Mark Shuttleworth & HBD Príncipe: Investment and Withdrawal

South African entrepreneur Mark Shuttleworth and his enterprise HBD Príncipe became central figures in Príncipe Island's modern development trajectory. Shuttleworth's involvement, beginning in 2009, evolved from a personal conservation vision into a multi-million Euro investment focused on integrated ecotourism and agroforestry. In October 2025, HBD announced its withdrawal from the island, citing political discord.

Mark Shuttleworth: Background

Early Career

Mark Shuttleworth is a South African technology billionaire known for combining political conviction with business acumen and challenging perceived impossibilities. He studied Economics at the University of Cape Town before entering the emerging internet business.

At age 22, Shuttleworth founded Thawte in his parents' garage, focusing on electronic commerce security, identity certificates, and digital signatures. In 1999, just four years after founding the company, he sold Thawte and its patents to the major Silicon Valley firm VeriSign. After distributing €150,000 bonuses to each of his 50 employees, Shuttleworth retained a personal fortune exceeding €500 million (approximately $500 million). He was sometimes referred to as the "South African Bill Gates."

Post-Wealth Ventures

Following his financial success, Shuttleworth established several ventures aligned with his social and ideological goals. He founded HBD, an investment company dedicated to innovation and technological start-ups. He also created the Shuttleworth Foundation, a non-profit organization promoting education, information technology access, and social transformation projects, including free educational software.

Shuttleworth became what he describes as a "militant of free software," launching the development of Ubuntu, an open-source and free operating system designed to compete directly with Microsoft Windows and Apple iOS through his company Canonical Ltd. His work on Ubuntu reflects his fundamental belief that every person should have access to technology to change the world.

Space Tourism and Philosophical Shift

In 2002, at age 29, Shuttleworth spent €20 million to secure a place aboard the Russian Soyuz TM-34 spacecraft, becoming the second space tourist in history and the first African in space. Nelson Mandela dubbed him the "Afronaut," while Príncipe locals would later call him "Homem da Lua" (Man of the Moon).

This space experience fundamentally influenced his vision and life direction. While observing Earth from orbit, he became profoundly aware of the planet's fragility, its small size in the cosmos, and the scale of human impact on its ecosystems. This epiphany compelled him to pursue a new, seemingly impossible objective: to prove that wealth creation is possible without destroying nature.

HBD Príncipe: The Project

Founding (2009-2011)

Shuttleworth arrived on Príncipe in his private jet in 2009, searching for a wild island where he could realize his conservationist vision. He found not only extraordinary natural beauty but also a unique population he felt deserved to benefit from their environment.

A critical catalyst event occurred in 2010 when the national government proposed clearing over 1,000 hectares in the island's north for palm oil plantations. The Regional Government, led by President Tozé Cassandra, rejected this proposal in favor of Shuttleworth's alternative vision of development based on nature conservation. Shuttleworth was impressed by what he described as the "care, courtesy, and sincerity" of the political dialogue at the time.

HBD Príncipe (originally HBD-Boa Vida, short for "Here Be Dragons") was officially founded in 2010 as an ecotourism and agroforestry company. The name derives from the medieval cartographers' phrase "here be dragons," symbolizing the company's commitment to maintaining Príncipe as a unique, wild, and unexplored place while simultaneously creating financially sustainable initiatives. An investment agreement was formally signed in May 2011, with the total planned investment reported at nearly €100 million (approximately $100 million or more) over the subsequent years.

Operations & Impact

Tourism Properties

HBD's operations extend far beyond typical luxury tourism, focusing on sustainable development, employment, and infrastructure improvement. The company owns or manages several high-end, boutique hotels unified under the Príncipe Collection brand. On Príncipe itself, these include the flagship Bom Bom Island Resort (acquired from the original Dutch owners and closed for renovation as of 2024/2025), Sundy Praia, the renovated plantation hotel Roça Sundy, and holdings at Roça Paciência. On São Tomé, HBD owns the Omali Lodge. The company's tourism model emphasizes a low-impact footprint, with plans for no more than 100 rooms total across all resorts.

