A group of core technology investors has indicated plan to invest as much as N1 billion in the next two years in technology projects in Nigeria. The proposed projects are those built around the next generation digital infrastructures that are economically viable.
The investors plan to raise the capital from interested Venture Capitalist and Angel Investors that are within and outside Nigeria who are willing to invest their money in technology projects that are economically viable.
The group known as CCHub Growth Capital Limited, comprises Bank of Industry, Venture Garden Group, Omidyar Network and Co-Creation Hub (CCHub).
Announcing the investment plan in Lagos recently, the Managing Partner, CCHub Growth Capital Limited, Mr. Adetunji Elesho said the group would provide between N10 million and N30 million to individuals and team of technology start-ups, who already have businesses and products that are currently generating revenue, but needed additional funding to scale up the business and expand its reach.
According to him, CCHub Growth Capital Limited has been able to raise N200 million from among themselves and are currently in the process of selecting projects, following the several applications received, since the initiative was launched last month.
“Based on the experiences we had in the last 30 months of running CCHub, a technology incubation centre in Nigeria, supporting over 60 technology ideas within the period, we decided to champion CCHub Growth Capital Limited, with plans to increase financial support for the next generation digital infrastructure projects that would need bigger funds to scale up and expand their business,” Elesho said.
Listing the technology businesses that are likely beneficiaries of the initiative, Elesho said: “Our target is on technology businesses that are in existence that have a solution that is addressing the needs of society and at the same time, helping public services to become smarter and connecting the smarter public services to more citizens.”
We are doing this because we believe that the digital technology infrastructure target will drive faster development in Nigeria, needs to be supported, he said, while calling on Nigerians that have viable technology business to visit the www.gc.fund and apply for funding.
The website, he said, was launched January this year, for the purpose of funding technology business across the country.
He explained that aside funding, CCHub Growth capital would also provide mentorship programme for beneficiaries of the fund, to guide them on how best to invest and expand their businesses. We will provide business advisory services, provide office space, provide market access and partners, and also mentorship that will help businesses secure the right partners, he said.
He further explained that the investment is a long term project that will give business owners ample opportunities to explore their business and make returns on investment.
“We are also willing to reinvest after the initial investment, if we see signs of business growth,” he added.