Aruwa Capital Management raises $35m for its second funding round

Lagos-based early-stage growth equity firm, Aruwa Capital Management, has raised $35 million in its second round of funding.

The company, has therefore, hit 90% of its $40 million target for Aruwa Capital Fund II, its second fund.

With a maximum of $60 million, the gender-lens investing firm is thinking about expanding the fund to $50 million due to high institutional demand.

Importantly, the fund’s backers include organizations that support gender lens investing to close the significant funding gap for African women entrepreneurs.

The fund was made possible by contributions from key international development finance institutions and individual investors.

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In collaboration with investors such as the Mastercard Foundation, Visa Foundation, and Nigeria’s Bank of Industry, Aruwa Capital prioritizes women-led enterprises, concentrates on Small and Medium Enterprises (SMEs) in Ghana and Nigeria, and seeks to propel growth through impact and rigorous due diligence.

According to Aruwa Capital’s founder and Managing Partner, Adesuwa Okunbo Rhodes, the development shows confidence in the company’s capacity to carry out its investment thesis.

“Our strategic positioning is reaffirmed by our diverse pool of local and international LPs,” she stated.

Aruwa Capital was established in 2019 by Adesuwa, and it specializes in early-stage development investments in companies that are either headed or serviced by women.

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