Goodwell fuels the next wave of African innovation with EUR 150 million fund

21 November 2022


New uMunthu II fund taps into huge potential of inclusive businesses across the continent.

AMSTERDAM, 21 November 2022 – Today, Goodwell Investments B.V. launched their most ambitious institutional investment fund yet, uMunthu II. Where other firms have become more cautious in the face of economic uncertainty, Goodwell recognizes the immense untapped opportunity of the African market, and is expanding their commitment to ignite the growth of inclusive businesses in the region. 

Goodwell is raising EUR 150 million to finance innovative, scalable, small and medium-sized businesses that improve the access and affordability of basic goods and services for un(der)served consumers in Africa. As a first-mover, Goodwell will once again work as a trailblazer, attracting others in the wider ecosystem to invest in previously overlooked sectors.  


Expanding the potential of African entrepreneurs 

In recent years, as markets shift and stagnate in most other geographies, investors are waking up to Africa’s huge economic potential. Across the continent, an increasingly favorable political environment, a young, highly motivated workforce and significant infrastructure improvements are converging to create an atmosphere of exciting possibilities. In the first half of 2022, venture capital investments in Africa reached USD 3.5 billion – a 133% increase compared to 2021. 

 This new wave of African development is being spearheaded by local entrepreneurs with firsthand knowledge of their customers’ needs and challenges. According to Els Boerhof, one of Goodwell’s managing partners: “Our mission-driven investment philosophy delivers both financial and social returns by taking an extremely local approach. Our repeated success is directly connected to working closely with our portfolio companies, bringing together both regional expertise and access to a global business network.” 


Purpose and profit combine to boost economic inclusion 

Despite the positive outlook for the continent as a whole, Africa’s recent prosperity has not translated into better living standards for the majority of its citizens. uMunthu II will invest in companies that deliver affordable basic high-quality goods and services to un(der)served populations. The diversified investment portfolio will focus on financial inclusion (35%), food and agriculture (25%), and mobility and logistics (15%), with a secondary focus on healthcare, education and energy.  

The fund will be co-managed by Alitheia Capital, Goodwell’s long-term investment partner based in Lagos, Nigeria. To date, the fund has received EUR 50 million in commitments from private investors, family offices and foundations. The capital will be channeled into at least 35 new portfolio companies.  


uMunthu II builds on Goodwell’s proven track record 

With 15 years’ experience leading impact-focused investments in Africa and India, uMunthu II is Goodwell’s latest fund to support inclusive growth. It is expected to continue the consistent excellent results of its predecessor funds which combined significant social impact with double digit internal rates of return, including 10 exits. To date, the company’s 35 existing portfolio companies have provided over EUR 2.5 billion worth of financial services to over 30 million households, directly created 35,000 jobs and reach consumers in 47 countries.  


About Goodwell 

Goodwell Investments is a pioneering impact investment firm focused on inclusive growth in sectors providing basic goods and services and income generation opportunities to underserved communities in Africa and India. The firm provides early-stage equity to high growth, high impact businesses. With teams in Kenya, Nigeria, South Africa and the Netherlands and a track record of over fifteen years, Goodwell demonstrates the ability to simultaneously deliver significant social impact and strong financial returns.  

Learn more at 


For additional information and interview requests, please contact: 

Nico Blaauw 

Director of Investor Relations and Marketing Communications 



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