Aruwa Capital – Year in Review 2024

Aruwa Capital – Year in Review 2024

Celebrating a Year of Breaking Barriers and Setting New Benchmarks

2024 has been a year of remarkable progress for Aruwa Capital, highlighted by the successful first close of our $40 million sophomore fund, Aruwa Capital Fund II. We also launched our inaugural Impact Report, a significant milestone showcasing our commitment to transparency and positive change. We remained at the forefront of relevant industry conversations, sponsoring initiatives, participating in impactful events, and supporting transformative developments across our portfolio. We completed 3 new investments in healthcare and consumer goods. Our portfolio, with 77% women-led or founded companies, reflects our focus on diverse leadership and ownership. As we look to 2025, we remain committed to doubling down on intentional investments and making a lasting impact, and we are grateful for the continued support of our partners in driving positive change across Africa and beyond.

2024 Highlights

Shaping the Future: Our First Impact Report and Portfolio Growth

2024 was a pivotal year for Aruwa Capital, marked by the launch of our highly anticipated inaugural Impact Report. This milestone underscores our commitment to transparency and accountability as we continue to grow and make meaningful investments. The report provides a comprehensive look at the transformative impact we’ve had across our portfolio, highlighting the job creation, our gender-lens strategy and economic empowerment that define our approach. It also serves as a testament to the growth of our portfolio companies, as we continue to back businesses that create lasting value for communities across Africa.

Read our impact report here – https://docsend.com/v/kr9yh/aruwaimpactreport

Impact Unleashed: Portfolio Achievements
Amidst economic headwinds, our portfolio companies have not only risen above the challenges but have set new benchmarks, becoming powerful catalysts for positive change across Africa. From pioneering innovations to forging strategic partnerships, each success story reflects the strength of purpose-driven investments. These companies have demonstrated remarkable resilience, proving that impactful ventures can not only withstand adversity but also transform communities and drive sustainable development. Their achievements are a testament to the unwavering dedication and hard work that continue to fuel our commitment to creating long-term, meaningful change. Below, we highlight some of the key accomplishments that showcase how purpose-driven investments are shaping Africa’s future.

Omniretail

  • Omniretail was recognized as the fastest growing company in Africa by the financial times with an extraordinary absolute growth rate of 66,295% since 2019 growing by an impressive 772% YoY.

Read our newsletter here – https://mailchi.mp/aruwacapital/aruwa-portfolio-fastest-growing-companies?e=32b81183cc

  • Omniretail acquired Traction, a payment provider transforming solutions for small businesses in Nigeria. The newly combined entity is set to process over N1.8 trillion/ $1.1billon annually and enable loans worth N200billion/ $120million per year.
  • Omniretail won the startup of the year award at the Tech Ecosystem awards organized by Art of Technology Lagos.

Agroeknor

  • Agroeknor won the Portfolio company of the year-social impact award at the Private Equity Awards in London.
  • Timi Oke, Co-founder & CEO of Agroeknor was recognized as one the 2024 MB100 list by Meaningful Business.

View list here – https://meaningful.business/mb100-2024/

  • Agroeknor launched Yieldpro, an innovative tech-driven operating system designed to sustainably increase farm yields for smallholder farmers
  • Agroeknor launched the Olutoju springboard project in April 2024, in partnership with Olutoju, an instrumental project which empowered female agro processors in the states of Kano and Jigawa with essential tools needed to cultivate sustainable livelihoods. It was concluded on the 12th of September 2024.

Mdaas

  • Mdaas Global took healthcare innovation beyond borders by expanding into Francophone Africa, with new clinic in Douala Cameroon, its first centre outside Nigeria

Koolboks

  • Ayoola Dominic, Founder and CEO of Koolboks was recognised on the 2024 MB100 list by Meaningful Business, which honoured leaders who are combining profit and purpose to address pressing social and environmental challenges.

View list here – https://meaningful.business/mb100-2024/

  • Koolboks proudly received the Pioneer Award from the Solar Impulse Foundation for the Ijora Market Project, implemented with the unwavering support of Charm Impact and Powering Renewable Energy Opportunities.

Taeillo

  • Taeillo has entered an exciting new chapter with the grand opening of its latest showroom in the vibrant hub of Ikeja, Lagos. This stunning space reflects their dedication to design excellence and their mission to elevate contemporary Nigerian furniture.

Read more here – https://taeillo.com/blogs/post/a-celebration-of-timeless-design-and-exceptional-craftsmanship?srsltid=AfmBOoouf-5ARZAXz1u8tfdcMw5-uuf6ozYi3auOsCs_tccMSBQTp3N-

Watch Video here – https://www.youtube.com/watch?v=2PydmEJgQDM

Fairmoney

  • FairMoney, Africa’s leading neobank, was ranked as one of the fastest-growing companies in Africa according to the Financial Times, highlighting  the exceptional and resilient growth since its establishment in 2017.

