Aruwa Capital Management has closed its first fund having exceeded its initial USD 20mn target with baking from Visa Foundation, Mastercard Foundation Africa Growth Fund, Nyala Venture and family offices.
The fund will invest between USD 500,000 and USD 2.5mn in women-focused SMEs in Nigeria and Ghana, specifically targeting investments in sectors such as renewable energy, healthcare, fintech and consumer goods.
ACM was founded in 2019 by Adesuwa Okunbo Rhodes to address the investment gap women-led enterprises face—they comprise 40% of all SMEs but receive only 1% of startup capital.