Goodwell Investments, an impact investment firm focusing on emerging markets, has started a new EUR 150 million (about $153 million) fund.
According to the organization, this fund will concentrate on assisting high-impact African SMEs to increase their market share and make their products and services more affordable and accessible to underserved African markets.
The Goodwell Investment fund, known as uMunthu II, places a significant emphasis on inclusive growth and sustainable development throughout Africa. The fund has staff members in South Africa, Kenya, and Nigeria.
So far, foundations, family offices, and individual investors have pledged 50 million euros to the fund. At least 35 new businesses will benefit from the fund.
The company also said that 35% of the fund would go to financial inclusion, 25% to agriculture, and another 25% to mobility and logistics. Healthcare, education, and energy will also be given some attention.
The uMunthu II will invest in enterprises that provide un(der)served populations with low-cost, essential, high-quality goods and services, as well as in local entrepreneurs who understand their customers’ needs and difficulties.
Goodwell’s current portfolio firms have serviced over 30 million families with financial services worth more than $2.5 billion, reaching clients in 47 countries. They have also provided direct assistance to 35,000 employees.
According to Techloy, Alithea Capital, Goodwell’s long-term investment partner based in Lagos, Nigeria, will co-manage the uMunthu II fund.