Nigeria’s Co-creation HUB (CcHUB) has launched a US$500,000 seed investment fund to boost its incubation programme, the fund is to support early stage startups over the next two years.
Initial beneficiaries of the fund are Truppr, Vacantboards, Traclist, 500shops and GeniiGames. They will receive sums ranging from US$10,000 to $25,000 to support business model experimentation and operations.
CcHUB said the initial beneficiaries of the seed investment went through its Pre-Incubation program which identifies and supports aspiring technology entrepreneurs looking to address local market problems with relevant solutions.
“Through the USD90,000 Tony Elumelu Foundation/CcHUB pre-seed fund, beneficiaries started out with a grant award of US$5,000 each to support their ideas, build working prototypes, carry out initial market testing and proof their concepts. These ideas grew steadily, earning revenues, increasing their user bases and building partnerships hence needing a different kind of support,” CcHUB said in a statement.
Bosun Tijani, chief executive officer (CEO) and co-founder of CcHUB said the seed investment ensures startups have a sure footing after pre-incubation to concentrate on rapidly executing their plans and learning from the market.
“CcHUB’s incubation office was launched in response to the need to provide business development, mentoring and funding support to startups that showed traction from our impactful Pre-incubation program,” said Tijani.
Tunji Eleso, Director of Incubation at CcHUB said the center is discussing with investors to provide additional funding to two of the initial beneficiaries.
“We hope to break the news in the coming months. We welcome startups looking to transform the way Nigerians live, play and do business to apply to join our portfolio,” he said.
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