press release

| 30-05-2023

uMunthu II announces first close with EUR 57 million for inclusive businesses in Africa

Emerging markets provide growth opportunities during uncertain economic times.

AMSTERDAM, 30 May 2023 – Goodwell Investments and its long-standing partner Alitheia Capital are proud to announce that a mixed group of investors are joining the journey to finance inclusive growth in Africa. Their involvement endorses the organisations’ optimism about the impactful opportunities on the continent, at a time when businesses in other geographies are struggling. By committing EUR 57 million to the first close, this collection of family offices, private investors, and institutional investors has created significant momentum for Goodwell’s latest uMunthu II fund, which is expected to reach its final close within two years, with a minimum target of EUR 150 million.

Goodwell and Alitheia are very optimistic about current growth opportunities in developing markets, especially on the African continent. The market fundamentals are strong with a very young rising population and rapidly expanding digital infrastructure, allowing for innovative business models to reach mass markets of consumers with more money to spend.

According to Els Boerhof, managing partner of Goodwell: “The challenge is that even with this progress, millions of households lack access to affordable basic goods and services. At the same time, this group has significant buying power. The African market provides a huge opportunity for impact and economic growth, especially during turbulent economic times, as we learned once again during recent crises. African economies and specifically inclusive businesses that provide essential products are highly resilient and continue to grow, contrary to global developments. Because crisis or not, unmet demand for basic goods and services on the continent will rise for an ever-growing group of underserved users.”

Building on nearly twenty years of experience in impact investing, Goodwell Investments and Alitheia Capital will focus on closing this gap in Africa by investing in local entrepreneurs and providing local solutions to local issues. The investments will be managed by women-led investment teams based in the same regions as the entrepreneurs they work with.

‘Tokunboh Ishmael, co-founder and managing director of Alitheia Capital comments: “uMunthu II will tap into the huge potential of inclusive businesses that provide high-quality, reasonably priced goods and services for underserved low-income groups, such as food, housing, transportation, and healthcare. Improving access to these essentials directly links to increasing participation in social and economic networks and improving livelihoods. Funding from uMunthu II will enable these innovative entrepreneurs to build businesses that reach millions of underserved end-users while delivering positive social and environmental impact and market-rate financial returns.”

Despite growth opportunities, African entrepreneurs need more funding to reach their potential. Venture capitalists injected a record USD 6.5 billion into the 54 African countries in 2022. Yet that pales in comparison to the USD 200 billion raised in the United States alone that same year. uMunthu II is specifically investing in early and growth-stage SMEs, and actively seeking out women-led businesses because currently only 15% of venture capital funding is going to companies founded and or led by women.

A strong uMunthu II portfolio is taking shape, as one of the anchoring feeder funds has already invested in nine companies, including CopiaChicoa Fish FarmSendyGood Nature AgroInstill Education and Origen Fresh, which are indicative of the overall strategy to invest in high-impact sectors.

In addition to growing the uMunthu II portfolio, Goodwell aims to welcome new family offices and institutional investors to its network who are looking for growth opportunities that match their impact and financial objectives and who understand the huge potential for creating social and environmental impact on the African continent while delivering competitive financial returns.


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 provides 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 information and interview requests, please contact: 

Nico Blaauw 

Director of Investor Relations and Marketing Communications 

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