Aruwa Capital in $1.5m Nigerian safety footwear deal
Aruwa Capital Management has announced a $1.5 million investment in Yikodeen.
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Aruwa Capital Management has announced a $1.5 million investment in Yikodeen, a Nigeria-based manufacturer of safety and industrial footwear. Aruwa Capital was the sole investor in the round and completed the investment from its sophomore fund, Aruwa Capital Fund II.
Founded in 2016 by Yinka Atunde, Yikodeen is addressing a gap in Nigeria's safety footwear industry, traditionally dominated by imports. As one of the sole indigenous manufacturers licensed to supply safety footwear to Nigeria’s oil and gas industry, Yikodeen has capitalised on the growing enforcement of local content regulations and the increasing demand for personal protective equipment in critical sectors. Yikodeen’s product portfolio includes safety boots, back to school shoes for children, active sportswear shoes and other fashion footwear.
Since its inception, the company has produced over 50,000 shoes for a number of blue-chip corporate clients and has positioned itself as a major player in the industry.
“This investment marks a significant milestone in Yikodeen’s journey to becoming a leading player in Africa’s footwear market. With Aruwa Capital’s support, we are poised to scale our operations, introduce innovative products, and deepen our impact in Nigeria and beyond. Our commitment to local manufacturing, quality, and sustainability remains unwavering, and we are excited about the opportunities this partnership will unlock. We are grateful to the Aruwa Capital team for their belief in our vision and look forward to working with them to significantly scale our operations,” said Yinka Atunde, founder and CEO of Yikodeen.
“We are thrilled to partner with Yikodeen as it enters this critical inflection point of growth. Yikodeen’s proven track record, strong management team, and commitment to local content development give us immense confidence in its future success. This partnership will not only drive strong financial returns but also deliver significant social impact by creating jobs, empowering women, and supporting local supply chains. In line with Aruwa’s gender lens investing strategy, Yikodeen is committed to gender diversity and inclusion with 33% of the senior management team composed of women and a workforce with 61% female representation amongst factory workers. We are excited to work with Yikodeen to redefine Africa’s footwear landscape,” said Adesuwa Okunbo Rhodes, founder and managing partner of Aruwa Capital.
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