A NGN1 billion CcHub Growth Capital Fund has been launched by Co-creation Hub (CcHUB), Bank of Industry (BoI), Venture Garden Group (VGG) and Omidyar Network (ON). The goal of the capital is to invest N1 billion to support next generation infrastructure technology builders in Nigeria over the next two years.
The capital is for existing ventures looking to scale their businesses across the country as well as make significant impact.
With investment sizes of up to N30 million per venture, the Fund will look to lead seed funding rounds for ventures along with other co-investors. It will also work with banking partners to provide debt funding to appropriate businesses in order to diversify their funding structure.
Speaking at the launch, Rasheed Olaoluwa, managing director of Bank of Industry, said: “We are partnering with the CcHub, Omidyar Network and the Venture Garden Group to provide this Fund, because if Africa will catch on with the rest of the world in terms of development, we must leverage on technology.”
Olaoluwa added that the investment was informed by the track record of Co-Creation Hub and the developmental impact of their existing portfolio.
‘Bosun Tijani, chief executive officer of CcHUB said the benefiting entrepreneurs are building technologies that make public services smarter and connects them to citizens and/or smart technologies linking multiple public services together to make them more accessible to citizens.
To access the fund, interested startups should be generating revenue in a growth sector, look to raise a seed round of between N30 million to N90 million, have a strong team with track and have suitable valuation.CcHUB Growth Capital is already accepting applications from across Nigeria via gc.fund.
