Invest International commits €10m to new Goodwell fund

Invest International is putting €10 million into uMunthu II, Goodwell’s latest venture capital fund. The aim of this fund is to help African startups grow and expand internationally.

uMunthu II gives money and direct help to the companies it invests in. In the first round of funding, €57 million was raised out of a total target of €150 million. The main goal is to help Africa’s growing population get access to essential goods and services like food, energy, transport, education, or mobile banking.

Els Boerhof, managing partner of Goodwell said, ”The foundations of the African economy are strengthening thanks to a growing ambitious young population and rapid expansion of digital infrastructure that enables innovative companies to reach large groups of consumers that lack access to affordable basic products and services. We are more optimistic than ever at the opportunities this provides for inclusive high-growth companies on the African continent, especially now that companies in other sectors and markets are facing challenging times. The past few years have once again proven that African companies with this social impact can withstand turbulent times while doing well financially.”