uMunthu II
uMunthu II furthers Goodwell’s vision of a more inclusive world, where no one is left behind. By investing in sectors providing essential goods and services to underserved communities across Africa, this fund has huge impact and financial ambitions. While the fund is now closed, Goodwell is actively managing the uMunthu II portfolio, enabling these companies to expand, further professionalise business operations, and reach their full potential.
Financing impactful African innovators
uMunthu II raised EUR 61 million, providing smart equity to early growth stage companies in financial services, food and agriculture, mobility and logistics, and other high-impact sectors, with a strong focus on the digital economy. Building on the successes of its predecessor fund, uMunthu II has invested in 15 portfolio companies reaching 13 countries. Thanks to a diverse, impact-minded investor base of development finance institutions, institutional investors, private wealth, and family offices, these investees are creating better jobs, stronger livelihoods, and more inclusive business ecosystems across the continent.
€61m
Funding raised
4
Key sectors
15
Portfolio companies (including write-offs)
13
Countries reached
Sub-Saharan Africa
Geographical focus
Sept 2025
Final close
IRR 20%
Target returns
Portfolio companies
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A new way to create lasting impact
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