Over the next decade, Africa is expected to continue to be home to some of the fastest-growing economies in the world. A growing youth population, together with rapid urbanization and improving business environments across the continent, are contributing to an increase in purchasing power and rising household consumption predicted to reach $2.5 trillion by 2030. At least a third of the fund will go to startups in financial inclusion, a quarter in agriculture, and the remainder in mobility and other impact sectors such as education and healthcare. Goodwell V will also allocate follow-on funding to existing portfolio companies, such as Copia, MFS Africa, Good Nature Agro, Tomato Jos, and Nomanini. “When we met Goodwell, in 2011, we were still at a very early stage and had no formal institutional investors on board,” said Tayo Oviosu, founder and CEO of Paga, a Goodwell Investments’ portfolio company. “The first investment by Goodwell enabled us to kick-start our journey, and the second one in 2015 further accelerated our growth. In 2020 we passed the mark for 17 million users, whom we serve through a network of over 35,000 agents. We see the opportunity to connect every adult in Nigeria to financial services, and we are delighted Goodwell see things the same way!”
