Incubator launches N1 billion growth capital fund

folarin okunola

December 30, 2015 11:27 PM

The fund is aimed at supporting early stage businesses that are focused on developing next generation infrastructure.

Internet user at CcHUB in Lagos

Leading incubator and accelerator based in Lagos, Co-creation Hub (CcHub), has announced the launch of a Growth Capital Fund, a N1 billion social innovation fund, according to various media reports.

Techloy reports that the fund is aimed at supporting early stage businesses that are focused on developing next generation infrastructure.

“With a targeted fund size of NGN1 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,” said CcHub in a statement, according to a Techloy report.

Applications for the fund will open officially in January 2016 and it will provide early stage statups with funding ranging from $50, 000 to $150, 000.

READ: Social incubation center publishes new report on how Nigerian healthcare professionals use their mobile phones

The report further reveals that the fund is supported by the Bank of Industry, Omidyar Network, and Venture Garden Group.

Back in 2012, CcHub partnered with the Tony Elumelu Foundation in a move which birthed startups such as Efiko, OfficeMotion and Varsoft receive seed funding and got incubated through a range of business support resources.

CcHub was founded in 2010 and is an enterprise committed to bringing together stakeholders to collaborate on solutions to social challenges faced by the Nigerian populace. It is headquartered in Lagos.

folarin okunola

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