Aruwa Capital Management


Changing the face of investing and entrepreneurship in Africa

About Us

Aruwa Capital Management is Lagos based, female founded and led, growth equity, impact investment company. As one of the few women owned investment houses on the entire African continent, the team have identified an untapped investment opportunity, investing in rapidly growing companies that either provide essential goods and services to the rapidly growing female economy or businesses that are founded or co-founded by women or have gender diverse teams.

Aruwa Capital Management was founded based on the conviction that the gender imbalance amongst capital allocators provides an untapped opportunity for women as capital allocators to invest in untapped segments of the economy with a natural competitive advantage.

With less than 10 private equity funds owned or led by a woman in the entire continent of Africa, Aruwa Capital Management aims to unlock untapped investment opportunities that have historically overlooked due to the fact that women have not been in investment decision making roles.

The team based in Lagos is led by the Founder, Adesuwa Okunbo Rhodes and combines international best practice skill sets from global institutions with deep local networks, operational know how and on the ground presence to unlock untapped investment opportunities. The team is made up of investment professionals and operators that understand how to support and improve businesses in our markets.


Adesuwa Okunbo Rhodes

Founder & Managing Partner

Ifeanyi Adah

Investment Professional

Chidinma Okoli

Investment Analyst

Ginika Obioha

Investment Analyst and Portfolio Manager

Investment Committee

The Investment Committee is composed of a high calibre and diverse group of investors and operators with significant investing and operating experience on the African continent.

Dotun Sulaiman

Hannah Subayi

Ramatoulaye Adama Diallo

Adesola Sotande-Peters

The Opportunity

Our Approach

We focus on investing in established, rapidly growing companies in the small to lower mid-market that operate in high-growth industries. These companies are too big for traditional venture capital but are too small for larger private equity funds. We invest in companies that have strong management teams and meet the following criteria:
  • Provides essential goods and services that cater to women
  • Founded or co-founded by a woman, has women within its workforce, senior management team or value chain
  • A positive attitude towards and active support of a diverse team
  • An annual turnover of at least $300-500k
  • Proven management team with a history of delivering the underlying business plan


Wemy Industries

Sector: Healthcare

An indigenous manufacturer of daily disposable personal hygiene goods

Lifestores Pharmacy

Sector: Healthcare

Pharmacy retail chain and technology enabled pharmacy marketplace


Sector: Financial Technology

Mission critical data infrastructure and machine learning models powering the next generation of financial services, ensuring an inclusive credit system

Agroeknor International

Sector: Consumer Goods and Wellness

Leading exporter of superfoods and consumer wellness brand


Aruwa Capital Management invests in Agroeknor International

Aruwa Capital is pleased to announce its investment into Agroeknor International, a leading exporter of superfoods and consumer wellness brand in Nigeria. This funding round will enable the Company acquire certifications for global food, safety and hygiene and also further digitise their value chain through technology enabled solutions. We are excited about the lives that will be transformed through the expansion especially the female farmers and other stakeholders in the value chain from end to end. We see significant value in the Company’s long term growth potential due to the pent up demand globally for Agroeknor’s health based products.

Aruwa Capital Management invests in Pngme

Aruwa Capital Management is pleased to announce its investment into Pngme that is powering the future of financial services in Africa. Pngme’s infrastructure has processed billions of data points from hundreds of financial institutions across sub-Saharan Africa and its application allows fintechs and other financial institutions collect alternative financial data at scale and unify it with other data sources to create a holistic picture of an individual's financial behaviour. Co founded by a woman, their technology and products ensure a healthy and inclusive credit system across the continent.

Aruwa Capital Management recognised amongst global leaders achieving UN SDGs

Adesuwa is recognised as one of this year’s MB100, an award celebrating leaders combining profit and purpose to help achieve the United Nations Global Goals. Other representatives from leading global organisations also received recognition. Firms such as Credit Suisse, Seedstars, Dangote Industries Limited, Google, IKEA amongst others.The award is led by Meaningful Business and sponsored by EY.

Aruwa portfolio company Wemy Industries interviewed by International Finance Corporation

CEO of Wemy talks to IFC about the strategic role local manufacturers can play in our markets that are still predominantly import led. In addition he gives a sneak peak to the Company’s backward integration strategy where Wemy will start locally manufacturing key raw materials that are shared across most of its SKUs.

Aruwa Capital featured in the July edition of Inclusive Business Action Network (iBAN) publication CLUED-iN

This month’s edition focused on what’s needed to support women founders and narrow the gender funding gap. Adesuwa contributed to an article titled “Creating More Tables, Not Just Seats At the Table: Narrowing the Funding Gap by Investing in Women Capital Allocators”

The edition also featured contributions from other thought leaders in the gender lens investing field such as Suzanne Biegel, Jessica Espinoza, Caroline Ashley, Ajaita Shah, Jona Repishti and many more

Consider yourself a fiduciary? Then it’s time to invest in Africa

A great article by Joseph Boateng, the CIO of Casey Family Programs in ImpactAlpha on why investing in Africa is so important in long term investment portfolios. Those that are not looking at investing in Africa now are not only limiting their opportunity and potential for outsized returns but also failing in their fiduciary responsibilities.