Aruwa Capital makes follow-on investment in Nigerian footwear company
Yikodeen manufactures safety footwear for regulated and safety-critical sectors.
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Aruwa Capital Management has announced a follow-on investment into Yikodeen, a Nigerian manufacturer of industrial safety footwear. Aruwa was the sole investor in the round and completed the investment from its sophomore fund, Aruwa Capital Fund II.
Since Aruwa’s initial investment in December 2024, Yikodeen has completed the commissioning of its upgraded manufacturing facility and increased its installed production capacity more than tenfold, to approximately 2,500 pairs per day. The company has expanded its product range to include application-specific safety footwear, including boots designed for electrical and water-related use cases, and has extended into the consumer market through its YikoPlus brand.
Founded in 2016, Yikodeen manufactures safety footwear for regulated and safety-critical sectors including oil and gas, manufacturing, construction, utilities and select public-sector customers.
The proceeds of this investment will enable Yikodeen to optimise its factory through targeted strategic hires to improve production capacity utilisation, strengthen its marketing and brand positioning to accelerate order conversion, and selectively expand its retail infrastructure for further reach to its customer base.
“As we mark ten years of building Yikodeen, we are delighted to deepen our partnership with Aruwa, who in a short space of time has been a true partner in our growth journey. Having transformed our manufacturing capacity, our focus now is on putting that capacity to work, serving our customers better, and demonstrating that world-class safety footwear and athleisure footwear can be made here in Nigeria. We are grateful to the Aruwa team for their continued support and partnership,” commented Atunde Olayinka, founder and chief executive officer of Yikodeen.
“We are proud to continue backing Yikodeen and its founder’s vision to build a leading indigenous safety-footwear manufacturer. The company substitutes imports, creates quality jobs and advances women’s economic participation while delivering strong commercial returns, exactly the kind of business our fund is built to support. In line with Aruwa’s gender lens investing and social impact strategy, 43% of its total workforce are women and 72% of its workforce are under 35 years of age. This investment aligns with our strategy of backing high-growth businesses that deliver both strong financial returns and measurable social and economic impact, and we look forward to supporting the team as they scale production and expand their reach across Africa,” said Adesuwa Okunbo Rhodes, founder and managing Partner of Aruwa Capital.
* Read more: The story of a Made-in-Nigeria footwear company
* Read more: In-depth interview with Adesuwa Okunbo Rhodes, managing partner of Aruwa Capital.
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