Employment & Economic Impact

HBD became the largest private employer on the island, providing employment for between 400 and over 500 local residents, representing approximately one-third of the island's workforce. According to some sources, nearly 80% of the population benefited from HBD-created jobs either directly or indirectly. This influx of employment opportunities helped reduce the island's unemployment rate to 7% by 2014 and, crucially, reversed the decades-long trend of population decline that had plagued Príncipe.

Infrastructure Investment

HBD was responsible for major infrastructure improvements that transformed the island's connectivity and accessibility. The most significant project was a comprehensive overhaul of Príncipe airport, including construction of a new runway, valued at €16-17 million. The company also invested heavily in the restoration of Roça Sundy and other culturally significant buildings in Santo António. Additional projects included agricultural development through agroforestry initiatives, improvements to roads and water infrastructure, and the provision of internet access in schools across the island.

Social Development

The company's commitment to social development manifested in numerous educational and housing initiatives. HBD financed the construction of schools and provided extensive professional training and education programmes for local residents. This included funding English language professors for both secondary schools and adult night classes, recognizing the importance of language skills for the tourism sector and broader economic participation.

In terms of housing, HBD financed home construction and led the resettlement of vulnerable families from Roça Sundy to a new sustainable community called Terra Prometida (Promised Land). This housing project, developed in partnership with UN-Habitat, was inaugurated in August 2023 and represented a significant achievement in providing dignified, sustainable housing for island residents.

Conservation & Standards

HBD's investment model emphasized environmental sustainability and ethical business practices. The company conducted environmental impact studies based on high international standards, such as those established by the World Bank, and actively supported the island's successful bid for designation as a UNESCO Biosphere Reserve in 2012. The company mandated strict ethical standards across all operations, requiring that all expenditure be fully documented, refusing to pay bribes (locally known as "luvas"), and prohibiting any form of discrimination in hiring or business practices.

Shuttleworth established Fundação Príncipe in 2015 as the environmental and social arm of HBD, originally known as Príncipe Trust. The foundation became fully independent in 2016 and focuses on biodiversity conservation, scientific research, and community engagement. In 2025, HBD announced plans to launch a Natural Dividend project designed to financially reward islanders for conservation efforts, intended as a potential replicable model for sustainable development across Africa.

Withdrawal (October 2025)

In October 2025, HBD Príncipe announced the cessation of new investments and its withdrawal from the island. Shuttleworth communicated this decision in a letter to the Regional Government, citing an increasingly contentious political environment as the primary reason for the company's departure.

Stated Reasons

Shuttleworth noted that if "strong leadership factions" genuinely believed HBD's work stemmed from bad faith with neo-colonial intentions, it would be more respectful of Príncipe's autonomy to withdraw entirely. He expressed his unwillingness to continue as a factor of discord in Príncipe's political or societal affairs, feeling that his team was being viewed as "do-gooders and punching bags" depending on political convenience. He observed that political leaders had come to take HBD's substantial investments for granted while simultaneously criticizing the company on social media platforms.

Shuttleworth reiterated that his work on Príncipe had never been purely commercial in motivation but rather an attempt to establish and prove a viable sustainable economic model that could benefit both nature and local communities. The mounting political tensions and accusations made continuing this mission untenable.

Transition Plan

Despite the abrupt nature of the announcement, Shuttleworth instructed his team to work cooperatively with the government to identify alternative investors who could assume control of the ecotourism and agriculture businesses. The goal was to ensure a "graceful and smooth transition back into the hands of Príncipe," minimizing disruption to the island's economy and the hundreds of employees whose livelihoods depended on HBD operations.

Commentators and economic analysts regarded the withdrawal as a "disaster for the regional and national economy," given HBD's role as the island's primary private employer and major infrastructure investor. The departure represented not merely the loss of a single company but the potential unraveling of 15 years of integrated development work that had fundamentally reshaped Príncipe's economic landscape, employment opportunities, and conservation infrastructure.