Aruwa Capital Management


May 2022

ARUWA and WEMY $25,000 Female Distributor Grant

As part of our continuous support to Wemy in its next phase of growth, we were happy to present a $25,000 grant to her new and existing female distributors, to promote women’s economic empowerment and further drive gender diversity in their value chain.

March 2022

Aruwa Capital invests in Koolboks

We are pleased to announce our investment into Koolboks, a technology-enabled renewable energy refrigeration company that provides cost-effective cooling to business owners, particularly women, in off-grid areas in Nigeria and globally. This investment aligns with so many of our values in terms of our gender lens, ESG and impact objectives. In line with Aruwa’s gender lens investing strategy, Koolboks is co-founded by a woman, has a 67% female representation in its management team and 73% of its B2C customer base are women.


Aruwa Capital invests in Crowdforce

Aruwa Capital is pleased to announce its investment into Crowdforce, a leading financial services distribution network in Nigeria facilitating delivery of banking services to last-mile customers in rural areas, serving the underserved and unbanked population in Nigeria. We see significant value in the Company’s product as it is solving a real problem by providing access to critical financial services in rural areas that have been overlooked by traditional financial institutions historically. The Company is actively deepening financial inclusion through its products and services, and has unique competitive advantages through its proprietary technology and extensive agent distribution network across the country.


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.


Gender Smart Investing Guide

Aruwa Capital Management was featured in this research report that seeks to provide tools, resources, data, and practical advice on how to get started or scale up allocations to backing first-time fund managers.


Feature on Top Tier Impact Interview Series

Adesuwa was featured on TTI where she discussed how access and inclusion in the economy for women and people of colour does not only generate positive impact but also commercial returns.


17th African Private Equity and Venture Capital Association (AVCA) Conference

Adesuwa was a speaker at the annual AVCA conference alongside amazing investors including, Polo Leteka, Runa Alam and LPs at the forefront of the 2X challenge from CDC Group plc and the IFC. She spoke about the work we are doing at Aruwa Capital Management as one of the local pioneer growth equity and gender lens funds investing in Nigeria and Ghana.


Shifting Capital Podcast

Adesuwa was invited as a guest on the first episode of Shifting Capital podcast where she shared insights on her experience as one of the pioneer women-owned and -led growth equity and gender lens funds on the African continent, success stories from the Aruwa Capital portfolio to close the finance gap for women in Africa – and as a result – close gender gaps across our societies. Access the podcast here:


HBR Research on How Adding Women to the C-Suite Changes How Companies Think

“Our study begins to explore those mechanisms, finding that when women are appointed to the C-suite, they catalyze fundamental shifts in the top management team’s risk tolerance, openness to change, and focus on M&As versus R&D.”


Aruwa Capital invests in Lifestores Healthcare

Aruwa Capital is pleased to announce its investment into Lifestores Healthcare, a technology enabled pharmaceutical marketplace with a retail pharmacy footprint in Nigeria. Read the full press release here.


100 Women in Finance FundWomen Series

Adesuwa and Ulrika Robertson; COO and Co-Founder of Impactus Partners were interviewed for the global FundWomen series on the challenges women face when raising capital and gender lens investing as a tool for achieving both superior returns and positive social impact.


Aruwa Capital Management Cover Feature in Business Africa Online e-Magazine

Adesuwa was featured on the cover of the International Women's Day 2021 edition where she was interviewed on her work with Aruwa Capital Management and her mission to close the gender financing gap in Africa. Access the report here: (PDF in folder)


International Women’s Day Feature by UBS Group

Aruwa Capital Management was featured in a report by global UBS Investment Banking group; UBS as part of its International Women’s Day campaign. The report highlighted the importance of closing the funding gap for women and how this can be a great opportunity for investors.


Stanford SIR Article on How Foundations Can Invest More in Diverse Managers

Stanford SIR Article on How Foundations Can Invest More in Diverse Managers “Foundations and impact investors need to face the ways they are complicit in perpetuating inequality through their capital allocations, and upend five structural investment barriers to better serve women and people of color.”


COVID-19 & Gender Lens Investing in Nigeria

Aruwa Capital Management is invited by the Impact Investors Foundation to share thoughts on Covid-19 and Gender Lens Investing in Africa, specifically the role of women owned funds in the recovery


Business Day CEO Forum

Adesuwa discussed on a panel the importance of impact investing in small and medium sized businesses the age of disruption. Fellow panelists included Jacqueline Novogratz of Acumen and Bola Asiru, Principal and Mastercard Advisors


Project Sage 3.0, global gender lens investing report is out

Aruwa Capital Management is one of the 14 funds interviewed globally and one of the 138 funds featured in this report highlighting the state of gender lens investing globally.


Black Women in Asset Management webinar on Black Women Funds

Aruwa Capital Management invited by Black Women in Asset Management to share on its experience on a panel, being one of the few black women owned funds globally.


Aruwa Capital AVCA member profile

African Private Equity and Venture Capital Association speaks to Adesuwa on the firm's ethos, investment model, investment wins and hopes for Africa's private capital industry & future.


VC Include & Skoll Foundation: Investing in Diverse Fund Managers

Aruwa Capital Management invited by VC Include and Skoll Foundation to participate in a webinar amongst selected GPs and LPs to shed light on some of the challenges, opportunities, and new models that stakeholders have developed to drive innovation, gender parity and higher returns in the VC, Impact, and Private Equity space.


SEO Conference New York with PEWIN

Aruwa Capital Management attends the Sponsors for Educational Opportunity Alternatives Investment Conference, a conference aimed at increasing access for professionals from backgrounds traditionally underrepresented in the alternative investments space. On the sidelines, Adesuwa caught up with Private Equity Women Investor Network, a member network of senior women within PE on the challenges of fundraising as a woman of colour and the importance of creating our own tables.


Aruwa invests into Wemy Industries

Aruwa Capital Management completes first investment in Nigeria’s first and only indigenous personal hygiene company. Wemy manufactures high quality and affordable daily disposable personal hygiene products mainly for women, girls, and babies, including sanitary pads, maternity pads, baby diapers, and wipes.