Fuelling Africa's Gender-Diverse Future with Aruwa Capital Management

Introduction

The Mastercard Foundation Africa Growth Fund champions financial returns and social impact across Africa. In this months newsletter, we're proud to highlight Aruwa Capital Management's remarkable achievements in gender-lens investing with their 2023 Impact Report.

Driving Sustainable Growth

Aruwa Capital Management made significant strides in 2023:

• Closed Fund I at $20 million
• Launched Fund II with a $40 million target
• Focused investments on women-led businesses in healthcare, fintech, consumer goods, and cleantech

Key Achievements

Aruwa Capital's outstanding contributions earned them:

• Impact Investor of the Year by Impact Investors Foundation Nigeria
• Recognition among ImpactAssets 50 Emerging Impact Managers

Impact

Aruwa’s investments have significantly promoted youth and female employment, with 44% of female youths employed and 35% of women on company boards. Their portfolio companies have generated $219 million in total revenue, demonstrating the powerful synergy between financial returns and social impact.

Empowering Women and Youth

Aruwa's gender-lens investing approach:

• Creates substantial employment opportunities for women and youth
• Reinforces the link between gender diversity and sustainable growth

Sustainable and Responsible Investing

Aruwa integrates ESG principles throughout their investment process:

• Initial screening
• Ongoing monitoring
• Alignment with sustainable growth and responsible investing mission

Success Stories

MDaaS Global is building Africa’s fastest-growing healthcare network, providing modern, tech-enabled diagnostics. MDaaS operates 18 diagnostic clinics across 10 states in Nigeria under their BeaconHealth Diagnostics brand. Their clinics provide imaging, cardiac, and laboratory services, focusing on clinically underserved communities. Since Aruwa’s investment, MDaaS has significantly increased female representation in senior management and board positions, reflecting their commitment to gender diversity and inclusive decision-making.

Agroeknor , a dynamic food and agricultural business, sources dried hibiscus flowers from farmers and aggregators, primarily in northern Nigeria, and exports to clients globally. Aruwa’s investment has enabled Agroeknor to optimize the Nigerian superfood value chain, increasing export earnings and providing higher incomes for over 3,000 smallholder farmers, mostly women.

Koolboks provides affordable, energy-efficient solar-powered refrigerators. Their innovative products have empowered numerous women entrepreneurs, creating direct and indirect employment opportunities. With Aruwa’s support, Koolboks has scaled significantly, delivering smart cooling solutions to SMEs and promoting sustainable economic inclusion and growth.

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Looking Ahead

As we look to the future, we are excited about Aruwa Capital's plans to deepen their impact in high-growth sectors such as cleantech and healthcare. They aim to expand their footprint in Ghana, strengthen their impact measurement frameworks, and continue building on the success of Aruwa Capital Fund II.

We invite you to explore the 2023 Impact Report to learn more about Aruwa Capital Management's inspiring journey and their measurable contributions towards a brighter, more inclusive future.

Follow us to stay updated on our ongoing efforts and the incredible work of our partners like Aruwa Capital Management. Let's continue to empower change and drive impactful growth across the continent.