Chocolate City Group, one of Africa’s leading entertainment companies, has unveiled a $1 million Founders Fund aimed at supporting early-stage startups in Nigeria’s burgeoning creative sector. The initiative was launched during the company’s 20th anniversary celebration, which also marked the 50th birthdays of co-founders Audu Maikori and Paul Okeugo.
The Founders Fund is designed to provide equity investment and mentorship to startups operating in music, film, and creative technology. It seeks to address the financing challenges that have hindered growth in Nigeria’s creative economy, which is projected to reach $15 billion in value by 2025.
Minister of Arts, Culture, Tourism, and Creative Economy, Hannatu Musa Musawa, officially launched the fund before an audience of over 500 industry stakeholders, international partners, and media representatives.
Audu Maikori, Chairman of Chocolate City Group, emphasized the importance of providing patient capital to young entrepreneurs with genuine potential, stating, “The reality is that financial institutions struggle to understand creative businesses. Investors want quick returns, so young entrepreneurs with genuine potential get stuck.”
The Founders Fund aims to bridge the financing and structural gaps that Maikori and Okeugo experienced while building Chocolate City into one of Africa’s most successful independent entertainment companies.
This initiative underscores Chocolate City’s commitment to fostering innovation and supporting the next generation of creative entrepreneurs in Nigeria.
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