Popular snack manufacturing company, Aruwa Capital Management, said it has injected $2m into Fastizers, a female indigenous local manufacturer of snack foods and confectioneries in Nigeria.
Founded in 2010, Fastizers which emerged from the personal kitchen of Debbie Lawson as a passion project, had evolved into a household name and a rapidly growing snack food manufacturing company.
Adesuwa Okunbo-Rhodes, the founder and managing partner of Aruwa Capital Management, said she was excited about the vision of the organisation and its potential of “becoming leading players in the Nigeria snack foods industry.
“This partnership marks a significant milestone in supporting their growth and expansion within the Nigerian snack food industry.
“The investment aligns with our investment objectives and our determination to back indigenous female-founded businesses that lack access to patient growth capital.”
According to her, the company was founded and led by a woman with over 46 percent female ownership, 45 percent female representation across its workforce, and 59 percent female representation among its distributors.
Okunbo-Rhodes, a women economic advocate further also said, “The investment also represents our commitment to empowering local businesses, encouraging import substitution and fostering sustainable economic development in Nigeria through job creation.”