Netherlands-based Goodwell Investments recently launched the uMunthu II fund with USD 52 million raised and a goal for it to reach three times that volume. The fund will target about 35 small and medium-sized businesses reaching underserved consumers in Africa, including about one third financial services providers, one quarter food-related businesses and the remainder in transportation, health, education and energy. Nigeria’s Alitheia Capital will co-manage uMunthu II.
Goodwell Managing Partner Els Boerhof cited the firm’s “mission-driven investment philosophy [that] delivers both financial and social returns by taking an extremely local approach.”
Goodwell, which is active in Africa and India, reports that the fund’s predecessors are generating “double-digit internal rates of return, including 10 exits.”
Sources and Additional Resources
Goodwell press release
https://www.goodwell.nl/news/goodwell-fuels-the-next-wave-of-african-innovation-with-eur-150-million-fund/
Alitheia homepage
http://thealitheia.com
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