Goodwell Investments and Alitheia Capital have announced the first close of the uMunthu II Fund at $60 million. The fund, managed by Goodwell Investments, aims to catalyze sustainable socio-economic development and empower underserved communities across the continent. Umunthu II’s first close marks a significant milestone in its mission to address the financing gap faced by impact-driven enterprises in Africa.

The fund’s capital raise was led by a diverse group of international investors. With the funding, Umunthu II is well-positioned to provide crucial support to inclusive businesses that address social and environmental challenges while generating financial returns. The fund’s investment strategy focuses on sectors such as financial services, agriculture, healthcare, and clean energy, targeting companies that have the potential to generate sustainable impact at scale.