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The Lagos-based Co-Creation Hub (CcHub) innovation centre has announced the first round of investments made by the syndicate it launched in the last quarter of 2020.
It was reported in December, last year that CcHub had launched the CcHub Syndicate, an investment vehicle empowering investment firms and high net worth individuals (HNWIs) all over the world to co-invest alongside the hub in the most innovative companies across Sub-Saharan Africa.
CcHub already runs the Growth Capital Fund, but has been on the expansion trail across Africa of late, acquiring Kenyan incubator iHub and ed-tech startup eLimu, and launching “The Syndicate by CcHub”.
The new investment vehicle aims to accelerate the growth of early-stage ventures delivering value-adding services and products to the African market at scale. Across the continent, CcHub claims to have a network of over 650 startups that can trace their roots to its various programmes and interventions, and the launch of the syndicate aims to scale that impact.
More than 400 investors signed up to the syndicate, and over 30 completed the KYC process to take part in rounds. The syndicate has now announced its first investments, in three technology companies. These companies, with valuations north of US$17.5 million, are focused on building critical digital infrastructure to be deployed across Africa.
The three investees are Oneport 365, a B2B digital freight forwarding platform; Stears Business, a digital information company that makes it possible for anyone to access high-quality information on Africa; and Taeillo, a premium Afro-urban furniture and lifestyle design brand.
With the completion of this first round, CcHub also announced it was opening the next syndicate funding round at the end of March 2021.
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