Apply for funding
For investors

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.

uMunthu II achievements

€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

Being recognised for our work is always an honour.

A new way to create lasting impact

Goodwell is working on an exciting new fund that aims to deliver inclusive growth, climate impact, and competitive returns. Be among the first to know: sign up for our newsletter or contact us.

Connect with us

Get in touch

We’d love to get to know you and tell you more about what we do. Get in touch and we’ll set up a meeting, or sign up for the newsletter to hear the latest updates.

Phone us
Send us an email

Sign up for our newsletter

Never share sensitive information (credit card numbers, social security numbers, passwords) through this form.

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply

Related articles

Fund
October 2025

uMunthu II

Fund
October 2025

uMunthu II

Fund
October 2025

uMunthu II

Attenion

Important disclaimer

The information contained on this website:

1) should not be considered as an offer, or solicitation, to invest in any of the investments or funds mentioned herein, by anyone in any jurisdiction in which such offer or solicitation would be unlawful or in which the person making such offer or solicitation is not qualified to do so or to anyone to whom it is unlawful to make such offer or solicitation; and

2) is provided for information purposes only and is not intended to provide you with specific advice with respect to your financial, investment, tax, legal or accounting matters. For information specific to your situation you should consult your advisor or other appropriate investment, legal or accounting professionals.

The funds detailed on this website:

1) can be marketed in certain jurisdictions only. It is your responsibility to be aware of the applicable laws and regulations of your country of residence;

2) are not registered under the United States Securities Act of 1933, as amended, nor the United States Investment Company Act of 1940, as amended, and therefore may not directly or indirectly be offered or sold in the United States of America or any of its states, territories, possessions or other areas subject to its jurisdiction or to or for the benefit of a United States Person; and

3) may be subject to marketing restrictions pursuant to the EU Alternative Investment Fund Managers Directive (2011/61/EU)) (the “Directive”) as implemented by a EU member state. No fund will be offered in any member state to the extent that the fund: (i) is permitted to be marketed into the relevant member state pursuant to article 42 of the Directive (as implemented into local law); or (ii) can otherwise be lawfully offered or sold (including at the initiative of investors). In the case of any conflict between this notice and any notices in respect of marketing restrictions in individual member states set out in any document accessible through this website, this notice shall prevail.