EDFI Management Company (EDFI MC), via the EU-funded ElectriFI, joins Mastercard Foundation Africa Growth Fund, Visa Foundation, Bank of Industry, British International Investment, and others in supporting Aruwa Capital’s mission to scale women-led and women focused, high-impact businesses in Nigeria and Ghana.
Aruwa Capital Fund II, a female-founded and led early-stage growth equity fund, has reached a major milestone by raising 90% of its $40 million target, with ambitions to upsize to $50 million and a hard cap of $60 million within the year. This achievement reflects strong confidence from a coalition of global and local investors committed to advancing gender-lens investing and climate-focused growth across Africa.
We are delighted to support Aruwa Capital in advancing renewable energy access solutions in Nigeria through Fund II. Thanks to catalytic European Union funding, this partnership reflects our shared commitment to accelerating the clean energy transition while fostering inclusive economic growth. Aruwa’s gender-lens investment approach ensures that women are not left behind in the green economy, and we are excited to collaborate in scaling innovative, climate-resilient businesses that create jobs and expand access to sustainable energy.
Rodrigo Madrazo, CEO of EDFI Management Company
Aruwa Capital’s gender-lens mandate and focus on sectors such as clean and renewable energy, healthcare, and essential consumer goods are strongly aligned with ElectriFI’s objectives with at least 30% of its investment in clean energy. The fund’s predecessor, Aruwa Capital Fund I, has already delivered impressive results: portfolio companies have seen average revenue growth of 22x (in local currency), supported over 200,000 direct and indirect jobs, and maintained a 73% rate of women-founded or led businesses.
With initial ticket sizes ranging from $1 million to $3 million, Aruwa Capital Fund II is scaling high-growth, impact-driven businesses that are transforming key industries and expanding access to sustainable energy solutions. This approach not only drives economic development but also ensures that women are empowered as entrepreneurs, capital allocators, and leaders in Africa’s green economy.
EDFI MC’s $6 million equity investment through ElectriFI is catalytic, enabling Aruwa to accelerate its fundraising and attract additional support from both development finance institutions and private investors. By investing alongside Mastercard Foundation Africa Growth Fund, Visa Foundation, Bank of Industry, British International Investment, and other partners, EDFI MC is reinforcing its commitment to Africa’s clean energy transition and inclusive economic growth.
This partnership ensures that innovative, climate-resilient businesses have the capital and strategic support they need to scale, while also ensuring that women are at the forefront of Africa’s sustainable future.