Invest International, a company jointly owned by the Dutch Ministry of Finance (51%) and the Dutch development finance institution FMO (49%), announced that it would give uMunthu II €10 million ($10.8 million. This commitment is a significant part of the initial closing of the venture capital fund, which aims to support the global expansion of early-stage and growth-stage startups.
Having received $57 million in commitments as of the end of May 2023, uMunthu II is actively raising additional funds to reach at least €150 million within the next two years. This capital infusion will enable the venture capital fund, co-managed by Goodwell Investments and Nigerian investment firm Alitheia Capital, to expand its portfolio of companies across Africa. The fund aims to invest in approximately 30 to 35 companies as part of its growth strategy.
Invest International’s involvement in uMunthu II will facilitate growth opportunities for Dutch companies in African markets, particularly in agri-food and other industries, by leveraging Goodwell Investments’ strong presence in Africa. Eelco Benink from Invest International emphasized the partnership’s significance in connecting the Dutch business community with emerging markets.
The uMunthu II fund was unveiled in November 2022, and during its launch, it garnered commitments of around €50 million from private investors, family offices, and foundations. Recently, at the end of May 2023, uMunthu II announced the fund’s first closing, successfully raising a total of €57 million.