Aruwa Capital Management, a Lagos-based female-founded and led early-stage growth equity and gender lens fund manager, announced on April 28 that it has secured 90% of its $40 million Fund II target, moving closer to its mission of driving gender-lens investing across Africa.

Key investors include returning anchors Mastercard Foundation Africa Growth Fund and Visa Foundation, along with global institutions like British International Investment (BII) and EDFI Management Company. Nigeria’s Bank of Industry (BOI) also joined as a lead local partner.

Fund II builds on the success of Fund I. Aruwa plans to increase Fund II to $50 million this year in response to strong investor demand.