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
• Maritime sector faces renewed risks amid military tensions in the Middle East• Blockade fears at S...
Lebara Group is now bringing its affordable and reliable mobile services to Africa, starting with Ni...
• Google unveils Veo 3, its latest AI tool for ultra-realistic video generation• Experts warn deepfa...
In a West African financial landscape marked by tighter regulation of the fintech sector, digital fi...
• Gates Foundation commits $1.6 billion over five years to Gavi.• Bill Gates warns of rising ch...
Libya signed a deal with TPAO to restart offshore exploration across four maritime zones The NOC is marketing 22 blocks and shifting to more...
Congo launched a 30,000-ton oil plant with Eni to supply Italy’s biofuel production. The project will support 80,000 hectares of local crop...
West African Resources began gold production early at Burkina Faso’s Kiaka mine, set to yield 234,000 oz/year. The project aims to reverse...
Liberia ranks 9th in Africa’s 2024 Electricity Regulatory Index, up 28% since 2022. Reforms boosted scores, but power supply remains unreliable,...
In northern Ethiopia, in the Tigray region, lies Axum (also spelled Aksum), an ancient city that once stood at the heart of one of Africa’s most powerful...
Lake Natron, located in northern Tanzania near the Kenyan border, is one of the most extraordinary and extreme lakes in Africa. Fed primarily by the Ewaso...