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· Sep 5, 2018

Goodwell Investments announces new $23M fund for sub-saharan Africa

Goodwell Investments

The Netherlands based Goodwell Investments has announced the launch of a new fund. “Goodwell Investments has launched a new EUR 20 million (around $23 million) fund,” they wrote. This fund will go to investments in the “inclusive economy in Sub-Saharan Africa.”

According to Goodwell, the aim is to meet the “growing demand for impact investments” from private investors, family offices, and foundations.

Additionally, it follows the “many investor requests” they received following the closure of its predecessor fund earlier this year.

Also read: Nigeria’s Tizeti raises $3M to expand its wifi to other African countries

Dubbed Goodwell IV, the fund will look to “achieve maximum social impact”. Like its predecessors, they will be looking for “fast-growing companies.”

Founded in 2005, Goodwell Investments has raised 5 different funds. Altogether, the funds have an estimation of $100 million.

Half of the new fund will go to financial services according to Goodwell. Because the “financial sector is the driving force behind a thriving local economy.” The rest will go to agriculture, health and sanitation, energy, and transport.

“There is a specific focus on technology-driven solutions because technology, especially on the vast African continent, enables businesses to reach more consumers faster and at much lower cost.”

Goodwell’s past investments have been equity tagged with a strong emphasis on early-stage startups in India and Africa.

On their website, they list that they have made investments in at least 25 companies. The fund participated in Paga’s (Nigeria) both series A and B.

While Nomanini (South Africa) and Musoni Systems (pan-African), Oradian (Nigeria) and WhereIsMyTransport (pan-African) are among their other portfolio companies.

In April this year, Goodwell participated in MFS Africa’s (South Africa) $4.5 million Series B that was led by LUN Partners Group as well as Lidya’s (Nigeria) $6.9 million series B in May this year.

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