Aruwa Capital Management, the Lagos-based, female-founded and gender-lens early-stage investor, has secured $35 million at the second close of its second fund—Aruwa Capital Fund II—bringing it to 90% of its $40 million target. This milestone enables the firm to double down on its strategy of backing high-growth, impact-driven businesses that are transforming key industries in Nigeria and Ghana.
The fund has attracted a mix of returning and new limited partners, including Mastercard Foundation Africa Growth Fund, Visa Foundation, Bank of Industry, British International Investment, and EDFI Management Company through its Electrification Financing Initiative (ElectriFI).
Last year, Aruwa made its inaugural investment in Ghana, backing Revna Biosciences, a precision medicine and advanced diagnostics company that delivers affordable, high-quality molecular diagnostics services. The company has become the first facility in Ghana—and the first in West Africa—to secure dual ISO accreditations for clinical diagnostics and biobanking, marking a key milestone for the region’s healthcare infrastructure.
Aruwa typically invests between $1 million and $3 million per company. The fund focuses on businesses operating in healthcare, energy access, financial services, food, and agribusiness sectors, which it sees as offering strong potential for scalable growth and long-term social impact.
Fund I’s portfolio of 11 companies has achieved notable growth, with average revenue increasing 22 times (in local currency) since investment. More than 200,000 direct and indirect jobs are being supported, with 73% of the businesses founded or led by women.
So far, Fund II has made two investments: Yikodeen, a Nigerian manufacturer of safety boots, and a fast-growing fast-casual restaurant chain.
Aruwa plans to increase the fund’s target size to $50 million, with a hard cap of $60 million, to bring on additional global institutional investors and expand its footprint.
