press release

| 03-07-2023

Invest International supports fast growing companies in Africa through a EUR 10 million investment in new Goodwell fund

Amsterdam, 3 July 2023 – Invest International and Goodwell Investments have teamed up to invest in uMunthu II, Goodwell’s new impact VC fund. This fund supports young, fast-growing African companies with their international expansion. A number of these companies will also contribute to the Dutch economy through, for example, exports in the agri-food sector.

uMunthu II provides risk capital and direct management support to the companies in which it invests. Invest International commits EUR 10 million at the first closing of EUR 57 million for uMunthu II, on a fund target of EUR 150 million. The key objective of the investments is to provide the fast growing population with access to essential products and services, such as food, energy, transport, education, or mobile payment and savings products.

Els Boerhof, managing partner of Goodwell: “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”.

Invest International’s investment aligns with its mission to support the Dutch business community in finding growth markets and contribute to the Sustainable Development Goals (SDGs). Eelco Benink, Head of Equity at Invest International: ‘We can only achieve the UN Sustainable Development Goals by working together. We look forward to working with Goodwell in Africa. Goodwell has a strong local presence, and this partnership extends our reach in emerging markets and links it directly to growth opportunities for the Dutch business community in the agro-food sector and other sectors”.

Goodwell Investment and its Nigerian partner Alitheia Capital, together with over 20 years of experience in impact investing, are now focusing on growing the portfolio to around 30 to 35 investments and expanding the circle of investors with family offices and institutional investors embracing the opportunities African countries and businesses offer.


About Goodwell Investments
Goodwell Investments is a pioneering impact investment firm focused on inclusive growth in sectors providing basic goods and services and income generation opportunities to underserved communities in Africa and India. The firm offers early-stage equity to high-growth, high-impact businesses. With teams in Kenya, Nigeria, South Africa, and the Netherlands and a track record of over fifteen years, Goodwell demonstrates the ability to deliver significant social impact and strong financial returns simultaneously.

About Alitheia Capital
Founded in 2007, Alitheia is a pioneering impact investing private equity firm based in Lagos State, Nigeria, that embodies the philosophy of true profit with a purpose. Alitheia invests private capital in SMEs that address business, social, or environmental needs and drives innovation by investing in businesses that use traditional and non-traditional channels to achieve social impact.

Alitheia and Goodwell Investments have joined forces since 2011. uMunthu II will be their third fund together.

For additional questions and interview requests, please contact:
Liz Keel, Manager Marketing and Communications, +31 631 744 339,

About Invest International
Invest International supports Dutch companies in the international financing of innovative solutions that contribute to the realization of the UN’s Sustainable Development Goals and the future earning capacity of BV Nederland. Hence its slogan, ‘Dutch Solutions for Global Challenges.’ The financial focus is on five sectors in which the Netherlands excel: Water & Infrastructure, Energy, Healthcare, Sustainable Production and Agri-food. Invest International is a state-owned company, a joint venture of the Dutch Ministry of Finance (51 percent) and the development bank FMO (49 percent). The head office is located in The Hague. More on:

Invest International:
Lianne de Vries, Marketing and Communications Strategist, +31 643209594,

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