GOODsoil VC, a Ghana-based early-stage venture capital firm, has officially completed the full deployment of its $67.5 million flagship fund.
The firm, which launched in 2017 and gained prominence for backing minority-led startups, will not raise a follow-up fund.
Why it matters
GOODsoil was among Ghana’s most visible VC firms, known for its inclusive leadership and values-driven approach. Its decision not to raise another fund marks a pivotal shift in Ghana’s and Africa’s early-stage investment ecosystem.
Driving the news:
- Charmaine Hayden, co-founder and managing partner, confirmed the news, calling it “the closing of a chapter and the beginning of a new journey.”
- The firm, which included Hayden, Orla Enright, Ashley Thompson-MacCarthy, and Richard Mensah, prioritized diversity — with 50% female and 75% Black leadership.
- GOODsoil was recognized as Venture Company of the Year at the 2022 Africa Startup Ecosystem Builders Awards.
Investment track record
Since launching the fund in 2020, GOODsoil has backed over 50 startups, including:
- Zeepay – a cross-border payments platform
- BezoMoney – a digital bank for the unbanked
- Zuberi – a wage access and financial wellness platform
- BetPawa – a pan-African online sports betting firm
What’s next:
- Hayden said she plans to take time to reflect before determining her next move.
- She’s open to advisory and board roles, especially with organizations focused on international expansion or public-private investment strategies.
- “Going forward, it’s about meaningful alignment — not just momentum,” she said.
Zoom out
The closure comes amid rising questions about VC fund sustainability in Africa — particularly around GP incentives and the availability of local capital.
Ghana’s startup ecosystem continues to grow, but funding is still largely dominated by international and pan-African firms.
Source: Tech in Africa
