Goodwell Investments, an impact investment firm focused on emerging markets, has launched a new EUR 150 million (~$153 million) fund.
According to the firm, this fund will focus on helping high-impact SMEs in Africa increase their market share and make their products and services more accessible and affordable for underserved African markets.
With local staff in South Africa, Kenya and Nigeria, the Goodwell Investment fund titled uMunthu II, is strongly focused on inclusive growth and sustainable development in Africa.
The fund has so far garnered commitments totalling 50 million euros from foundations, family offices, and individual investors and at least 35 new portfolio businesses will gain from the fund.
In addition, the firm disclosed that 35% of the fund will go towards financial inclusion, 25% to agriculture and another 25% to mobility and logistics, with a secondary focus on healthcare, education, and energy.
The uMunthu II will make investments in businesses that provide un(der)served populations with inexpensive, basic, high-quality goods and services as well as in local entrepreneurs that are aware of the needs and difficulties of their customers.
Goodwell's 35 current portfolio companies have reached customers in 47 countries and served over 30 million families with financial services valued at over ~$2.5 billion. They have also directly supported 35,000 employees.
Techloy gathered that the uMunthu II fund will be co-managed by Alithea Capital, Goodwell’s long-term investment partner based in Lagos, Nigeria.