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German GreenTec Capital invests in Sumundi, its first 2020 operation in Ghana

Tuesday, 05 May 2020 13:33
German GreenTec Capital invests in Sumundi, its first 2020 operation in Ghana

(Ecofin Agency) - German investment firm GreenTec Capital announced it has made its first commitment of the year 2020 in Ghana. The firm targeted the Sumundi platform which supports, develops, and facilitates the sales activities of retailers via inventory management and accounting software.

The size of the investment and details of the deal were not disclosed. GreenTec is investing in a company that works with more than 500 retailers in Ghana. Co-founded by partners Awura Abena Amponsah and Gilbert Blankson-Afful, Sumundi says it has to date raised nearly $1.2 million for small retail businesses.

Contributing 25% of the continent's GDP and generating nearly 60% of jobs, the retail sector is, according to GreenTec's management team, a promising area that could generate attractive returns.

Before Ghana, the German firm led by the duo Erick Yong and Thomas Festerling has been active in Kenya, Côte d'Ivoire, and Morocco.

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