Aruwa Capital Management, an early-stage growth equity and gender lens fund, has invested $2 million in a Nigerian confectionery manufacturer, Fastizers.
The company plans to become a leading player in the Nigerian snack foods industry.
Deborah Lawson started Fastizers in 2010, producing snack foods. Since then, the company has increased the number of snack options it provides from one to seven.
The company has already started planning to expand its factory operations and product offerings with the new fully automated line, which can produce over 1,200kg of snack foods per hour. It will allow Fastizers to continue supplying its expanding African customer base with snack foods and confectioneries.
The new products will complement the existing snacks provided by Fastizers, which already include Nibit, Sweetstix, and FunCookies.
The company's extensive distribution network allows it to offer these snacks through several channels across Nigeria.
Since it sources more than 70% of its raw materials locally, the company says it is also generating employment and opening up business opportunities for indigenous players along its value chain.
The new production facility is anticipated to add 100 new jobs in Nigeria.
Fastizers asserts that its products are now available in 31 states throughout Nigeria due to the growth of its distribution network.
What's more, Aruwa Capital Management is a female-led firm which invests via a gender lens, but with a twist. The firm’s strategy involves investing in female-led startups or startups that provide essential goods and services for women.
In December 2022, the firm closed its first fund, exceeding its $20 million target.
Adesuwa Okunbo Rhodes, Founder and Managing Partner at Aruwa Capital Management, explained that the firm was careful to select LPs who agree with its mission to invest through a gender lens with a combination of local LPs with a great understanding of the local terrain and strategic investors.