Female Founded and Led, Aruwa Capital Management Announces Final Close on Fund I

Aruwa Capital Management (“Aruwa” or “Aruwa Capital”), a Lagos based female founded and led early-stage growth equity and gender lens investment fund, is pleased to announce the successful close of its first institutional fund, which was oversubscribed, surpassing its target of $20 million.

The fund’s first institutional and anchor investor is Visa Foundation, followed by other investors such as Mastercard Foundation Africa Growth Fund, Nyala Venture, backed by Financial Sector Deepening Africa Investments and leading family businesses from Africa, Europe and the United States.

Aruwa Capital Management was founded in 2019 by Adesuwa Okunbo Rhodes who has leveraged more than a decade of investment banking and private equity experience from leading global organisations such as J.P.Morgan.

Adesuwa started Aruwa to address the investment gap that women led enterprises face in Africa. They comprise 40% of all small and medium enterprises (SMEs),yet receive only 1% of startup capital1 due to the lack of female capital allocators in the region.

Through its investment strategy, the Fund aims to create more sustainable and scalable pathways for economic growth and inclusion in the region. The Fund will invest $500thousand to $2.5 million in women focused small and growing businesses in Nigeria and Ghana, targeting investments in critical sectors such as healthcare, fintech, renewable energy, and essential consumer goods.

Aruwa invests in innovative businesses, poised for scale, that provide essential goods and services to the rapidly expanding female economy, and businesses that are founded or led by women or have gender diverse teams.

To date, the Fund has made six investments, committing over 45% of its capital into a diversified portfolio of rapidly growing companies. Aruwa has established a reputation for rigorous investment selection and active hands-on support of management teams on the ground, to improve Company operations and performance.

Aruwa’s team is comprised of investment professionals and portfolio managers, based in Lagos, who combine international best practice skill sets from global institutions with deep local networks, and on the ground presence to unlock untapped investment opportunities.

Aruwa Capital

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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