Empowering Gender-Lens and Climate-Focused Growth in Africa – ElectriFI USD 6 million investment supporting Aruwa Capital Fund II
Brussels, 28 April 2025 – 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.
Rodrigo Madrazo, CEO of EDFI Management Company said: “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.”
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.
About Aruwa Capital Management
Aruwa Capital Management, is one of the few women owned and managed, growth equity funds on the African continent investing in untapped investment opportunities currently overlooked by other funds, investing in essential goods and services for Africa’s next billion people. Aruwa Capital is an intentional gender lens fund focused on investing equity to established and fast growing companies in the small to lower mid-market segment in Nigeria and Ghana that are currently undervalued and under-served by larger financial institutions. Aruwa focuses on providing growth capital to untapped indigenous and fast growing businesses with an operating history and proven track record.
For more information, visit www.aruwacapital.com
About EDFI Management Company
EDFI Management Company (EDFI MC) is a multilaterally owned impact asset manager which delivers innovative development finance solutions that enable European DFIs, development banks and private sector investors to increase the scale and impact of their work. The company focuses on business models, technologies and geographies where other investors have not been able to operate at the desired scale given their resources and investment criteria. For more information, visit www.edfimc.eu.
About ElectriFI
The Electrification Financing Initiative – ElectriFI, managed by EDFI Management Company, is an impact-first investment facility, funded by the European Union, USAID’s Power Africa programme, the Government of Sweden and the Government of Italy. ElectriFI is investing in early-stage private companies and projects that increase or improve access to and supply of sustainable energy in developing countries. For more information, visit www.electrifi.eu.
Media inquiries
For EDFI Management Company: Natasa Lakovic, n.lakovic@edfimc.eu
