News
Nigerian investment firm exceeds US$20m target to support female-led start-ups
The fund aims to invest in women-focused small and growing businesses in Nigeria and Ghana

A Lagos-based impact investment firm has closed its first institutional fund to support female-led businesses and tackle gender inequality.
Aruwa Capital Management has exceeded its initial US$20m target and aims to bridge the investment gap faced by women in Africa.
The fund will invest between US$500k and US$2.5m in women-focused small and growing businesses in Nigeria and Ghana, targeting investments in sectors such as healthcare, fintech, renewable energy and essential consumer goods.
“Having launched the fund in October 2019, shortly before the COVID-19 pandemic, we are very grateful for the confidence of world-class institutional investors who have put their trust in us and share our vision for the continent: generating superior returns, while having a significant socioeconomic development impact in the countries we invest in,” said Adesuwa Okunbo Rhodes, founder of Aruwa Capital Management and ex-JP Morgan banker.
“We are also delighted to have been able to mobilise 30 per cent of our fund from local investors, who have a first-hand understanding of the operating terrain, as well as mobilising global capital from well-respected names, a trend we hope to see continue.”
She added: “We are excited to continue showcasing women’s untapped potential in society through our investment portfolio at Aruwa Capital.
“Global data has shown that investing with a gender lens improves financial returns as well as providing a multiplier effect for social impact in local communities due to the role women play. We look forward to showcasing this in Africa specifically.”
Adesuwa Okunbo Rhodes founded Aruwa Capital Management in 2019 when she started to address the investment gap women-led enterprises face in Africa.
According to the firm’s research, women comprise 40 per cent of all small and medium enterprises (SMEs) yet receive only one per cent of start-up capital due to the region’s lack of female capital allocators.
“The fund aims to create more sustainable and scalable pathways for economic growth and inclusion in the region,” the founder explained.
To date, the fund has made six investments, committing over 45 per cent of its capital into a diversified portfolio of growing companies.
Its first institutional and anchor investor is Visa Foundation, followed by other investors such as Mastercard Foundation Africa Growth Fund, Nyala Venture, backed by Financial Sector Deepening Africa Investments and other family businesses from Africa, Europe and the US.
Najada Kumbuli, head of investments at Visa Foundation, said: “We are pleased to be the first institutional investor in Aruwa Capital Management.
“We deeply believe that to address the financing gap women-led small businesses face, we need to empower and invest in more women-led investment funds like Aruwa.
“We were impressed by Adesuwa’s track record and approach to tailoring the fund’s financing to small business needs. We believe the team’s deep commitment to driving equitable and inclusive economic growth through investments will support the business owners and their communities.”
Sam Akyianu, chief of party at the Mastercard Foundation Africa Growth Fund, said: “We selected Aruwa Capital as one of our first investments because we were impressed by the team’s grit, conviction and depth of analysis, their value addition for early-growth stage SMEs in Nigeria and their commitment to driving impact for women and youth.
“We look forward to working with the team to help make Aruwa Capital a success story.”
Relatively few African women are turning new businesses into established ones.
Data suggests that limited business networks put women at a distinct disadvantage when it comes to growing a company, as they are less likely to have access to investor networks, know other entrepreneurs or invest in businesses.
A study from the African Development Bank Group found that women entrepreneurs’ perceptions about their business credit-worthiness contributes to the large gender financing gap in Africa, particularly in the north of the continent.
Pregnancy
Chemicals in plastics may be linked to high blood pressure during pregnancy

Phthalates found in plastics and personal care products may be linked to higher blood pressure during pregnancy, a study suggests.
Hypertensive disorders of pregnancy, including pre-eclampsia, are a leading cause of maternal mortality in the US.
Higher blood pressure during pregnancy has also been linked to adverse health outcomes for both mothers and children.
While family history and lifestyle are known risk factors, growing evidence suggests exposure to phthalates may also contribute to raised blood pressure during pregnancy.
Phthalates are chemicals found in plastics, personal care products and hundreds of other consumer goods. Some can interfere with the body’s natural hormones.
Kimberly Parra, of Harvard T.H. Chan School of Public Health, said: “Our study suggests that having higher concentrations of personal care products-associated chemicals, known as phthalates, in the body might contribute to elevated blood pressure in pregnancy.
“While our study does not show that phthalates cause high blood pressure during pregnancy, it suggests that reducing exposure to this class of chemicals by limiting personal care products containing these ingredients, particularly those with fragrance, may be a way to address high blood pressure in pregnancy and improve pregnancy health.”
Researchers measured phthalate exposure and blood pressure in 338 pregnant women from the Environmental Reproductive and Glucose Outcomes Study at three points during pregnancy.
They analysed whether higher levels of the chemicals, individually and in combination, were linked to higher blood pressure or an increased risk of pregnancy-related high blood pressure disorders.
Women with higher urine concentrations of phthalates associated with fragrances and personal care products had higher systolic and diastolic blood pressure, markers of increased risk of hypertensive disorders of pregnancy.
Systolic blood pressure is the pressure in the arteries when the heart beats, while diastolic pressure measures it between beats.
Around 13 per cent of participants developed a pregnancy-related high blood pressure disorder.
Women with higher levels of certain phthalates, particularly those found in personal care products, tended to have higher blood pressure later in pregnancy.
Parra said: “More research is needed to better understand these findings, particularly whether the effects are driven by changes in oestrogen-related pathways. Additional studies should also examine the potential role of other phthalates and their replacement chemicals.”
Entrepreneur
Applications close August 18 for Women’s Health Innovation Summit 2026 Innovation Showcase

