GOODsoil VC, a Ghana-based venture capital firm founded in 2017, has completed the deployment of its $67.5 million flagship fund and will not raise a follow-up fund.

Since launching its fund in 2020, GOODsoil has invested in over 50 startups across Africa, including notable companies like Zeepay, BezoMoney, Zuberi, and BetPawa.

The firm gained prominence for supporting minority-led startups, with a leadership team that is 50% female and 75% Black, emphasizing inclusive leadership.

GOODsoil VC was recognized as Venture Company of the Year at the 2022 Africa Startup Ecosystem Builders Awards, highlighting its impact in the region.

The closure of GOODsoil VC's fund raises questions about the sustainability of venture capital in Africa, particularly regarding local capital availability and general partner incentives.

Despite a growing startup ecosystem in Ghana, funding remains largely dominated by international and pan-African firms.

As competition in early-stage venture capital rises, new funds are increasingly focusing on specific sectors or regions, with founders seeking investors who offer more than just capital.

Charmaine Hayden, co-founder and managing partner, described the completion of the fund as both the end of a chapter and the start of a new journey for the firm.

Looking ahead, Hayden plans to reflect before deciding on her next steps, expressing interest in advisory and board roles focused on international expansion or public-private investment strategies.

Hayden expressed pride in the strategic investments made, despite some portfolio companies still being in early stages of growth.

The closure occurs amidst ongoing discussions about the sustainability of venture capital funds in Africa and the increasing role of local capital in funding startups.

GOODsoil VC's leadership structure emphasizes diversity, with a focus on supporting minority founders in the African tech startup landscape.