IMPACTASSETS 50™
An Annual Showcase of Impact Investment Fund Managers
ImpactAssets 50
An Annual Showcase of Impact Investment Fund Managers
Goodwell Investments BV
Firm Overview
Goodwell Investments is an impact investing firm focused on inclusive growth in emerging markets. Our vision is a world where basic goods and services are accessible to everyone, what we call an inclusive world that leaves no one behind. We invest in early-stage businesses which provide basic goods & services in sectors where low-income households spend most of their income, with a dual mission of financial returns and social impact. This includes sectors like Financial Inclusion, Agribusiness, Logistics, transport, mobility, education and healthcare. Since 2006, Goodwell has raised five funds, with investments across India and Africa. in our sixteen years investment experience, we have demonstrated the ability to simultaneously deliver strong financial returns and significant social impact. We achieve this through collaboration with our local teams in East Africa, Southern Africa & West Africa.
Years of Operation: 10 years or more
% of Capital from Top 3 Investors: 25% – 49%
Our investments support entrepreneurs and businesses that increase access to basic goods and services and income generation opportunities for the un(der)served. In doing so, we contribute to the Sustainable Development Goals and, more specifically, to the inclusive economy in emerging markets, while earning market-rate financial returns for our investors.
Goodwell Investments' current fund (uMunthu II) invests in inclusive growth through smart equity to scalable companies in their early growth stages, as well as hands-on support with local, indigenous teams. We have an ecosystem approach, investing across multiple sectors namely: 35% financial inclusion (including fintech), 25% food and agriculture,15% in mobility/logistics and the remaining 25% in other impact sectors such as health, education and energy. Geography: (currently) Africa, diversified across regions. Stage: invest in relatively early stages, capable of doing relatively small (initial) investments, providing hands-on support through local teams; typically the first institutional investor, providing a long runway and attracting new (co-)investors in follow-on rounds. Role of technology: Innovation-driven but not a tech fund; support brick-and-mortar businesses to become more efficient and grow faster, invest in tech businesses that apply proven technology solutions to bridge market gaps for underserved segments.
Experience and track record as an early-stage private equity investor in inclusive economies in developing markets. Our track record has been strong and consistent across all funds under management (over 38 portfolio companies to date). Importantly, our track record is balanced with minimal write-offs or negative IRRs. Diversification and traction: Our fourth fund (uMunthu I fund) offers a diversified portfolio of 20 companies (fully invested) across impact sectors and regions in Sub-Saharan Africa. Local presence, local teams: with a presence at four locations, Goodwell Investments has a strong, proprietary pipeline and closely monitors its investees while offering them hands-on support. Providing investees with a long runway, typically entering as the first institutional investor, guiding investees through growing pains, while attracting co-investors (that typically focus on later stage/larger investment sizes) thus growing the investee's investor base. Independent owner-managed investment firm.
Investment Example
Origen fresh is an Avocado oil processor that sources 2nd and 3rd grade avocado fruits (fresh export rejects) from small scale farmers in Kenya and processes them into crude avocado oil for export to refineries in Europe. Origen thus helps to reduce post-harvest losses by buying fruit that would otherwise have ended up as waste after households consume only a few kilos during harvest time owing to the perishability of the Avocado fruit. This increases farmer incomes by buying these avocados that would otherwise not fetch farmers any income. Agriculture is a sector that offers a great potential for poverty reduction and job creation, particularly among vulnerable rural populations and urban dwellers with limited job opportunities especially in emerging markets.
Leadership and Team
Wim van der Beek – Founder and Managing Partner More Info
Wim van der Beek is the founder and managing partner of Goodwell Investments. Within Goodwell he manages Aavishkaar Goodwell India Microfinance Development Company I and II. Wim also serves on the Board of AGIMDC II and the Board and Investment Committee of GWAMDC. In 2004 he decided to “walk his talk” and founded GIBV as an investment firm focused on high impact investment solutions. He has conducted in-depth research into the field of microfinance and social investments to lay the foundations for this impact investment firm. |
Els Boerhof – Managing Partner More Info
ls Boerhof is an investment professional with over 21 years of experience in development finance and cross border investments. Her time at Goodwell began in March 2008, when she joined as a partner and co-owner. She has since led the consolidation of the rm’s investment infrastructure and the launch of Goodwell’s Africa-focused funds. Within the firm, she is the lead for the Financial Inclusion sector. Under Els' guidance Goodwell’s Social Performance Management System is continuously being developed. Additionally, she sits on the boards of portfolio companies Women’s World Banking Ghana and Musoni Systems and also represents the Asian Development Bank on the board of Credit Access Asia Holding. |
Nico Blaauw – Partner More Info
Nico Blaauw is the Director of Investor Relations, Marketing, Communications and Communities at Goodwell Investments. Nico joined the Goodwell team in 2014 as Director of Marketing. His role is to intensify marketing and communications activities in line with Goodwell’s ambition to grow its investment portfolio in inclusive economy significantly over the next years. Prior to joining the Goodwell team, Nico worked as Director of Communications for various international companies in financial services and retail FMCG. Nico founded and led a management consultancy focused on increasing impact by moving towards more credible sustainable strategy rooted in relevant purpose and solid economics. In addition, he acts as a chairman for the Global Breath Foundation. |
Financial Performance
Impact Performance
Percentage of Total Assets Under
Management that are Impact Investments: |
100%
|
First and foremost, we invest in businesses that broaden access to fair, affordable, and high-quality basic goods and services to lower income groups. The very companies we invest in provide additional impact through their own business models. We also have an extensive ESG and impact framework that guides how we help create social impact using all the touchpoints of the investment process, from deal screening, due diligence, execution to post investment value addition work. We employ a built-in approach as opposed to a bolt on approach to social impact, ensuring the interaction of all key stakeholders with each other throughout the lifecycle of an investment. Post investment we track impact KPIs that encompass environmental, social, and governance metrics. We have a policy on exists too, that the impact we have created during the life of the investment should be preserved post exiting and ensure business continuity and sustainability
Definitely, as a firm we do not ascribe to an ‘impact first’ mindset rather the idea that impact is rooted in everything we do. Our impact centered mandate screens out pipeline opportunities that do not provide access or support to underserved communities. This includes reviewing the potential investments against the funds Exclusion List and assessing the ESG risk rating. Should an opportunity pass this first level the next step in our investment process is Deal Screening. Approval here leads to a deeper due diligence wherein the investment manager must complete a sector specific due diligence checklist which is informed by IFC’s best practice. The due diligence process should inform the value addition and ESG action plan. Each deal team leads the ESG sections and action plan creation but ESG lead provides oversight and support.
Impact Tracking and Monitoring
Learn More
Herengracht 201, 1016 Amsterdam, The Netherlands
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