Investment Firm Aruwa Capital successfully raises $35 million aimed at enhancing women-focused enterprises throughout West Africa.
In recent months, Aruwa Capital Fund II, a gender-focused private equity fund targeting Nigeria and Ghana, has made significant strides in fundraising and portfolio investment. As of July 2025, the fund has raised $35 million, achieving 90% of its target fundraising goal.
This impressive achievement demonstrates strong investor confidence and solidifies Aruwa Capital Fund II’s position as a leading gender-lens investor in the region. The fund is likely to continue outreach to complete its final tranche, further expanding its capital base for future investments.
Notably, Aruwa Capital Fund II was the sole investor in a $1.5 million equity investment into Yikodeen Company Limited, a Nigeria-based manufacturer of safety and industrial footwear. This investment is designed to support Yikodeen’s factory operations, new machinery acquisition, increased production capacity, and market expansion.
The fund's focus on women-led businesses is evident in its portfolio, with 73% of companies supported by Aruwa funds being founded or led by women. Aruwa Capital Fund II has also made another investment in Toasties, a rapidly expanding casual dining chain.
Aruwa Capital Fund II's investments range between $500,000 and $2.5 million, targeting key sectors vital to inclusive economic growth, including healthcare, energy access, financial services, and consumer goods.
The fund's success is a testament to the strong leadership of Adesuwa Okunbo Rhodes, the founder of Aruwa Capital Management, who boasts over ten years of investment banking and private equity experience at top global firms like J.P. Morgan. In recognition of her achievements, Aruwa Capital Management earned the 2023 2X Global Woman Manager of the Year award.
The fund has also earned the "Impact Investor of the Year 2023" award and has the support of esteemed organisations such as the Mastercard Foundation Africa Growth Fund, Visa Foundation, EDFI Management Company via the EU's Electrification Financing Initiative, and British International Investment (BII). Nigeria's Bank of Industry also became the fund's first local institutional investor.
With this funding round, Aruwa Capital Fund II has achieved 90% of its $40 million goal. The firm is exploring raising the target to $50 million, with a hard cap of $60 million planned for later this year. Together, both Aruwa funds have supported over 200,000 direct and indirect jobs.
Aruwa Capital Fund II is committed to promoting inclusive economic growth and empowering women entrepreneurs across Africa. The fund seeks to address the early-stage financing gap for women-led and gender-diverse enterprises in Nigeria and Ghana, positioning itself to deepen its impact on Nigeria’s and Ghana’s industrial and manufacturing landscapes.
- Aruwa Capital Fund II's success in raising $35 million demonstrates strong investor confidence, positioning it as a leading gender-lens investor in Nigeria and Ghana.
- The fund's focus on women-led businesses is evident, with 73% of companies supported by Aruwa funds being founded or led by women.
- Aruwa Capital Fund II's investments span key sectors vital to inclusive economic growth, including healthcare, energy access, financial services, and consumer goods.
- In education and self-development, Adesuwa Okunbo Rhodes, the founder of Aruwa Capital Management, was recognized as the 2023 2X Global Woman Manager of the Year.
