Innovation centre Co-creation Hub (CcHUB) has launched a new investment syndicate to make it easier for investors to back African start-ups.
The innovation hub will invite third-party investors with as little as US$5,000 in each round. This will give investment groups, firms and high net individuals options to diversify their investment portfolio while also helping to develop the continent’s start-up ecosystem.
Known as‘The Syndicate’, the initiative aims to accelerate the growth of early-stage ventures.
Mr Bosun Tijani, Chief Executive Officer of CcHUB and iHUB, said: “CcHUB syndicate is an innovative funding platform which comes at a critical time when the world stands on the precipice of change. These times require companies with innovative solutions to critical problems in our societies.
“The syndicate seeks to solve the subsistent consumption that exists in diaspora remittances, by redirecting it towards investments in high-growth, impact-driven technology companies across Africa.”
CcHUB has ploughed $1million direct investment in African start-ups and has helped to raise over $61-million from other investment companies.
The Hub said in a statement: “Across Africa, CcHUB boasts of a rich network of over 650 startups who can trace their roots to Co-Creation Hub’s innovation-focused programs and interventions, more than 7,300 direct jobs created by its portfolio companies, 35,000+ indirect jobs have been created by portfolio companies through their value chain.”
The African tech start-up ecosystem generated approximately $2.02-billion in 2019, compared to $ 1.163-billion in 2018, according to the Africa Tech Venture Capital report by Partech Partners.
By the end of Q1, 2020 the amount raised by local startups stood at US$350-million, according to analysis firm, Briter Bridges.
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