If the report from TechCabal is true, the face of Social Innovation in Nigeria will experience a major uplift on the 15th of December 2015. This is the first time such an amount will be dedicated to Social innovation in Nigeria
This will be the announcement of the launch of a 1 billion Naira (approx $5 million) social innovation fund put together by Lagos-based incubator and accelerator, Co-creation Hub, Omidyar Network, Bank of Industry and Venture Garden Group.
Well, CcHub tweeted to corroborate this feat.
— Co-Creation Hub (@Cc_HUB) December 11, 2015
According to a statement obtained by TechCabal, the fund will be invested into “next generation infrastructure for change in Nigeria”.
“With a targeted fund size of N1 billion over the next twenty-four months, the goal is to deepen support for early stage social enterprises solving local problems across various sectors of the Nigerian economy,”
The fund will be launched officially on the 15th of December 2015 at Federal Palace Hotel, Victoria Island Lagos.
The event will give the audience the opportunity to learn more about the goal of the fund, profile of the backers, impact and infrastructure startups in the county and aspirations of backers – ON, BoI and VGG.
Update: 15 12 2015
The Social Innovation Fund, known as the gcfund was indeed launched on the 15th of December 2015.
According to CcHub in a tweet,
The #gcfund is a N1billion fund, with support from @OmidyarNetwork @BOINigeria and @VentureGardenNG. #nextgenfund.
— Co-Creation Hub (@Cc_HUB) December 15, 2015
The #gcfund is a social innovation fund, to support businesses focused on creating next generation infrastructure. #nextgenfund
— Co-Creation Hub (@Cc_HUB) December 15, 2015
https://twitter.com/Cc_HUB/status/676833685233139714
