Norfund

Norfund accounts for 14 tracked companies with verified cap-table data, 14 of which disclose round sizes totalling $2.6B. The median disclosed raise is $110M, and the largest is Scatec Solar at $1.2B, ahead of AwanTunai ($177M) and AgDevCo ($156M).

The names that recur most often on these co-invested cap tables are Norfund (14 companies), Swedfund (3 companies), Finnfund (2 companies), BIO (2 companies), Standard Bank (2 companies), Accial Capital (1 company). By latest disclosed round, the market skews Growth (4), Series B (3), Series C (1), Series A (1).

• Companies tracked: 14
• Disclosed funding total: $2.6B across 14 companies
• Median disclosed raise: $110M
• Largest raise: Scatec Solar — $1.2B
• Stage mix: Growth 4 · Series B 3 · Series C 1 · Series A 1
• Most recent dated round: 2025-11-17

Best funded Norfund companies

1. Scatec Solar — $1.2B
2. AwanTunai — $177M (latest: Series B)
3. AgDevCo — $156M (latest: Growth)
4. Candi — $140M (latest: Series C)
5. Pele Green Energy — $132M
6. Fourth Partner Energy — $125M (latest: Growth)
7. Xurya — $110M (latest: Series B)
8. Etana Energy — $100M
9. Yoma Bank — $99M (latest: Growth)
10. Serengeti Energy — $91M (latest: Growth)
11. Mulilo Wind Enterprises — $75M
12. Empower New Energy — $74M (latest: Series A)
13. Frontiir — $69M (latest: Series B)
14. Amartha — $53M (latest: Seed)

Norfund — related firms and companies (56)

• Scatec Solar
• AwanTunai
• AgDevCo
• Candi
• Pele Green Energy
• Fourth Partner Energy
• Xurya
• Etana Energy
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Norfund alternatives · All research reports