About Swedfund
Swedfund is a venture capital firm founded in 1979. It is primarily based out of Stockholm, Sweden. As of Mar 2026, Swedfund is an active investor, having invested in 53 companies, with 5 new investments in the last 12 months. It primarily invests in Conventional Debt round in Kenya based startups. Its investments are spread across a wide range of sectors from Financial Services to Energy and Environment. Most recently it participated in the $***** Conventional Debt round of Jacaranda Maternity Overall, Swedfund portfolio has seen 6 IPOs and 10 acquisitions including key companies like Investec, Access Bank and Ecobank. A lot of funds co-invest with Swedfund, with names like FMO sharing a substantial percentage of its portfolio. Swedfund has team of 86 people including 10 partners.Key Metrics
Team Members
Portfolio Count
Portfolio Sectors
Rounds of Entry
Conventional Debt, PE & 9 more
Portfolio IPOs
Portfolio Acquisitions
Portfolio Soonicorns
Deals in last 12 months
Swedfund's List of Top Investments
Swedfund has a portfolio of 53 companies. Their most notable investments are in AAR Health Care and UAP Old Mutual.Their portfolio spans across Kenya, India, Nigeria and 25 more locations. They have invested in Financial Services, Energy, Environment and 14 other sectors, across stages such as Conventional Debt, PE and 9 more. Here is the list of top investments by Swedfund:AI-powered distributed energy platform delivering clean, reliable power in Global South. The company powers prosperity by providing renewable electricity to unserved and underserved communities. It utilizes an AI-enabled distributed energy resources (DER) platform to serve communities, commercial & industrial (C&I) businesses, and individual households. It offers flexible “pay-as-you-go” options. The company's assets are grid interoperable, supporting national electrification efforts. The platform leverages artificial intelligence to optimize energy demand, maximize renewable energy mix, and enhance customer service. It focuses on clean energy, renewable energy, solar power, rural electrification, energy access, commercial and industrial solar, rural e-commerce, digital finance, distributed renewable energy, community solar, and solar minigrids.
Key facts about Husk Power Systems
- Founded Year: 2007
- Location: Fort Collins (United States)
- Annual Revenue: ₹137Cr as on Mar 31, 2025
- Stage: Series D
- Total Funding till date: $74.3M
- Employee Count: 458 as on Mar 31, 2026
- Investors: DFC, IFC and 18 Others
- Latest Funding Round: Conventional Debt, Sep 10, 2025, $*****
- Highlight: Editors' Pick
2. d light
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Key facts about d light
- Founded Year: 2004
- Location: Nairobi (Kenya)
- Stage: Series E
- Total Funding till date: $118M
- Employee Count: 107 as on Feb 28, 2025
- Investors: Shell, Nexus Venture Partners and 38 Others
- Latest Funding Round: Conventional Debt, Feb 20, 2024, $*****
3. Investec
Provider of corporate & investment banking and wealth management services. It provides simple investment solutions linked to various asset classes, multiple credits, securities, and structures to optimize return and capital preservation. It also provides international banking for private, institutional, and corporate clients.
Key facts about Investec
- Founded Year: 1974
- Location: London (United Kingdom)
- Annual Revenue: ₹453Cr as on Mar 31, 2025
- Last Known Valuation: $*****
- Stage: Acquired
- Employee Count: 9,589 as on Jan 07, 2026
- Investors: RBS International, Swedfund and 1 Other
- Latest Funding Round: Grant (prize money), May 14, 2019, $*****
- Highlight: Acquired
4. Access Bank
Key facts about Access Bank
- Founded Year: 1989
- Location: Lagos (Nigeria)
- Stage: Public
- Employee Count: 113 as on Dec 31, 2022
- Investors: British International Investment, Alterra Capital Partners and 9 Others
- Latest Funding Round: Conventional Debt, Aug 19, 2020, $*****
- Highlight: Public
5. Ecobank
Key facts about Ecobank
- Founded Year: 1985
- Location: Lome (Togo)
- Stage: Public
- Total Funding till date: $7.05M
- Employee Count: 200 as on Aug 25, 2025
- Investors: IFC Asset Management Company, British International Investment and 18 Others
- Latest Funding Round: Conventional Debt, Mar 12, 2024, $*****
- Highlight: Public
Swedfund's Year-on-Year Investment Trends
Swedfund has invested in 54 companies over the last 26 years, with an average of 3 new investments annually in the last 10 years. In 2025, it made 3 investments, while as of Mar 2026, it has made 2 investments in this year. Its most recent first time investment was in Jacaranda Maternity and most recent follow-on round was in Husk Power Systems.Year | No. of Investments | ||
|---|---|---|---|
1st Round | Follow-on | Total | |
2026 (YTD) | 2 | 0 | 2 |
2025 | 3 | 0 | 3 |
2024 | 4 | 0 | 4 |
2023 | 1 | 2 | 3 |
2022 | 1 | 0 | 1 |
2021 | 0 | 2 | 2 |
2020 | 1 | 0 | 1 |
2019 | 3 | 0 | 3 |
2018 | 7 | 1 | 8 |
Swedfund's Investments by Stage
Swedfund has made 28 investments in Conventional Debt stage with an average round size of $25.3M, 5 investments in PE stage with an average round size of $28.4M and 5 investments in Series B stage with an average round size of $29.1M.Stage of entry | No. of Investments |
