“We finance motivated entrepreneurs solving everyday issues within their communities, focusing on scalable, early-growth companies delivering social and financial returns.”
Goodwell Investments is one of Africa's longest-tenured impact investors, founded in 2006 by Wim van der Beek in Amsterdam. The firm has been investing in African entrepreneurs for nearly two decades, and its portfolio companies have reached 39 million households in 68 countries delivering food, financial services, and transportation solutions. That track record, spanning multiple economic cycles, currency crises, and political transitions, is rare among Africa-focused investors.
The flagship vehicle for Africa is the uMunthu II fund, launched with a €150 million target and achieving a €57 million first close. uMunthu II is managed jointly with Alitheia Capital (led by Tokunboh Ishmael in Lagos), which is their third collaborative fund since 2011. This Goodwell-Alitheia partnership combines Amsterdam-based institutional fundraising with Lagos and Johannesburg-based deal sourcing and portfolio management, giving the fund both global LP access and deep local presence.
Goodwell also operates several other vehicles: Goodwell VI (a new foundation-stage vehicle), a Growth Capital Fund, and the IYBA WE4A fund focused on female entrepreneurs. This multi-fund structure means the firm can invest across stages, from seed through growth, and can support portfolio companies with follow-on capital as they scale.
The firm's investment thesis centers on "inclusive growth," which means backing companies that provide basic goods and services (food, financial services, transportation, healthcare, housing) to underserved populations in Africa. The team is especially strong in fintech, where they have a deep portfolio including MFS Africa/Onafriq (co-led the $100M Series C), Paga, and Inclusivity Solutions. They also invest in agriculture (Tomato Jos, Complete Farmer, Good Nature Agro, Chicoa Fish Farm), mobility and logistics (MAX, Haul247, OmniRetail), and waste management (Hinckley Recycling).
Managing Partner Els Boerhof co-leads the firm alongside founder Wim van der Beek, and the regional teams are led by experienced investors including Lilian Oyando (Associate Partner, Nairobi) and Neo Maruatona Ratau (Associate Partner, South Africa).
| Name | Role | X/Twitter | |
|---|---|---|---|
| Wim van der Beek | Founder and Managing Partner | linkedin.com/in/wimvanderbeek | @wellgoodwim |
| Els Boerhof | Managing Partner | Not disclosed | Not disclosed |
| Lilian Oyando | Associate Partner (Nairobi) | Not disclosed | Not disclosed |
| Neo Maruatona Ratau | Associate Partner (South Africa) | Not disclosed | Not disclosed |