Investment firm GOODsoil, known for funding Zeepay and BezoMoney, concludes operations without raising a second fund.
In a significant move, Ghana-based venture capital firm GOODsoil VC has announced it will not be raising a follow-up fund, marking the end of its initial mandate and a turning point in Ghana's early-stage investment landscape [1][2]. The firm, founded in 2017, has been a prominent player in the African venture capital scene, focusing on providing early-stage capital to African tech and tech-enabled startups [4].
Charmaine Hayden, co-founder and managing partner at GOODsoil VC, has framed this decision as both the closing of a chapter and the beginning of a new journey [1][2]. She plans to take time for reflection before determining her next move [1]. Hayden, who is known for her commitment to supporting startups led by minority founders, has expressed openness to pursuing advisory and board roles, particularly with organizations focused on sectors aligned with her experience and values [3].
GOODsoil VC has made a lasting impact on the African venture capital landscape, having invested in several major African startups, including Zeepay, BezoMoney, Zuberi, and BetPawa [5]. The firm unveiled its flagship $67.5 million fund in 2020 with the goal of backing over 50 startups across Africa [6].
The closure of GOODsoil VC comes at a time of debate within Africa's venture capital ecosystem about sustainability, manager incentives, and the rising importance of local capital [8]. The increasing importance of local capital and the need for investors who offer more than just capital are trends that are likely to continue shaping the African venture capital landscape [7].
The debate, growing competition, and the emergence of new funds could shape the future of early-stage investment in Africa. As Hayden steps back from her role at GOODsoil VC, her future contributions to Africa's entrepreneurial ecosystem are open to new forms of engagement [1][2].
GOODsoil VC's founding team includes Charmaine Hayden, Orla Enright, Ashley Thompson-MacCarthy, and Richard Mensah, with 50% of its leadership being female and 75% Black [4]. The firm has received recognition, including being named Venture Company of the Year at the 2022 Africa Startup Ecosystem Builders Awards.
As Africa's tech industry continues to grow, the role of venture capital firms like GOODsoil VC will remain crucial in fostering and supporting the next generation of African startups. With Hayden's continued involvement in the ecosystem, Africa's entrepreneurial journey is set to continue from a new perspective.
[1] https://www.techcrunch.com/2023/02/15/goodsoil-vc-to-shut-down-after-completing-flagship-fund/ [2] https://www.ventureburn.com/2023/02/goodsoil-vc-shuts-down-after-completing-flagship-fund/ [3] https://www.techtimes.com/articles/278983/20230215/charmaine-hayden-goodsoil-vc-next-move.htm [4] https://www.goodsoilvc.com/team [5] https://www.goodsoilvc.com/portfolio [6] https://www.techcrunch.com/2020/02/27/goodsoil-vc-raises-67-5m-to-back-african-startups/ [7] https://www.forbes.com/sites/carlosmila/2022/08/05/the-importance-of-local-capital-in-africas-venture-capital-landscape/?sh=7891c45c652b [8] https://www.ventureburn.com/2023/02/goodsoil-vc-shuts-down-after-completing-flagship-fund/
- The decision to end GOODsoil VC's operations marks a significant milestone in the evolution of Ghana's investment landscape and the African venture capital landscape as a whole.
- Charmaine Hayden, a notable figure in the African startup ecosystem, is considering advisory and board roles, particularly in organizations that align with her experience and values, after stepping back from her position at GOODsoil VC.
- As part of its mission, GOODsoil VC has supported numerous major African startups, such as Zeepay, BezoMoney, Zuberi, and BetPawa, and has been instrumental in shaping the African venture capital landscape.
- The future of early-stage investing in Africa might be influenced by ongoing debates, growing competition, and the emergence of new funds, with Charmaine Hayden's involvement in the ecosystem expected to continue shaping Africa's entrepreneurial journey from a new perspective.
