(Ecofin Agency) - 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