Nigerian incubator Co-Creation Hub (CcHub) has partnered Venture Garden Group, Omidyar Network and the Bank of Industry to launch the NGN1 billion (US$5 million) Social Innovation Fund.
The fund – which the partners say is the first of its kind in Nigeria – will back young entrepreneurs with solutions to local problems, with a particular focus on “next generation infrastructure”.
Applications will open in January, with individual startups to be offered funding of between US$50,000 and US$150,000. No further details have yet been confirmed by any of the partners, but Disrupt Africa has reached out for comment.
CcHub has been an enthusiastic backer of Nigerian startups in the past, launching a US$500,000 fund last year. Since 2012, the incubator has invested in 16 early stage ventures, including Truppr, Traclist, GoMyWay, Jekalo, Mamalette, GRIT Systems and Autobox.
Venture Garden Group is the holding company of a group of technology startups providing innovative, data-driven, end-to-end technology platforms, such as EduTech and SureGifts. Disrupt Africa reported earlier this year it had sold a minority stake to African investment company Convergence Partners for US$20 million to allow it to further grow its operations in Nigeria and the rest of the region.