|---|---|
Conventional Debt | 28 |
PE | 5 |
Series B | 5 |
Seed | 2 |
Series A | 2 |
Others | 8 |
Note: We have considered here, only first round of investments
Swedfund's Investments by Sector
Swedfund has a diverse portfolio, with companies operating in the Financial Services, Energy, Environment, Consumer and Healthcare. Notably, it has invested in 23 Enterprise (B2B) companies, 16 Consumer (B2C) companies, 15 Social impact companies and at least 5 companies focusing on Tech.Sector | No. of Investments |
|---|---|
Financial Services | 24 |
Energy | 7 |
Environment | 6 |
Consumer | 4 |
Healthcare | 3 |
Others | 18 |
Note: We have considered here, only first round of investments
Swedfund's Investments by Geography
Swedfund has made most investments in Kenya (10), followed by India where it has made 3 investments.Country | No. of Investments |
|---|---|
Kenya | 10 |
India | 3 |
Nigeria | 3 |
Cambodia | 2 |
Indonesia | 2 |
Others | 30 |
Note: We have considered here, only first round of investments
Swedfund's recent investments
Swedfund has made 2 investments in 2026 so far - Jacaranda Maternity and Arya.ag.Here are the most recent investments by Swedfund:
Filter this listDate | Company | Location | Round Details | Round Amount | Co-Investors |
|---|---|---|---|---|---|
Mar 17, 2026 | Kenya | Conventional Debt | 5122 | - | |
Jan 02, 2026 | India | Series D | 8408 | ||
Dec 20, 2025 | Vietnam | Conventional Debt | 5696 | - | |
Nov 10, 2025 | Namibia | Series B | 5699 | [+1] | |
Jun 17, 2025 | Indonesia | Conventional Debt | 1905 | [+1] |
IPOs and Publicly Listed companies in Swedfund's Portfolio
6 of Swedfund's portfolio companies have become public. Five Star Business Finance got listed on the Bombay Stock Exchange (BSE), in Nov 2022 at marketcap of $1.69B and Access Bank got listed on the Ghana Stock Exchange (GSE) at marketcap of undefined.Here are Swedfund's portfolio companies that went public:
Company | IPO Date | First Invested on | First Round of Investment | Round Size |
|---|---|---|---|---|
Nov 21, 2022 | Mar 29, 2022 | Conventional Debt | 8514 | |
Oct 17, 2016 | Feb 09, 2018 | Conventional Debt | 9027 | |
Aug 10, 2016 | Sep 12, 2013 | Conventional Debt | 5772 | |
Feb 28, 2012 | - | - | 9846 | |
Sep 11, 2006 | Oct 07, 2015 | Venture Debt | 2796 |
Acquired companies in Swedfund's Portfolio
10 companies from Swedfund's portfolio have been acquired. The most recent acquisition were Evolution Funding in Jul 2023 by The Carlyle Group.Here are Swedfund's portfolio companies that got acquired most recently:
Company | Acquisition Date | First Invested on | First Round of Investment | Round Size |
|---|---|---|---|---|
Jul 25, 2023 | Apr 13, 2018 | Series A | 4351 | |
Nov 24, 2020 | 2010 | Unattributed | 4467 | |
Feb 26, 2020 | 2009 | PE | 5047 | |
Dec 27, 2019 | Feb 06, 2018 | Conventional Debt | 7898 | |
Oct 15, 2018 | 2008 | Conventional Debt | 8041 |
Team profile of Swedfund
Swedfund has a team of 86 members including 10 Partners and 3 Principals located in Sweden, Thailand and 1 more location. Swedfund's team sits on the board of 1 company.Here is a list of top team members in Swedfund:
Name | Designation | Location | Board Memberships | Contact Details |
|---|---|---|---|---|
Partner | Stockholm | - | ||
Partner | Stockholm | - | ||
Partner | Thailand | - | ||
Partner | Abidjan | - | ||
Partner | Stockholm | - | ||
Partner | Stockholm | - | ||
Partner | Stockholm | - | ||
Partner | Sweden | - | - | |
Partner | Sweden | - | ||
Partner | Sweden | - | - | |
Principal | Stockholm | - |
Co-investors of Swedfund
Over the past 26 years, 248 investors have co-invested in Swedfund's portfolio companies. This includes funds and angels.
- Invested before Swedfund: Norfund, IFC and 151 others have invested in rounds before Swedfund. There are 5 companies where Norfund has invested before Swedfund and 4 companies where IFC has invested before Swedfund.
- Top Co-investors of Swedfund: 23 investors entered a company along with Swedfund. These include investors like FMO (6 companies).
- Invested after Swedfund: A total of 72 investors have invested in Swedfund's portfolio after their investments. Top Investors include FMO (6 companies), Proparco (4 companies) and STOA (2 companies).
Recent News related to Swedfund
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Swedfund backs Indian agri-tech startup Arya.ag with $7.5mTech in Asia•Mar 09, 2026•Arya.ag, Swedfund
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Phatisa raises $86 million for food resilience in Africa.ImpactAlpha•Feb 10, 2026•Phatisa, IFC, Norfund, British International Investment and 2 others
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Swedfund Backs Vietnam MSME Lender EVF With $20m FacilityCrowdfund Insider•Dec 21, 2025•Swedfund, Evnfc, OeEB
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Swedfund Invests $20 Million into Helios CLEAR Fund to Back Africa Climate FirmsTechMoran•Dec 18, 2025•Helios, Swedfund
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Swedfund invests $15 million in Growth Investment Partners ZambiaIT Finans•Jul 31, 2025•Swedfund, Growth Investment Partners
