- Goodwell Investments and Oxfam Novib announced the funding for the development of early-stage enterprises in East Africa.
In order to fill the “missing middle” in East Africa, Goodwell Investments and Oxfam Novib have announced a $22 million fund that will make investments in early-stage development enterprises that are having trouble getting funding from banks and investment institutions.
Goodwell Investments is an impact investment company that focuses on inclusive growth in industries that offer underprivileged populations in Africa and India access to basic products and services as well as chances for income generation. Without regard to gender, nationality, or skin color, Oxfam Novib supports those who work for a world where everyone has equal opportunity.
The fund, known as Pepea, is intended to support small and medium-sized enterprises (SMEs) with high-impact potential. According to a statement issued by the two organizations on Monday, it will assist young businesses in “taking off” and “flourishing” while also making a positive impact on a greener, more equitable, and more inclusive society.
Goodwell Investments will be in charge of managing Pepea’s daily operations. With the help of its skilled local investment managers, the potential for follow-on investments from other Goodwell funds, and most importantly, a shared mission to make a positive impact, Goodwell Investments will support the success of the fund and the growth of the portfolio.
The strategic direction of the fund is actively set and monitored by Oxfam Novib and Goodwell. The primary industries targeted by this new fund are waste management, clean transportation and logistics, sustainable agriculture, and energy. These industries supply many of the essential commodities and services that account for a sizable amount of household spending in lower-income neighborhoods.
According to the two organizations, Pepea is focusing on SMEs that promote the development of a greener, more equitable, and more gender-inclusive “human economy” that meets societal requirements while protecting the environment in order to increase the quality and affordability of these necessities.
The fund’s emphasis on diversity and inclusion also makes it the perfect channel for advancing the gender-lens investing strategies of Oxfam Novib and Goodwell.