Nigeria’s CcHUB launches USD 500k investment fund
Lagos based incubator the Co-Creation Hub (CcHub), part of VC4Africa’s partnership network, has launched a USD 500,000 seed investment fund to boost its incubation program and support early stage startups over the next two years.
Start-ups will receive sums ranging from $10,000 – $25,000 from the new fund to support business model experimentation and operations. The first beneficiaries of the seed program are the ventures 500shops, Vacantboards, Truppr, Traclist and GeniiGames.
This initial group op ventures went through CcHUB’s Pre-Incubation program which identifies and supports aspiring technology entrepreneurs looking to address local market problems with relevant solutions. Through the $90,000 Tony Elumelu Foundation/CcHUB pre-seed fund, beneficiaries started out with a grant award of $5,000 each to support their ideas, build working prototypes, carry out initial market testing & proof their concepts. These ideas grew steadily, earning revenues, increasing their user bases and building partnerships hence needing a different kind of support.
Tunji Eleso, CcHub’s Director of Incubation, shares: “Discussions are already underway with investors to provide additional funding to two of our initial beneficiaries and we hope to break the news in the coming months”. He added: “We welcome startups looking to transform the way Nigerians live, play and do business to apply to join our portfolio”.
CcHub’s co-founder & CEO Bosun Tijani adds: “CcHUB incubation office launched in response to the need to provide business development, mentoring and funding support to start-ups that showed traction from our impactful Pre-incubation program. Our seed investment ensures startups have a sure footing post-Preincubation to concentrate on rapidly executing their plans and learning from the market”.