Aruwa Capital Year in Review 2023

2023 was a transformative year for Aruwa Capital, we celebrated numerous pinch me moments. We are pleased to see our impact continue to expand with our portfolio of 10 investments supporting over 167,000 direct and indirect jobs. Our commitment to gender lens investing remains evident with 70% of our companies being female founded or female led.

Amidst these achievements and new level of growth, our steadfast commitment to closing the funding gap for SMEs and under-represented founders remains unwavering.

We made two new investments into Fastizers, a local manufacturer of snack foods and confectioneries in Nigeria and Mdaas Global, a cutting edge tech-enabled healthcare company. We also made a follow-on investment into Omniretail, a tech enabled B2B e-commerce company. These investments fortified our commitment to investing in indigenous, female-founded or gender-diverse businesses providing critical goods and services in our markets.

In 2023, our portfolio companies not only thrived but have become beacons of positive change, leaving an indelible mark on Africa’s landscape. From groundbreaking innovations to key strategic partnerships, each achievement is a testament to the collective hardwork and dedication.

• Koolboks, signed strategic partnerships with Orange, Association of Community Pharmacists of Nigeria (ACPN), Fan Milk Danone Nigeria, launched the first Pay as You Go solar refrigerator Assembly Plant in Sub-Saharan Africa in Nigeria, secured a $1.5 million grant from Fonds français pour l’environnement mondial (FFEM), among other groundbreaking achievements.
• Agroeknor, achieved accreditation as one of the eight companies in Nigeria permitted to export hibiscus directly to Mexico, a significant milestone in international trade for Agroeknor maximising its profitability and enabling the Company to achieve c.5x revenue growth in 2023
• Wemy industries, was awarded the Best baby diapers manufacturing company in Africa by the African Brand Congress, among many others (read more on our newsletter linked below)

We also partnered with Ford Foundation to provide grants to selected portfolio companies to improve gender diversity within their operations. Some of which are- $20,000 grant to our portfolio company Taeillo in collaboration with Impact HER for their TWEP programme, $20,000 grant to Fastizers through their Independent Sales Agents (ISA) programme, $25,000 grant to Agroeknor for their Farmers Education and Empowerment Program (FEEP) to provide support for women smallholder farmers in Northern Nigeria, etc.

Aruwa Fund II Launch: Doubling down on the success so far of Aruwa Capital Fund I, we have launched our $40 million Fund II, charting a course towards greater heights in the African investment landscape. With the same focus on untapped and overlooked sectors of the economy, our vision for Fund II is poised to continue to redefine possibilities.

In 2023, we received notable accolades, including two major awards which underscored our trailblazing position, inspiring the entire Aruwa Capital team to continue defy expectations.

Throughout the year, there were numerous individual recognitions for our Founder, Adesuwa Okunbo Rhodes further attesting to the leadership and vision that propels Aruwa Capital to the forefront of the African investment landscape.

• 150 EKO Aspire Women IWD Award from the Executive Governor of Lagos State
• 2 time Choiseul 100 Africa Laureate
• Recognized by Black YPO group as the Youngest Female PE Fund Manager to launch her own fund at just 29 years old.(see more in our newsletter linked below)

We welcomed 5 new members to the Aruwa Team. This is a testament to our commitment to assembling a diverse and dynamic team dedicated to driving innovation, making impactful investments, and fostering positive change.

As we wrap up the highlights of 2023, we express our gratitude for the successes achieved, collaborations and partnerships.

With the launch of Aruwa Capital Fund II, we eagerly anticipate the forthcoming chapter of closing Fund II in the coming year, propelling us towards new milestones and welcoming exceptional portfolio additions.

The journey ahead holds the promise of further growth, innovation, and continued success for Aruwa Capital Management. We say thank you for being an integral part of our evolving narrative.

Read more on our newsletter- http://eepurl.com/iGPZrk