Co-creation Hub (CcHUB), Bank of Industry (BoI), Venture Garden Group (VGG) and Omidyar Network (ON) announced the launch of ‘CcHUB Growth Capital’ which will invest N1 billion to support ‘next generation infrastructure’ technology builders in Nigeria over the next two (2) years.
CcHUB Growth Capital will target existing ventures looking to scale their businesses across the country as well as make significant impact. Communications Week reports that ,with investment sizes of up 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.
Managing director, Bank of Industry, Mr. Rasheed Olaoluwa is quoted as saying that the bank is 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”.
Olaoluwa further stated that the investment was informed by the track record of Co-Creation Hub and the developmental impact of their existing portfolio.
Expatiating on ‘next generation infrastructure’, ‘Bosun Tijani, chief executive officer of CcHUB, explained that these are entrepreneurs 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.
The occasion also showcased some of the startups from CcHUB’s incubation program building next generation infrastructure businesses like LifeBank – a solution to build a smarter blood system in Nigeria by connecting hospitals with blood banks and galvanizing millions of Nigerians to voluntarily donate blood.