CcHUB is Nigeria’s first open living lab and pre-incubation space designed to be a multi-functional, multi-purpose space where work to catalyze creative social tech ventures take place.
The seed fund is an investment company set up by CcHub in collaboration with the Bank of Industry, Venture Garden Group and the Omidyar Network.
The seed fund which is specifically targeted at technologies that connect citizens together, and technologies that are geared towards making public services smarter is expected to boost technological infrastructure in the country by investing in technological entrepreneurs.
Speaking at the weekend to newsmen in Lagos to unfold details of the seed fund, Tunji Elesho, Managing Partner at the Co-creation Hub said that they have already raised two hundred million naira for the capacity building project.
About GC fund
“The CcHub Growth Capital Fund is an investment company set up by the Co-Creation Hub (CcHub), Bank of Industry (BOI), Venture Garden Group (VGG) and the Omidyar Network. After 5 years of supporting entrepreneurs from ideation, pre-incubation to incubation, it became imperative to take one step forward by supporting those who have in some ways matured but still required a scaling structure. The 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.
“We intend to invest start-up that is already existing. We are in advanced discussion with angel investors. This is to enable more technology businesses grow and scale up.
“These tech start-ups will be guided accordingly through mentor ship. We want to build digital infrastructure that will power new businesses. The seed fund will be sourced both from outside and inside the country”, he explained.
Why the fund
“Basically, the seed fund ranges from N10 million to N30 million in exchange for equity. The seed fund will also come with additional support as we are going to be providing business advisory to answer questions on how to organize your business, standardize processes, build quality teams and set up proper governance structures that would position your business for scaling.
“If you as an entrepreneur have figured out your model and are earning revenue, but then need more support to be able to scale”, he further explained.
Criteria to access fund
He explained that the Angel investors were looking for tech start ups that have created a solution that aims to make services smarter and connect them to more citizens or even basically connect services to citizens. “The solution must be scalable. The solution must have economic viability. The solution must have already been generating revenue”he added.
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