Read more here – https://nairametrics.com/2024/05/18/financial-times-names-fairmoney-one-of-africas-top-fastest-growing-companies/

Investments
Follow on investment into Agroeknor

Aruwa Capital deepened its partnership with Agroeknor International through a follow-on investment. This funding supported the completion of a state-of-the-art fumigation chamber, expanded inventory to meet soaring global demand, and advanced product diversification efforts. Since our initial investment in 2021, Agroeknor has enrolled over 2,000 farmers in its Farmers Education and Empowerment Project (FEEP), enhancing farming practices and improving livelihoods, particularly for women in Northern Nigeria.

Read more here – http://eepurl.com/iTXbyQ

Follow on investment into Koolboks

In 2024, Aruwa Capital reaffirmed its commitment to Koolboks, a renewable energy refrigeration company transforming access to affordable cooling solutions in off-grid and underserved areas. This follow-on investment aims to fuel Koolboks’ mission to scale its impact, reduce spoilage in food and healthcare, and empower SMEs, many owned by women, with cost-effective, eco-friendly refrigeration.

New investments

In 2024, Aruwa Capital completed 3 new investments, one new investment from Aruwa Fund I and two new investments from Aruwa Capital Fund II. These investments were in healthcare and consumer goods and will be publicly announced in due course.

Fundraising
Aruwa Capital Fund II Update

We are thrilled to announce that Aruwa Fund II has successfully reached its first close, securing just over its $20 million target in capital from both new and existing partners and investors. This remarkable milestone is a testament to the shared belief in our vision of driving sustainable, inclusive growth through gender-lens investing. With Fund II, we are doubling down on our commitment to scaling impactful businesses, empowering communities, and fostering innovation across Africa. This first close represents not just an infusion of capital but a strengthened partnership with those who champion our mission. With the support of our investors, we are poised to accelerate job creation, promote gender diversity, and drive transformative growth in underserved markets. As we build momentum toward the final close, we are more determined than ever to deliver meaningful impact and create lasting value.

Awards and Recognitions in 2024
This year, Aruwa Capital proudly won a total of six prestigious awards, a testament to our unwavering commitment to excellence, innovation, and impact across Africa’s private equity landscape.

Portfolio Company of the Year – Social Impact

Agroeknor was honoured for its remarkable social impact, achieved through scaling operations, creating jobs, and supporting female smallholder farmers in Northern Nigeria. This award underscores the transformative potential of our investments.

Female Founder Award

Adesuwa Okunbo Rhodes was celebrated for her trailblazing leadership in closing the gender funding gap, receiving this honour from Kate Perkins of British International Investment.

Decade Recognition – Private Equity Leading Lady

Adesuwa’s relentless advocacy for diversity and inclusion earned her this prestigious accolade, recognising her role in inspiring female fund managers across Africa.

People’s Choice Award (Industry Voting)

This peer-voted award highlights Adesuwa’s industry-wide respect, recognising her innovation, resilience, and commitment to impact-driven private equity.

PEWIN Female-Founded Emerging Manager Award

Aruwa Capital was recognised as the 2024 Female-Founded Emerging Manager by PEWIN, a network of influential women in private equity managing over $3 trillion in assets. This award underscores Aruwa’s dedication to advancing gender-smart investing.

AVCA Newcomer Award

This award underscores Aruwa’s dAruwa Capital received the Newcomer Award at AVCA’s 20th Anniversary Conference. This honour reflects our commitment to excellence and innovation since inception, showcasing our transformative contributions to Africa’s private equity landscape.edication to advancing gender-smart investing.

Impact Assets IA50: Aruwa Capital was recognized as one of the IA50 by Impact Assets. A prestigious list of impact investment fund managers globally. Aruwa was selected as part of the 155 impact fund managers out of 300 applications, a testament to our track record in alignment with key sustainable development goals.

View list here – https://impactassets.org/ia-50/

Real Leaders of Impact Investing: Aruwa was recognized as a Real Leader of Impact Investing by Real Leaders magazine, a testament to our unwavering commitment to close the gender gap through our impactful investments.

View list here – https://real-leaders.com/top-impact-companies-2024/

Consistent Excellence: Choiseul Africa Laureate

For three consecutive years—2022, 2023, and 2024—our Founder, Adesuwa Okunbo Rhodes, was recognised as a Choiseul 100 Africa Laureate, an honour celebrating the top 100 economic leaders shaping the future of Africa. This prestigious accolade highlighted Adesuwa’s unwavering dedication to driving transformative impact through innovative investment strategies, championing gender inclusion, and fostering sustainable growth across the continent.

