Netherlands-based Invest International recently committed EUR 10 million (USD 10.9 million) to the uMunthu II equity fund of Netherlands-based Goodwell Investments and Nigeria-based Alitheia Capital. The goal of uMunthu II is to generate market-rate returns by helping fast-growing small and medium-sized enterprises (SMEs) in Africa to expand internationally, leading to better access for low-income consumers “to essential products and services, such as food, energy, transport, education, or mobile payment and savings products.”
Goodwell Managing Partner Els Boerhof said, “The foundations of the African economy are strengthening thanks to a growing ambitious young population and rapid expansion of digital infrastructure that enables innovative companies to reach large groups of consumers that lack access to affordable basic products and services. We are more optimistic than ever at the opportunities this provides for inclusive high-growth companies on the African continent….”
Invest International Head of Equity Eelco Benink said this investment by his firm, “extends our reach in emerging markets and links it directly to growth opportunities for the Dutch business community in the agro-food sector and other sectors.”
Invest International is an investment firm that was established in 2021 and focuses on “Dutch solutions for global challenges.” Its placements span the agriculture, energy, infrastructure, medical, manufacturing and water sectors. The firm’s business model is to invest in both funds and SMEs to help them mature and then convene them to support progress toward the UN Sustainable Development Goals.
The uMunthu II fund is the successor to the uMunthu I fund, which reportedly created 2,000 jobs through investments in 20 portfolio companies serving 322 million people in 36 countries.
Goodwell, founded in the Netherlands in 2006, has offices in Kenya, Nigeria, South Africa and focuses on impact investing in regions such as Africa and India. In its efforts to meet “business, social and environmental needs,” it holds placements in 36 portfolio companies that serve 30 million customers in 72 countries.
Alitheia Capital was founded in 2007 in the city of Lagos. Through its management of four funds, the firm seeks to uplift SMEs, mainly in West Africa, while “embodying the philosophy of true profit with a purpose.”
By Anaya Jhaveri, Research Associate
Sources and Additional Resources
Goodwell press release
https://goodwell.nl/news/invest-international-supports-fast-growing-companies-in-africa-through-a-eur-10-million-investment-in-new-goodwell-fund/
Invest International homepage
https://investinternational.nl
Alitheia Capital homepage
https://www.aletheia-capital.com
Goodwell homepage
https://goodwell.nl
Goodwell description of uMunthu II
https://goodwell.nl/funds/umunthu-ii/
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