Scalable Enterprises

Growing sustainable scalable enterprises drives industrialisation, economic growth and job creation. 

Clean Energy

Financial Institutions

Green Infrastructure

Scalable Enterprises


total portfolio of Scalable Enterprises


increase in revenue in 2021* (32% increase)


new jobs created in 2021*


committed in 2021* through direct investments and funds


new investee companies


new fund investments

Why invest in Scalable Enterprises?

A country’s development and growth depend on successful large businesses. There are few large companies in Sub Saharan Africa, especially in the poorest countries. Large companies are engines for growth and job creation because they on average are more productive, recruit more staff, and pay higher wages. Investing in scalable enterprises and enabling them to grow create jobs, generate government revenues and provide needed goods and services.

What We Invest in

Norfund invests directly in Scalable Enterprises in

  • Agribusiness
  • Manufacturing

Our investments are focused on opportunities in Sub-Saharan Africa. We seek to partner with strong industrial or financial partners.

  • Funds

We also invest through private equity funds that in turn invest in scalable enterprises in our strategy countries.

Our Ambitions

In our strategy 2023-2026, our defined ambitions for Agri & Manufacturing are:

  • 3 billion NOK additional revenues generated
  • 10,000 new direct jobs created

In our strategy 2023-2026, our defined ambitions for Funds are:

  • 16 billion NOK additional revenues generated
  • 70,000 new direct jobs created


The agribusiness sector is vital for economic growth and job creation in Africa. More than half of Sub Saharan Africa’s population works in agriculture, yet Africa does not produce enough food to feed the continent. Norfund’s investments in the agribusiness value chain drive productivity, create jobs, link smallholder farmers to markets and increase production.


Africa today has a small manufacturing industry. Few countries have successfully developed without a strong manufacturing base. In Africa, one third of food, beverages, and similar processed goods are imported, but a large share of these products could be manufactured locally. Manufacturing in Africa therefore has tremendous potential as an enabler of economic growth and job creation.


Investing in private equity funds contributes to building and developing local businesses as well as contributing to more professional and efficient business practices. Local fund managers are well positioned to provide entrepreneurs with access to risk capital. They create val­ue through active ownership and professional expertise and provide local knowledge to support the company’s development and growth.

Where We Invest

Norfund invests in countries where we can have the greatest impact. We prioritise investments in Least Developed Countries and Sub-Saharan Africa.

Commitments by region as of 2021* (MNOK)

What We Offer

Norfund is an active minority investor. We offer risk capital through equity, loans and funds to companies that meet our requirements.

To maximise commercial and developmental success, Norfund strives to be a value adding owner beyond the capital investment. Norfund’s investment teams have extensive experience in project development and in governance, and we work closely with partners to develop companies. Norfund takes a position as an active owner and requires a board seat in equity investments. With more than 20 years' experience of investing in developing countries, Norfund continuously builds and develops the expertise needed to invest and manage risks in order to succeed as an investor.


Norfund invests with or via partners to benefit from their knowledge and expertise. We prefer to partner with large, well-known and respected companies with a local presence and a long-term horizon, whose interests align with those of Norfund.

Head of Scalable Enterprises Department

Ellen Cathrine Rasmussen

Ellen Cathrine Rasmussen

Executive Vice President, Green Infrastructure and Scalable Enterprises

Contact Person in Scalable Enterprises Department:

*Numbers for the previous year are updated annually in June