Goodwill Investments and Oxam Novib have raised a $21M fund to invest in East African startups.
Its initial checks will range between $100,000 and $500,000, and follow-on investments of up to $1M.
The fund, officially named Pepea, will target early-stage businesses that have been operating for less than six years, are generating revenue, and have not raised capital.
- Pepea will mainly invest in startups that operate in verticals such as:
- finance,
- agriculture,
- and mobility.
- Goodwell currently has $337M worth of assets under management.
- The firm aims to invest in tech scenes in Kenya, Uganda, and Ethiopia.
