The firm is continuing its focus on investing in fast-growing, high-impact businesses that are changing important sectors in Nigeria and Ghana.

This achievement already surpasses the size of Aruwa’s first fund, which closed in 2022 with a little over $20 million.

Fund II has attracted support from returning investors such as the Mastercard Foundation Africa Growth Fund and Visa Foundation, along with new backers including Nigeria’s Bank of Industry (BOI), British International Investment (BII), and EDFI Management Company, through the European Union’s Electrification Financing Initiative (ElectriFI).

Due to the strong interest from investors, Aruwa is preparing to increase its target from $40 million to $50 million, with a maximum cap of $60 million, before the end of the year.

The fund focuses on sectors like healthcare, energy access, financial services, food, and agribusiness.

Aruwa’s gender-focused investment strategy aims to not only deploy capital but to drive meaningful economic change across Africa.

Fund II has already made two investments: Yikodeen, a local manufacturer of safety boots, and a fast-casual dining chain in Nigeria.

Both companies are expected to contribute to expanding economic opportunities for women and promoting inclusive growth.

The success of Aruwa’s first fund is evident. The 11 companies backed by Fund I have grown their revenues by an average of 22 times since Aruwa’s initial investments.

Together, these businesses are responsible for supporting over 200,000 jobs directly and indirectly. Importantly, 73% of the companies in Fund I are either founded or led by women, showcasing Aruwa’s strong commitment to gender-lens investing.

Additionally, many companies from the first fund have raised more capital in later rounds, with valuations on average about seven times higher than when Aruwa first invested — demonstrating the firm’s ability to spot and nurture high-potential businesses early.

Investor Reactions

Dorothy Nyambi, President and CEO at MEDA, fund manager for the Mastercard Foundation Africa Growth Fund, praised Aruwa’s impact.

“Aruwa is proving that intentional, equity-driven investments can transform economies,” she said. “We are proud to be anchor investors in both Fund I and II, supporting the creation of over 200,000 jobs for African youth.”

Dr. Olasupo Olusi, Managing Director at Bank of Industry, said:

“We are proud to be Aruwa’s first local institutional investor. Their track record in filling SME funding gaps and attracting more capital is impressive.”

Rodrigo Madrazo, CEO of EDFI Management Company, highlighted the partnership’s importance for clean energy access.

“With EU support, we are excited to back Aruwa’s efforts to expand renewable energy in Nigeria and promote women’s participation in the green economy,” he said.

Benson Adenuga, Coverage Director and Head of Nigeria Office at British International Investment (BII), added, “We are happy to support Aruwa in bridging early-stage funding gaps, especially for women entrepreneurs in West Africa.”

Founder’s Statement

Adesuwa Okunbo Rhodes, Founder of Aruwa Capital Management, expressed gratitude for the strong investor support. “In a tough fundraising climate, raising 90% of our target and planning to expand the fund is a huge vote of confidence,” she said. “We are proud to have a diverse mix of local and international investors backing our mission to highlight the untapped potential of women across Africa.”