The Women’s Health Innovation Summit (WHIS) has reminded startups that applications for its 2026 Innovation Showcase close on Tuesday, August 18.
The Showcase gives early and growth-stage companies the opportunity to pitch live on stage to the most influential audience in women’s health, at a summit that convenes more than 1,000 senior decision-makers from across the ecosystem, including payers, providers, pharma, and investors.
Now in its eighth year, WHIS takes place October 13–15, 2026 at Encore Boston Harbor.
The event has built a reputation as the leading platform uniting the full women’s health ecosystem, from health systems and health plans to pharmaceutical leaders and the investors funding the next wave of innovation in the space.
A Direct Line to Funding, Partnerships and Adoption
Companies selected for the Innovation Showcase will present directly to an audience with the capital, clinical expertise and commercial relationships to move deals forward.
Past participants have gone on to secure investor introductions, commercial partnerships and clinical collaborations that started as presentations on the WHIS stage and turned into signed agreements.
Applications Reviewed by an Expert Selection Committee
Submissions are being reviewed by a selection committee of leading investors and industry operators, including:
- Parambir Bhangu, Executive Director, External Innovation & Emerging Science, Organon
- Elizabeth Bailey, Co-Founder & Managing Partner, Foreground Capital
- Karla Loken, Founder, Loken and Associates
- Mané Mikayelyan, Associate Partner, DeciBio
- Anna Valcheva, Founder, Managing Director & CEO, Astra Ventures
- Azin Radsan van Alebeek, Co-founder & General Partner, Emmeline Ventures
WHIS is where the women’s health ecosystem comes together to get deals done,” said Poppy Howard-Wall, Event Director of WHIS.
How to Apply
Early and growth-stage companies across digital health, therapeutics, diagnostics, med device and consumer health are encouraged to apply before the August 18 deadline.
Full details and the application form are available at whisusa.com/attend/start-ups.
Menopause
Third of women unaware of perimenopause mental health impact

A third of women surveyed did not know perimenopause could affect mental health, with many experiencing symptoms for months before recognising them.
The survey of 1,000 women found many had been caught off guard by mental health symptoms linked to perimenopause or menopause.
It was conducted by Dynata on behalf of LifeStance Health in June 2026 and included women born between 1960 and 1990 who had, or suspected they had, perimenopause or menopause.
Respondents described anxiety as somewhat or extremely severe in 66 per cent of cases and depression in 54 per cent, with many initially attributing the symptoms to a separate condition rather than a hormonal transition.
Stephanie Eken, chief medical officer at LifeStance Health, said: “Women’s mental health needs change across their life stages, and perimenopause and menopause are among the biggest transitions of all.
“Specialised, life-stage-specific care should be standard practice, and I believe the organisations that build care around this reality, rather than taking a one-size-fits-all approach, will define the next era of women’s health.”
Around 33 per cent of respondents said they did not know perimenopause could cause mental health symptoms.
Almost half, 49 per cent, were surprised that mental health symptoms linked to perimenopause or menopause could last for several years.
A further 22 per cent were surprised that perimenopause could begin shortly after childbirth.
The survey found 74 per cent experienced symptoms for six months or longer before suspecting perimenopause or menopause, while 27 per cent recognised the transition within six months.
Before recognising the symptoms as potentially linked to perimenopause or menopause, 49 per cent believed they were experiencing anxiety as a standalone condition and 39 per cent thought they had depression.
Around 36 per cent were surprised that symptoms linked to perimenopause or menopause could resemble a standalone mental health condition.
Among respondents who tried therapy for perimenopause or menopause-related symptoms, 83 per cent said it was helpful.
Around 82 per cent of those who tried medications such as antidepressants or oestrogen also found them helpful.
Nearly half, 47 per cent, said mental healthcare should be a standard part of perimenopause care, while 59 per cent said they would be more likely to seek mental healthcare if they knew it could meaningfully improve their symptoms.
Around 35 per cent said perimenopause or menopause had a slight to significant negative impact on their overall mental health, while 42 per cent reported a negative impact on mood.
However, 32 per cent reported no impact on their overall mental health and 22 per cent reported no impact on mood.
The survey points to women experiencing mental health symptoms for an extended period before connecting them to perimenopause or menopause, with many initially attributing anxiety or depression to an unrelated cause.
That delay may help explain why nearly half did not realise how long these symptoms can persist and why more than a third were surprised they could resemble a standalone mental health condition.
Despite the awareness gap, most respondents who sought treatment, whether therapy or medication, said it had been helpful.
Separate research published in 2023 estimated that menopause symptoms cost the US economy around US$1.8bn a year in lost work productivity.
The estimated cost rose to US$26.6bn when associated healthcare costs were included.
That research was based on more than 4,400 employed women aged 45 to 60, with its authors saying further studies in larger and more diverse populations were needed to confirm the findings.
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