Sweden’s development finance institution Swedfund announced a US$15 million commitment to Lightrock Africa Growth Fund II, a vehicle focused on technology‑enabled businesses that improve access to financial services, healthcare, energy and transport in underserved African markets.

The funding is aimed at growth‑stage companies that already have proven business models, offering investors a chance to combine commercial returns with measurable social and economic impact.

Lightrock’s strategy prioritises firms that can scale operations while expanding essential services for individuals and small‑ and medium‑sized enterprises, particularly in digital infrastructure, financial inclusion and sustainable mobility.

Helen Hagos, Investment Director at Swedfund, highlighted that many African businesses struggle to secure the long‑term capital needed to broaden services that people and SMEs rely on.

Swedfund said the investment aligns with its broader strategy to foster sustainable economic development through private‑sector financing in markets where commercial credit remains scarce.

The institution expects the fund to generate jobs, strengthen local businesses and boost productivity by financing companies that deliver essential services more efficiently.

By investing via Lightrock rather than directly in individual firms, Swedfund will obtain exposure to a diversified portfolio of growth‑stage enterprises and may help attract additional private capital to African markets.

The announcement did not disclose the fund’s total fundraising target, the specific portfolio companies involved, or which African countries will receive the largest share of the investment.