Incubator, BoI, others launch N1 billion fund to support next gen entrepreneurs

folarin okunola

January 19, 2016 11:47 AM

With as much as N30 million investments in each venture, the fund intends to lead funding rounds for ventures in partnership with other investors.

Internet user at CcHUB in Lagos

Reports reveal that Co-Creation Hub (CcHUB), Bank of Industry (BOI), Venture Garden Group (VGG), and Omidyar Network (ON) have teamed up to launch the ‘CcHub Growth Capital’ fund, a N1 billion fund aimed at supporting next generation infrastructure technology builders in Nigeria over the next two years.

The fund will target existing ventures that are looking to scale their businesses across the country.

It will also work with banking partners to allow appropriate businesses access to debt funding so as to diversify their funding structure.

Mr. Rasheed Olaoluwa, managing director, Bank of Industry, while speaking at the launch, 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.”

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Olaoluwa added that the move was informed by CcHUB’s track record and the developmental impact of its already existing portfolio.

Bosun Tijani, CEO CcHUB, explained that the entrepreneurs that the fund hopes to invest in are those 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.

Startups from CcHUB’s incubation program also showcased themselves at the launch event.

Ventures that are looking to access the fund must be generating revenue in a growth sector, looking to raise a seed round of between N30-90 million, have a strong team, and have suitable valuation.

folarin okunola