Adesuwa Okunbo Rhodes is bridging the funding gap for women-led and gender-diverse businesses in Africa, driving economic growth and promoting inclusion through impact investing with Aruwa Capital Management (Aruwa Capital). She is the founder and General Partner of Aruwa Capital.
Studies have shown that private equity and venture capital funds with gender-balanced senior investment teams generate 10 to 20 percent higher returns than those dominated by a single gender. An experiment indicated that businesses founded or co-founded by women deliver 2.5 times more revenue per dollar of funding compared to their male counterparts.
McKinsey agrees with this, projecting that advancing women’s equality could add $12 trillion to the global GDP by 2025. Furthermore, First companies with at least one female founder have been shown to perform 63% better than those with all-male founder teams.
These statistics clearly show the benefits of investing in gender-diverse leadership and the potential for substantial economic gains. Adesuwa Okunbo Rhodes has always believed in women’s potential to contribute to the African economy and has continued to push this vision for years.
Founding Aruwa Capital
Rhodes’s journey began in Lagos State, Nigeria, where she spent her early years. She moved to England at 11, eventually earning a BSc in Economics from the University of Bristol. Her career took off with a role at Lehman Brothers in 2008, followed by a position in the Mergers & Acquisitions team at J.P. Morgan.
While at J.P. Morgan, Rhodes worked on $6 billion transactions across emerging and developed markets. However, she strongly desired to apply her expertise to make a difference in Africa. This passion prompted her to transition into impact investing, leaving Wall Street to concentrate on empowering businesses closer to home.
Consequently, the businesswoman bet on women and SMEs. In 2019, she launched Aruwa Capital Management with her money to address the investment gap confronting women-led enterprises in Africa. As a Lagos-based, female-founded, and led growth equity impact investment company, Aruwa Capital stands out as one of the few women-owned investment houses on the African continent.
The private equity firm identified an untapped investment opportunity by investing in rapidly growing companies that provide essential goods and services to the female economy, companies founded or co-founded by women, or those with gender-diverse teams. These investments generate strong financial returns while creating positive social impact and improving the quality of life for millions in underserved communities.
Investment focus and impact
Aruwa Capital invests in companies that are too big for traditional venture capital but too small for larger private equity funds. These companies typically have an annual turnover of $300,000 to $500,000 and a proven management team with a track record of delivering business plans. Some of its top portfolio companies include:
AgroEknor International, one of Nigeria’s only seven approved hibiscus flower processing chambers, has partnered to manufacture and distribute hibiscus concentrates to international markets, including the UK, USA, and UAE.
- Lifestores Healthcare- a health tech brand, has developed pharmacy management software, AI-driven predictive ordering, and patient management initiatives to improve healthcare delivery.
- CrowdForce- a fintech company with over 7,000 active agents working to provide financial services to rural and underserved communities.
- Taeillo- a furniture company that focuses on creating urban furniture that blends contemporary aesthetics with African cultural elements.
- OmniRetail- a B2B e-commerce company. It ranked as one of Africa’s fastest-growing companies in 2024 on the Financial Times’ prestigious list of Africa’s Fastest Growing Companies.
Aruwa Capital has actively contributed to creating 143 direct jobs and continues to support 700 direct jobs, 44% of which are occupied by women. Additionally, it supports 96,000 direct and indirect jobs, with 70% of those jobs held by women.
Half of its portfolio companies have women leading them or have women in senior positions. Through its value chain, Aruwa Capital has generated $18.6 million in revenue for agents, distributors, smallholder farmers, and retailers.
Also, its portfolio companies generated $25 million in total revenues as of the 2023 calendar year and cumulatively paid $2.9 million in taxes in Nigeria while generating revenues in 18 countries globally.
Adesuwa Okunbo Rhodes sits on several boards across various sectors, including healthcare, manufacturing, agriculture, renewable energy, and hospitality.
