Invest International, jointly owned by the Dutch Ministry of Finance (51%) and the Dutch development finance institution, FMO (49%), announced on Tuesday, July 4, that it has committed €10 million ($10.8 million) to uMunthu II. This commitment is part of the first closing of the venture capital fund, which finances the international expansion of early-stage and growth-stage startups.
uMunthu II, which had received $57 million in commitments as of the end of May 2023, continues to raise funds with the aim of reaching a minimum of €150 million within two years. The funds obtained will allow this vehicle, co-managed by Goodwell Investments and Nigerian investment firm Alitheia Capital, to expand its portfolio of companies on the continent to approximately 30 to 35.
For Invest International, joining the circle of uMunthu II investors will support Dutch companies in their search for growth markets in Africa. “Goodwell has a strong presence in Africa. This partnership expands our reach in emerging markets and directly connects the Dutch business community to growth opportunities in the agri-food sector and other sectors,” explained Eelco Benink from Invest International.
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It should be noted that the uMunthu II fund was launched in November 2022. At that time, the fund announced 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.
uMunthu fund uMunthu fund
Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based lawyer, who has several years of experience working in Africa’s burgeoning tech startup industry. He has closed multi-million dollar deals bordering on venture capital, private equity, intellectual property (trademark, patent or design, etc.), mergers and acquisitions, in countries such as in the Delaware, New York, UK, Singapore, British Virgin Islands, South Africa, Nigeria etc. He’s also a corporate governance and cross-border data privacy and tax expert.
As an award-winning writer and researcher, he is passionate about telling the African startup story, and is one of the continent’s pioneers in this regard