GOODsoil VC, an early-stage venture capital firm based in Ghana, has officially completed the full deployment of its flagship $67.5 million fund, marking the conclusion of one of Ghana’s most prominent VC operations. The firm has confirmed that it will not be raising a follow-up fund, signaling the end of a key chapter in its history.
The announcement came from Charmaine Hayden, co-founder and managing partner at GOODsoil VC, who framed the move as both the closing of a chapter and the beginning of a new journey.
Founded in 2017, GOODsoil VC quickly established itself with a clear focus on providing early-stage capital to African tech and tech-enabled startups, especially those led by minority founders. The firm’s founding team — which included Hayden, Orla Enright, Ashley Thompson-MacCarthy, and Richard Mensah — set itself apart from other players in the region’s venture capital space, with 50% of its leadership being female and 75% Black. This diversity, alongside its values-driven investment approach, positioned GOODsoil as an investor committed to catalyzing Africa’s entrepreneurial ecosystems.
In 2020, GOODsoil VC unveiled its $67.5 million fund with the goal of backing over 50 startups across Africa. Over the years, the firm has invested in a number of startups that have since become major players, including Zeepay, a cross-border payments company; BezoMoney, a digital bank catering to the unbanked; Zuberi, a wage access platform; and BetPawa, a pan-African online sports betting platform.
Despite receiving notable recognition — including being named Venture Company of the Year at the 2022 Africa Startup Ecosystem Builders Awards — GOODsoil’s decision not to raise a follow-on fund marks the end of its initial mandate and a turning point in Ghana’s early-stage investment landscape. Hayden acknowledged that while some of the portfolio companies are still in the early stages of their development, she feels proud of the firm’s “strategic bets.”
As GOODsoil winds down its fund management operations, Hayden has shared plans to take time for reflection before determining her next move. She emphasized that, going forward, she is prioritizing alignment and meaningful challenges over speed or title. She expressed a willingness to take on advisory and board roles, particularly for organizations focused on international expansion or public-private investment strategies.
The closure of GOODsoil VC comes at a time when there is increasing debate within Africa’s venture capital ecosystem about the sustainability of funds, the alignment of manager incentives, and the rising importance of local capital in financing startups. While Ghana has seen an uptick in tech activity, much of the early-stage investment in recent years has been driven by pan-African or international VCs.
GOODsoil’s closure also coincides with growing competition in the early-stage African venture capital space. New funds are emerging with sector-specific or geographically focused strategies, and founders are increasingly seeking investors who can offer more than just capital.
With the full deployment of its fund now complete, the next chapter for Hayden and her co-founders is yet to be written — one that could still significantly influence Africa’s entrepreneurial journey, albeit from a new perspective.
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