Speaking Engagements

2024 has been a year of influence and visibility for Aruwa Capital, with our Founder, Adesuwa Okunbo Rhodes, attending over 23 speaking engagements—5 of which were international—spanning podcasts, webinars, and prestigious conferences across the globe. From Lagos to London, and New York to Geneva, we’ve ensured our message is heard, positioning Aruwa at the forefront of critical conversations in impact investing, gender lens strategies, and sustainable growth.

Watch the recap here – https://vimeo.com/manage/1026517099/general

Watch the recap here – https://www.youtube.com/watch?v=5gV6p7j9wJo

Beyond speaking engagements, Aruwa Capital sponsored 5 pivotal events that aligned with our mission to foster inclusive and sustainable development. These sponsorships allowed us to not only convene key stakeholders but also support platforms that drive actionable outcomes in the investment ecosystem. Through these engagements and sponsorships, we amplified the reach of our transformative vision while connecting with industry leaders and partners who share our commitment to reshaping narratives in Africa and beyond.

Annual Investor Day: Second Edition

In 2024, we proudly hosted the second edition of our Annual Investor Day in Lagos, Nigeria. Building on the success of the inaugural event, this year’s gathering brought together our esteemed investors, partners, and portfolio founders in an even more engaging and insightful forum. With guests travelling from across Nigeria and beyond, the event provided a unique platform for fostering deeper connections, sharing successes, and charting the path forward for impactful investments. The evening’s highlight was the first-ever award ceremony, where our portfolio companies were celebrated for their remarkable achievements. With awards presented by our institutional investors, this segment added a special touch, honouring excellence in innovation, growth, and impact.

Read newsletter here – https://aruwacapital.com/announcing-award-winners-at-the-aruwa-capital-investor-day-2024/

Watch recap here – https://vimeo.com/manage/976565506/general

For those who couldn’t join us physically, you can watch the full video we put together for our investors here – https://vimeo.com/manage/976963822/general

Aruwa Capital Portfolio mixer – Fostering Growth and Synergies

In 2024, we launched the inaugural Aruwa Capital Portfolio Mixer in April, followed by the second edition in October. These gatherings brought together our portfolio companies, providing a space for networking, collaboration, and sharing strategies to overcome macroeconomic challenges.

The mixers focused on critical themes like navigating economic headwinds, optimising revenue, and accessing alternative financing. With insightful discussions and the participation of key partners, including ES Partners, our portfolio leaders exchanged valuable knowledge to drive sustainable growth. We look forward to hosting more of these mixers, continuing to strengthen the connections within our ecosystem.

Read newsletter here – http://eepurl.com/iOff66

Social media engagement: Our LinkedIn community grew to over 7,500 followers with over 8,000 impressions on our content.

Take a look at our most popular posts on LinkedIn

Aruwa Capital PEA Nomination Announcement – https://www.linkedin.com/feed/update urn:li:activity:7261660611627925504

Omniretail acquires Traction – https://www.linkedin.com/feed/update/urn:li:activity:7254764630655320066

Aruwa Capital Investments recognized among five notable deals by African PE news – https://www.linkedin.com/feed/update/urn:li:activity:7242803880466501632

Aruwa Capital PEWIN 2024 Female-Founded/Led Emerging Manager Award –
https://www.linkedin.com/feed/update/urn:li:activity:7239602464826548228

Mdaas expands into Cameroon – https://www.linkedin.com/feed/update/urn:li:activity:7262127166413230080

Check out our social media pages here, and please follow us if you aren’t already.

LinkedIn: https://www.linkedin.com/company/aruwa-capital-management/

Instagram: https://www.instagram.com/aruwacapital?igsh=aDk5ZDRrM2loZ2ph

Twitter: https://x.com/aruwacapital?s=21&t=xaH0QFE8xj4GCtG1x6S56Q

As we reflect on 2024, we are filled with gratitude and pride for a year marked by transformative achievements and enduring partnerships. From reaching the first close of Aruwa Capital Fund II—a significant milestone in our journey, to expanding our impact across sectors and geographies, this year has been a testament to the power of purpose-driven investment. Yet, as much as we celebrate the successes of today, we remain forward-looking. With a final close for Fund II on the horizon in 2025, we are energised by the opportunity to deepen our impact, welcome new partners, and grow our portfolio with businesses that drive sustainable and inclusive growth across Africa.

The road ahead is filled with promise, and together, we are poised to scale new heights, set new benchmarks, and redefine what is possible in gender lens investing.

Thank you for your unwavering trust and support in making this journey a reality. Here’s to an extraordinary 2025, filled with growth, innovation, and collective success!

Wishing you a prosperous and impactful 2025!