GOODsoil VC, an early-stage venture capital firm based in Ghana, has recently announced the successful deployment of its flagship $67.5 million fund. This milestone marks the end of a significant chapter in the firm’s history, as they have confirmed that they will not be raising a follow-up fund.
The news was shared by Charmaine Hayden, co-founder and managing partner at GOODsoil VC, who described this moment as the closing of one chapter and the beginning of a new journey. Founded in 2017, GOODsoil VC quickly made a name for itself by focusing on providing early-stage capital to African tech and tech-enabled startups, particularly those led by minority founders. The firm’s diverse leadership team, with 50% female and 75% Black representation, set them apart in the region’s venture capital landscape.
In 2020, GOODsoil VC launched their $67.5 million fund with the aim of supporting over 50 startups across Africa. Some of their notable investments include Zeepay, BezoMoney, Zuberi, and BetPawa, all of which have become significant players in their respective industries. Despite receiving accolades such as being named Venture Company of the Year at the 2022 Africa Startup Ecosystem Builders Awards, GOODsoil’s decision not to raise another fund signals a shift in Ghana’s early-stage investment scene.
As GOODsoil VC wraps up its fund management operations, Charmaine Hayden plans to take time for reflection before deciding on her next steps. She expressed a preference for alignment and meaningful challenges over speed or title, hinting at potential advisory and board roles in organizations focusing on international expansion or public-private investment strategies.
The closure of GOODsoil VC comes at a time when the African venture capital ecosystem is grappling with issues of fund sustainability, manager incentives, and the importance of local capital in funding startups. With new funds emerging with specific strategies and founders seeking investors beyond just capital, the competition in the early-stage African venture capital space is intensifying.
Though the next chapter for Hayden and her co-founders remains unwritten, their influence on Africa’s entrepreneurial journey is bound to continue from a fresh perspective. GOODsoil VC’s legacy as a values-driven investor committed to catalyzing Africa’s entrepreneurial ecosystems will undoubtedly leave a lasting impact on the region’s startup landscape.
