Goodwell raises $24.8m fund for inclusive economy in Africa

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Impact investing firm Goodwell Investments has raised EUR20 million (US$24.8 million) from over 30 investors for investments in the inclusive economy in Sub-Saharan Africa.

Goodwell invests in young, fast growing companies that offer products and services to unserved people to meet their increasing demand for affordable and quality basic products.

Its African portfolio companies include Nigeria’s Paga and South African startups Nomanini and WhereIsMyTransport.

The new Goodwell III investment fund is built on a portfolio that is spread across various impact sectors and regions in Sub-Saharan Africa. Half of the fund will be invested in financial services, and the other half in agriculture, health and sanitation, energy, transport and education.

“Investment in the financial sector is crucial as it is the driving force behind a thriving local economy. This gives businesses the best leverage and opportunities to scale up. Goodwell’s extensive network in this sector and successful track record from predecessor funds, allows the company to be a trusted and insightful mentor within the impact investment space,” the company said.

“Economic and social developments are rapidly changing the face of Africa. Still, millions of people are excluded from accessible and adequate basic goods and services, such as financial services, energy or health care. Goodwell is convinced that if un(der)served consumers had access to these basic services, it would contribute to a more sustainable and inclusive society. This objective is best achieved by providing capital and management support to companies that deliver these products and services.”

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Passionate about the vibrant tech startups scene in Africa, Tom can usually be found sniffing out the continent's most exciting new companies and entrepreneurs, funding rounds and any other developments within the growing ecosystem.

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