apr '252
May '250
Jun '250
Jul '250
Aug '250
Sep '250
Oct '250
Nov '251
Dec '250
Jan '260
Feb '260
Mar '260
Apr '260
May '260
Jun '260
Jul '260
Aug '261
Sep '260
Oct '260

Sector Breakdown

Norfund: Clean Energy & Sustainability is the largest displayed sector by deal count (10 deals).All available history.

A deal can appear in multiple sectors, so sector totals may overlap. Capital represents disclosed total round sizes, not fund cheque sizes.

Norfund: Clean Energy & Sustainability is the largest displayed sector by deal count (10 deals). All available history
SectorDeals
Clean Energy & Sustainability10
Food & Agriculture3
Fintech2
Professional Services2
Networks, Cloud & Communication1
Manufacturing1
E-Commerce & Retail1
Social & Community Platforms1
Transportation & Logistics1
Consumer & Lifestyle1

Deal Size Distribution

Norfund: 16 rounds have a disclosed size in the displayed size bands.All available history.

Undisclosed round sizes are excluded. Capital represents total round sizes, not fund cheque sizes.

Norfund: 16 rounds have a disclosed size in the displayed size bands. All available history
Round size band (USD)Deals
<$5M0
$5M-$10M5
$10M-$25M3
$25M-$50M2
$50M-$100M4
$100M-$250M2
$250M-$500M0
$500M-$1B0
$1B+0

Deals By Geography

Norfund: Nigeria has the largest recorded deal count among the displayed regions (3 deals).All available history.

Top 10 of 11 regions; European countries are grouped as Europe.

Norfund: Nigeria has the largest recorded deal count among the displayed regions (3 deals). All available history
RegionDeals
Nigeria3
South Africa2
Singapore2
India2
United States1
Kenya1
Ethiopia1
Indonesia1
Zimbabwe1
Europe1
Norfund: 20 co-investors are shown, with All On sharing 2 recorded deals.All available history.

Co-Investors

Bubble size = shared deals

Click a bubble to open that fund in a new tab.

Shows up to 20 co-investors ranked by shared deals. Deals may be shared with multiple funds, so rows overlap. Capital is total round size, not fund cheque size.

Norfund: 20 co-investors are shown, with All On sharing 2 recorded deals. All available history
Co-investorShared deals
All On2
Breakthrough Energy Ventures2
British International Investment2
FMO2
AC Ventures1
Aqua-Spark1
Aruwa Capital Management1
Augment Infrastructure1
Axon Partners Group1
Beyond the Grid1
CardinalStone Capital Advisers1
CDC1
Clime Capital1
EDFI ElectriFI1
EDFI Management Company1
Finnfund1
Flour Mills of Nigeria1
Goodwell Investments1
KLP1
Kyuden International1

Investment Strategy

Norfund: Led accounts for 63% and participating for 38% of round participation.All available history.
Norfund: Led accounts for 63% and participating for 38% of round participation. All available history
CategoryDeals (count)Share (%)
Led1063%
Participating638%
Norfund: Single-lead accounts for 70% and co-led for 30% of lead dynamics.All available history.
Norfund: Single-lead accounts for 70% and co-led for 30% of lead dynamics. All available history
CategoryDeals (count)Share (%)
Single-lead770%
Co-led330%

Team

Carl Johan Wahlund

Investment Director Green Infrastructure

Fay Chetnakarnkul

Investment Director, Head of Asia Region

Mark Davis

Investment Director

Tellef Thorleifsson

CEO