CcHUB launches investment syndicate for African Start-ups

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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