Goodwell Investments, a financial institution based in Amsterdam, Netherlands, has secured 20 million Euros ($24.9 million) from over 30 investors that will be used to support companies in Sub-Saharan Africa that cater to underserved members of society.
The firm stated that the investment fund is built on a portfolio that is spread across various impact sectors and regions in Sub-Saharan Africa. Goodwell explained that half of the fund will be invested in financial services while the other half in agriculture, health and sanitation, energy, transport and education.
The cash is the third part of a funding known as Goodwell III.
“We closed Goodwell III with EUR 20 million ($24.9 million) from over 30 investors. It will allow us to support even more fast-growing companies in Sub-Saharan Africa providing basic products and services to the underserved,” the company said in a recent statement.
Goodwell Investments is a pioneering investment firm focused on financial inclusion, financial technology (fintech) and inclusive growth in sectors providing basic goods and services and income generation opportunities to the underserved.
For more than a decade, Goodwell has raised five funds with over $100 million in the capital. Goodwell has invested equity in early-stage businesses in financial services and technology companies in India and Africa, ranging from classical microfinance to mobile payments, rural banking, affordable housing finance to merchant payment networks and public transport technology.
Goodwell’s portfolio companies have reached over 12 million households with more than $1.7 billion in financial products and services.
African portfolio companies in the fintech field include Nigeria’s Paga, South Africa’s Nomanini and Musoni Systems, a pan-African firm.
Goodwell has recently launched uMunthu, a new100 million Euro ($124.7 million) fund for Sub Sahara Africa, that will invest in financial inclusion, agribusiness and other inclusive growth sectors with a heavy focus on the digital economy.