ImpactAlpha, November 23 — Dutch impact investor Goodwell Investments is looking to raise €150 million for its second uMunthu fund to invest in small and medium-sized businesses providing basic goods and services for underserved consumers in Africa.
“Across the continent, an increasingly favorable political environment, a young, highly motivated workforce and significant infrastructure improvements are converging to create an atmosphere of exciting possibilities,” the firm said.
With a first close of $51.5 million, Goodwell will invest in about three dozen portfolio companies. Target sectors: financial services, food and agriculture, mobility and logistics, healthcare, education and energy.
Lagos-based Alitheia Capital, a gender-focused fund and long-term investment partner of Goodwell, will co-manage the fund. Alitheia also co-manages a $100 million African gender-lens fund with South Africa-based IDF Capital.
Goodwell says its 35 portfolio companies in Africa and India have provided €2.5 billion worth of financial services to more than 30 million households, directly creating 35,000 jobs. Goodwell received commitments from family offices, foundations and other private investors for the new uMunthu fund.