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Alitheia IDF, an SME investment fund for businesses with high-growth in Africa, has reached its second close at US$75 million and will announce its first investments soon. 

Alitheia invests in businesses that are majority-owned, majority-run, or mainly created to serve women.  

“Through these three main criteria, we apply a gender lens to invest in businesses across western and southern Africa,” said Temilade Denton, Impact and ESG manager at Alitheia Capital said.

Alitheia IDF is a joint venture fund established in 2014 between Alitheia Capital, private equity investment and advisory firm in Nigeria, and IDF Capital in South Africa.  

Alitheia Capital was founded by Olajumoke Akinwunmi and Tokunboh Ishmael.

The latter chairs the board of the Africa Venture Capital and Private Equity Association (AVCA). IDF Capital was founded in 2008 by Polo Leteka and counts Shell and Telkom among its investors. 

The fund’s priority sectors for this fund are agriculture, agro-processing, and in companies that provide essential goods and services.  

Read other related articles: The rise of “femtech” in Africa

It will provide capital of between two and five million dollars to high potential mid-sized companies in 6 countries: Nigeria, Ghana, South Africa, Lesotho, Zimbabwe, and Zambia. 

“We are excited about this fund,” Denton says, noting that it has taken the firm quite some time to accomplish their fund target.  

Alitheia IDF had an initial target of US$100 million. The Africa Development Bank (AfDB) seeded it with an equity investment of US$12.5 million in December 2015.  

In November 2019, FinDev Canada, the development finance institution for Canada, made a US$7.5 million investment in the fund. 

Denton is upbeat that the fund will make a difference in the private equity investment space as there are not many other firms seeking to particularly target women-centered businesses. 

The fund is expected to invest in about 12 SMEs with the potential to scale beyond their countries of origin.  Some of its target outcomes include creating 5,000 jobs for women and providing up to 100,000 women with access to essential products and services. 

Apart from the Alitheia IDF fund, Alitheia Capital is a West African investment partner for Goodwell Investments, a Netherlands-based early stage investment firm in financial services and tech companies in India and Africa. 

Through Goodwell’s funds, Alitheia has invested in Paga, and Lidya, the fintech company that expanded operations to Poland and Lithuania in October 2019. 


Nichole Manhire

Is the media and brand manager at GFA News. She works very closely with editors and podcasters that contribute to telling the African business success story. For marketing and advertising send Nichole an email:

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