Goodwell announces €57m first close

Goodwell Investments and Alitheia Capital have received €57 million in commitments for the first close of their uMunthu II fund. A diverse group of family offices, private, and institutional investors backed the fund, which targets a minimum total of €150 million within two years.

”The African market provides a huge opportunity for impact and economic growth,” said Els Boerhof, managing partner of Goodwell, noting that, despite economic progress, many households still lack affordable basic goods and services.

The fund plans to bridge this gap by investing in local entrepreneurs, offering local solutions to regional issues. It will notably target businesses providing essential goods and services to underserved low-income groups, such as food, housing, transportation, and healthcare.

The uMunthu II fund is set to invest specifically in early and growth-stage SMEs, with a focus on businesses led by women – a demographic currently receiving only 15% of venture capital funding.

The fund has already invested in nine companies, including Copia, Chicoa Fish Farm, and Sendy.