Technology-oriented centre, Co-Creation Hub (CcHub) is set to raise $60 million for its Growth Capital Fund. The fund will be used to support tech startups across Africa.
CcHub’s Growth Capital fund raising $60m to invest across Africa https://t.co/MW5pKXYyaD pic.twitter.com/cg6BAWWWWU
— ABAN Angels (@ABANAngels) October 3, 2019
Starting in 2016 in partnership with Omidyar Network, Bank of Industry and Venture Garden Group, the Growth Capital Fund is an innovation fund that supports early-stage businesses with ideas that will boost next-generation infrastructure.
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The first investments were in Nigerian startups; Taeillo, LifeBank, Riby, Edves, Delivery Science and DrugStoc. The platform invested $75,000 LifeBank, $100,000 in Riby finance, $150,000 Delivery Science and $60,000 in Edves. Taeillo and Drugstoc, however, did not disclose the amount invested in them. The platform aims to raise the funds within the next 12 months.
CcHub will leverage its hubs across Nigeria, Rwanda, and Kenya to make investments in startups across Africa. Startups in Rwanda and Kenya, Nigeria and other parts of Africa will also be beneficiaries of the fund.
CcHub’s initial target was to raise $2.7 million within 2 years for the Growth Capital Fund. However, it has only raised $775,623 of its target and has invested $631,578 of the raised funds.
The $60 million if eventually raised will go a long way in boosting Africa’s tech ecosystem.
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