Goodwell Investments Research
Investment Thesis
Goodwell Investments operates on a founding principle of "Do well by doing good." The firm is dedicated to improving access to high-quality goods and services for low-income and underserved populations across Africa and India. Rather than maximizing profits alone, Goodwell combines strong financial returns with measurable social impact, supporting entrepreneurs in building more inclusive economies within their communities.
The firm believes that African economies with inclusive business models—particularly those providing essential goods and services—demonstrate high resilience and continue to grow despite global economic volatility. This thesis is built on 20 years of investing experience (since 2004), demonstrating the viability of combining financial returns with transformative social impact.
Geographic Focus
Goodwell maintains a truly local approach with offices and investment teams across multiple African regions:
- East Africa: Office in Nairobi, Kenya (founded early in Goodwell's history)
- Southern Africa: Offices in Cape Town and Johannesburg, South Africa
- West Africa: Partnership with Alitheia Capital based in Nigeria
- Europe: Headquarters in Amsterdam, Netherlands with operations support team
Historically, the firm also invested in India (through Aavishkaar funds), which are now partially or fully exited.
Sector Focus and Investment Themes
Goodwell invests across four primary sectors that deliver essential services to underserved populations:
1. Financial Services (Priority Sector)
Goodwell prioritizes financial inclusion as a core investment thesis. Companies in this space provide savings, payments, insurance, and lending services to individuals and small businesses with limited access to traditional banking. The firm recognizes that financial inclusion is directly linked to lifting people out of extreme poverty and enabling broader economic participation.
Portfolio examples: Baobab (exited 2025 with 3x return), Paga, Onafriq, Inclusivity Solutions, Musoni, Oradian
2. Food and Agriculture
Agriculture is critical to African development, accounting for nearly 25% of national GDPs and employing over 50% of the population. However, the sector faces pressure from population growth, climate change, and biodiversity loss. Goodwell invests in companies strengthening the agricultural supply chain, supporting farmers, and increasing sustainable production.
Portfolio examples: Tomato Jos, Chicoa Fish Farm, Origen Fresh, Complete Farmer, Souk Farms, EA Foods, Good Nature Agro
3. Mobility and Logistics
Access to affordable and safe transportation is fundamental to economic development but severely lacking in many parts of Africa. Goodwell invests in digital solutions for mobility and logistics that serve low-income consumers and small businesses, reducing time and cost barriers to employment, education, and essential services.
Portfolio examples: MAX (ride-hailing), OmniRetail (small business digitalization), Haul247 (logistics efficiency)
4. Other High-Impact Sectors (Emerging)
With the latest uMunthu II fund, Goodwell is allocating approximately 25% to other high-impact sectors including energy, education, healthcare, female-led businesses, recycling, and waste management.
Portfolio examples: SparkMeter (electricity access), Hinckley (e-waste recycling)
Stage Focus and Check Size
Goodwell specializes in early growth stage investments, typically targeting companies with:
- Proven management teams with local experience
- Evidence of product-market fit or strong early traction
- Scalability potential with social impact
From API data: Check size range is $10,000 - $1,000,000 (€9,000 - €900,000), with most investments in the Seed and Series A range. The firm takes a "patient capital" approach, providing multiple follow-on investment rounds to maximize runway and impact.
Fund History and Current Activity
Goodwell manages multiple funds at different stages:
Active Funds (Actively Deploying):
- uMunthu II (€150M target): First close of €57M in May 2023, now actively investing. Open to new investors until August 2026. This is Goodwell's most ambitious fund, co-managed with Alitheia Capital.
- Goodwell V (€50M): A feeder fund targeting financial inclusion, agribusiness, and impactful SMEs in Africa
- Goodwell Impact Belgium II (€10M): A feeder fund for impact investing in Africa
Closed/Exited Funds:
- uMunthu I (€100M): Successfully deployed, now harvesting returns
- Goodwell IV, III, II, I: Closed funds with various deployment histories
- Aavishkaar I & II (India-focused): Fully or partially exited
- Goodwell West Africa I (€12M): Focused on microfinance in Nigeria and Ghana
Recent Activity and Track Record
2025 Highlights:
- March 2025: Successfully exited Baobab Nigeria with a 3x return, delivering an IRR of 39.3% (after 12-year hold). This was the first exit from the uMunthu Fund.
- Continued active deployment into portfolio companies across all four sectors
- Recent investments in Hinckley Recycling (e-waste) and OmniRetail (small business digitalization)
Historical Track Record:
- 11+ successful exits across 20 years of investing
- 36 current portfolio companies (as of 2024) with proven social impact
- €2.5 billion+ in financial services delivered to 30+ million households
- 35,000+ jobs created across portfolio
- 68 countries reached with impact from portfolio companies
- Notable market-rate financial returns, with recent exits achieving 3x-plus IRRs
Decision Process and Involvement
Goodwell operates with a partnership model:
Decision Making: Partnership-based with local investment teams leading deal identification and initial diligence. The firm has dedicated investment teams in Kenya, South Africa, and Nigeria (through Alitheia Capital) who understand local markets deeply. Final investment decisions involve the broader partnership.
Board and Ongoing Involvement: Goodwell provides significant operational support beyond capital:
- Board seat or observer role on invested companies
- Business expertise on strategy, planning, and governance
- Access to pan-African network of investors and advisors
- Assistance with further fundraising and capital sourcing
- Impact measurement and ESG reporting support
- Multi-round follow-on capital through reserved capital
Lead Tendency
Goodwell typically leads or co-leads early-stage rounds. The firm positions itself as a first institutional investor in many cases, particularly in East and Southern Africa where the firm has the deepest expertise. However, for growth-stage investments, the firm often participates in rounds led by other institutional investors.
Founder and Team Preferences
Goodwell explicitly seeks:
- Local, experienced entrepreneurs with deep understanding of their markets and communities
- Diverse founding teams, with active commitment to women-led business investment (noted in uMunthu II materials)
- Mission-driven founders who prioritize both social impact and financial sustainability
- Technical and operational expertise appropriate to the business model
- Teams with proven track records in their respective sectors
The firm has explicitly invested in strengthening local capacity and has built deep benches in Kenya, Nigeria, and South Africa through hiring experienced local investors.
Competitive Advantages and Positioning
- Local Expertise with Global Resources: Local investment teams paired with operational support from Amsterdam headquarters provides both regional insight and institutional capacity.
- Patient Capital Philosophy: Willingness to hold investments for 10+ years and provide multiple rounds of capital, unusual in venture capital
- Impact Integration: Social impact measurement is core to the investment thesis, not an afterthought
- Pan-African Network: Unique position with operations across East, West, and Southern Africa
- Sector Specialization: Deep domain expertise in financial inclusion, agriculture, and logistics as critical development levers
- Partnership with Alitheia Capital: The joint uMunthu II fund provides West African expertise and a proven co-investment partnership
Current Fund Status
uMunthu II is Goodwell's flagship current fund and the primary focus:
- Target size: €150M
- First close: €57M (May 2023)
- Status: Actively deploying with several investments completed
- Investment period open until August 2026
- Target: 35+ companies across all four sectors
- Geographic focus: Sub-Saharan Africa with emphasis on East, West, and Southern Africa
Warm Introduction Requirements
Based on the firm's positioning and stage focus, warm introductions would likely be valued but not strictly required for early-stage African entrepreneurs with strong local traction. The firm actively solicits applications through their website and has a formal "Apply for Funding" process.