Finance

Invest International invests $10.8M in uMunthu II fund to support African SMEs

Invest International invests $10.8M in uMunthu II fund to support African SMEs
Friday, 07 July 2023 21:11

Barely a month after its first closing at €57 million, the venture capital fund uMunthu II has a new investor. The arrival and consequent investment will help Goodwell, co-manager of uMunthu II, expand its portfolio of companies.

On July 4, Invest International announced a €10 million ($10.8 million) investment in uMunthu II. This investment is part of the fund's initial closing, supporting the global growth of early-stage and growth-stage startups.

By the end of May 2023, uMunthu II received $57 million in commitments. However, it continues to raise funds with the aim of securing a minimum of €150 million within two years. The venture capital fund will use the money to expand its portfolio to approximately 30 to 35 companies across the continent.

Invest International, uMunthu II’s latest investor, is owned by the Dutch Ministry of Finance (51%) and the Dutch development finance institution FMO (49%). The new investor said the move aimed to help Dutch companies find growth markets in Africa. "Goodwell has a strong presence in Africa. This partnership extends our reach into emerging markets and directly connects the Dutch business community to growth opportunities in the agri-food sector and other sectors," Eelco Benink from Invest International, explained.

Launched in November 2022, the uMunthu II fund is co-managed by Goodwell Investments and the Nigerian investment firm Alitheia Capital. At its launch, the fund received commitments of around €50 million from private investors, family offices, and foundations. The first closing of uMunthu II was announced at the end of May 2023, with a total of €57 million raised.

Chamberline MOKO

On the same topic
• Togo’s GDP grew 17.7% in Q4 2024• Agriculture, construction, services drove sharp year-end rebound• Electricity, hospitality, and public sector saw...
• Morocco’s Jobzyn secures pre-seed funding from pan-African fund Janngo Capital.• Startup uses AI to match candidates, assess soft skills, and streamline...
• Acumen rolls out second KawiSafi fund with $90 million capital, $40 million secured.• Fund targets 50 million people, avoiding 50 million...
Africa registered a 12% increase in international tourist arrivals in H1 2025, the highest global growth. North Africa and Sub-Saharan Africa...
Most Read
01

Zenith Bank picks Côte d’Ivoire for $90M debut into Francophone Africa, confirming ambition t...

Zenith Bank Moves to the WAEMU/CEMAC  $92.4 Billion Loan Book Appeal, When Half Seats Are Taken
02

• Benin’s FeexPay and Côte d’Ivoire’s Cinetpay receive BCEAO payment service licenses• Both firms ex...

WAEMU fintech industry strengthens with two new BCEAO regulatory approvals
03

Nigeria’s fintech landscape has undergone a seismic shift in recent years, driven largely by persist...

In Nigerian, Bank Technology Failures Pushed OPay and PalmPay to Leadership in Daily Payments
04

Niger’s economy grew 10.3% in 2024 and is projected to expand 6.6% in 2025. Yet non-performin...

Niger’s rapid growth shadowed by fragile banking sector
05

• WAEMU posts 0.9% deflation in July, second month in a row• Food, hospitality prices drop; alcohol,...

WAEMU Region Records Second Straight Month of Deflation, at -0.9% in July 
Enter your email to receive our newsletter

Ecofin Agency provides daily coverage of nine key African economic sectors: public management, finance, telecoms, agribusiness, mining, energy, transport, communication, and education.
It also designs and manages specialized media, both online and print, for African institutions and publishers.

SALES & ADVERTISING

regie@agenceecofin.com 
Tél: +41 22 301 96 11 
Mob: +41 78 699 13 72


EDITORIAL
redaction@agenceecofin.com

More information
Team
Publisher

ECOFIN AGENCY

Mediamania Sarl
Rue du Léman, 6
1201 Geneva
Switzerland

 

Ecofin Agency is a sector-focused economic news agency, founded in December 2010. Its web platform was launched in June 2011. ©Mediamania.

 
 

Please publish modules in offcanvas position.