Firm partners BoI on N1b fund for small businesses
Co-Creation Hub (CcHub) has partnered with Bank of Industry (BoI), Venture Garden Group (VGG) and Omidyar Network (ON) to launch N1 billion seed capital to support ‘next generation infrastructure’ technology builders in Nigeria over the next two years.
CcHUB Growth Capital, as the Fund is called, will target existing ventures that have plans to scale their businesses across the country as well as make significant impact.
With investment size ranging from N10 million 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.
In an interview with The Guardian, a Director at CcHUB, Tunji Elesho said the company since 2011 has been supporting entrepreneurs from ideation, pre-incubation to incubation.
“But we think it is necessary to take one step forward by supporting those who have in some ways matured but still required a scaling structure.”
He said the GC fund is meant to support entrepreneurs who are building infrastructure for Nigeria’s future.
“Specifically we are looking at products/services/technology tools that would make public services smarter and at the same time connect more citizens of Nigeria to those services.”
He said GC would also provide support such as business advisory, research facilities, networking opportunities.”
The BOI Managing Director, Rasheed Olaoluwa, said the investment was informed by the track record of Co-Creation Hub and the developmental impact of their existing portfolio.
“If Africa will catch on with the rest of the world in terms of development, we must leverage on technology,” he said.
The CcHub Growth Capital Fund is an investment company set up by the Co-Creation Hub (CcHub).