Lagos August 29, 2014: CcHUB boosts its incubation program with the launch of a $500,000 seed investment fund to support early stage start-ups over the next two years. Start-ups will receive sums ranging from $10,000 – $25,000 to support business model experimentation and operations. Initial beneficiaries of the seed program are Vacantboards, Truppr, Traclist, 500shops and GeniiGames. The announcement comes on the occasion of first anniversary of its incubation office which amongst other services provides entrepreneurs with mentorship, user testing, access to markets, office space and administration.
The initial beneficiaries of the seed investment went through CcHUB’s Pre-Incubation program which identifies and supports aspiring technology entrepreneurs looking to address local market problems with relevant solutions. Through the $90,000 Tony Elumelu Foundation/CcHUB pre-seed fund, beneficiaries started out with a grant award of $5,000 each to support their ideas, build working prototypes, carry out initial market testing & proof their concepts. These ideas grew steadily, earning revenues, increasing their user bases and building partnerships hence needing a different kind of support.
‘CcHUB incubation office launched in response to the need to provide business development, mentoring and funding support to start-ups that showed traction from our impactful Pre-incubation program. Our seed investment ensures startups have a sure footing post-Preincubation to concentrate on rapidly executing their plans and learning from the market’ says ‘Bosun Tijani, CEO & Co-founder of CcHUB.
‘Discussions are already underway with investors to provide additional funding to two (2) of our initial beneficiaries and we hope to break the news in the coming months’ remarked Tunji Eleso, Director of Incubation. We welcome startups looking to transform the way Nigerians live, play and do business to apply to join our portfolio via http://cchubnigeria.com/pre-incubation/ he further stated.
About initial beneficiaries
Vacantboards (www.vacantboards.com) led by Tunji Alao is an online outdoor advertising marketplace which enables one-click booking of outdoor advert spaces & tracking of advert campaigns.
Truppr (www.truppr.com) founded by Bosun Tijani is a social tool that connects people with physical activities and teammates in cities across the world.
Traclist (www.traclist.com) run by Emotu Balogun is an online marketplace that helps fashion retailers expose their inventory and allows customers all over Nigeria to buy from an wide array of products.
500 shops (www.500shops.com) led by Clive Ayonye offers small and medium sized businesses the opportunity to set up a complete online store and accept orders in minutes.
Genii games (www.geniigames.com) led by Adebayo Adegbembo delivers educative apps aimed at preserving and promoting African Culture and related subjects which include languages, etiquette and ethics.
About Co-Creation Hub Nigeria
Co-Creation Hub Nigeria is a social innovation centre dedicated to accelerating the application of social capital and technology for economic prosperity. We leverage a community of progressives – software developers, organizations, government officials, businesses, academics etc who bring their creativity and knowledge into play in crafting novel ways to address the myriads of social and economic challenges that impact the lives of Nigerians every day. These stakeholders form the core of the community of people interested in positively impacting Nigeria that we are building. This community interacts through our online platform and physically at the CcHUB space in Yaba, Lagos. For more information, visit www.cchubnigeria.com
For further enquiries:
Director of Incubation, CcHUB
6th Floor, 294 Herbert Macaulay Way, Sabo, Yaba