Business and Economy

Syndicate by CcHUB invested in over 11 high-growth African startups in 2021

In December 2020, Nigeria’s technology innovation centre Co-creation Hub (CcHUB) launched Syndicate by CcHUB, a new investment vehicle that allows angels, investing groups and institutional investors to invest alongside CcHUB in high growth technology startups in Africa.

The investment vehicle was designed to mobilise a percentage of diaspora remittances to Africa with the objective of unlocking additional local and counterpart funding that deepens the quality of capital available to local entrepreneurs. Furthermore, Syndicate seeks to redirect the non-consumption in the application of diaspora remittance for technology companies in Africa.

CcHUB says the brand journey has been exhilarating with the many highs and lows that frame the venture funding and support ecosystem. From the mission to staying true to the pan–African vision, to keeping an open mind that allows the brand to uphold her mandate of being sector agnostic, the team has challenged itself to deliver on its assignment to help the diaspora, local HNIs and even institutions support amazing founders building technology solutions for the future.

In 2021, Syndicate invested in 11 companies led by amazing founders across 7 different verticals like consumer and lifestyle, logistics, health, fintech, data and business intelligence, Agritech and identity management. 45% of the portfolio companies are female-led, aligning with the brand’s ethos to support gender balance in the companies invested in.

”All these could not have happened without the growing investor community of more than 700 participants composed of Africans in the Diaspora, Local HNIs, angel investors and institutions who share the same passion as the Syndicate brand to support founders’ building for Africa’s future.” it said in a statement.

Beyond in-house investing work, the team was honoured to work with the Google team to deploy the $3 million from the Black Founders Funds to 50 amazing African founders.

”The process was an exciting one from selection through post-grant support. Particularly as it aligned with the brand’s ethos.” it says. 

The team had many other engagements, one of which was supporting the Rwandan Ministry of ICT with a 2-week intensive boot camp focused on equipping 25 select founders with the requisite knowledge to scale their ventures and become investment-ready. The crescendo of the engagement was the inaugural Hanga pitch fest where the Top 5 of the 25 founders pitched to high calibre guests. The event had in attendance the President of The Republic of  Rwanda who presented the Top  5 with their awards.

”Syndicate by CcHUB is conscious of the fact that there is still more ground to cover in the new year, more startups to support, more investors to inspire, more founders to empower and new ideas and innovation to unearth. The entire team is psyched by the new territories to be covered in the new year” the statement read.

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