Who We Are

Aruwa Capital Management is a 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 is unlocking untapped investment opportunities that have been historically overlooked due to the fact that women have not been in investment decision making roles. These untapped investment opportunities will generate strong financial returns as well as generate positive social impact and improve the quality of lives of millions of people in underserved and overlooked communities.

Meet Our Team

Adesuwa Okunbo Rhodes
Adesuwa Okunbo Rhodes
Founder & Managing Partner
Seye Kolawole
Seye Kolawole
Investment and Portfolio Manager
Kunle Akinola
Kunle Akinola
Senior Investment Associate
Nofan Obieromah
Nofan Obieromah
Investment Associate
Ayooluwa Aseweje
Ayooluwa Aseweje
Investment Analyst
Oluwatosin Olasoji
Oluwatosin Olasoji
Investment & Portfolio Manager
Kusumi Said
Kusumi Said
EA to the Founder & CEO

Investment Commitee

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.

The Opportunity


Gender balanced senior investment teams
generated 20% higher net IRR than funds
lacking in gender diversity

Source: IFC

28 (trillion)

Could be added to global GDP
by 2025 if the gender gap
is bridged.

Source: Mckinsey


Across 300 companies team switch
at least one female founder performed
63% better than all male founder teams

Source: First Round Capital


Women will be responsible
for 70% of all consumer
spending worldwide.

Source: Boston Consulting Group


For businesses founded and co-founded by
women, for every dollar of funding raised,
they delivered 2.5x more revenue than male
founded startups.

Source: Boston Consulting Group


Top quartile gender diverse executive teams
were 21% more likely to experience
above average profitability than companies
with low diversity.

Source: Mckinsey

Our Investment

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…


Agroeknor International

Sector: Consumer Goods and Wellness
Leading exporter of superfoods and consumer wellness brand.



Sector: Financial Technology
A leading financial services distribution network.



Sector: Cleantech / Renewable Energy
A technology-enabled renewable energy refrigeration company for off-grid areas.



Sector: Consumer Goods
A direct to consumer (D2C) tech-enabled manufacturer and retailer of afrocentric mass market and premium furniture



Sector: Consumer Goods
A tech enabled B2B e-commerce digitizing and revolutionizing informal trade in Africa.



Sector: Consumer Goods
A Leading indigenous manufacturer of snack foods and confectioneries in Nigeria.



Sector: Healthcare
A modern, tech-enabled healthcare company enabling clinically underserved communities access to quality and affordable healthcare and diagnostic services across Africa.