iHub, a Nairobi-based part co-working space, part vector for investors and part pre-incubator for startups, has announced that it has received funding from a group of people.
The funding will be used to grow the hub, tighten its service offerings and make them profitable, and find new tech startups as well as grow those with traction.
“We’re all excited about the resources that the new investors are bringing to bear. The iHub Advisory Board came to a unanimous decision to move forward with outside investment as it would invigorate and help the iHub pivot towards where it needed to go,” founder of iHub, Erik Hersman stated in a blog post.
He added, “…the goal is for iHub to evolve and grow with the ecosystem it has engendered. I couldn’t be more proud of what we have all built together, or more excited about where it will go next.”
The investors are Prof Ndemo, Becky Wanjiku, Ken Mwenda and Miguel Granier.
iHub, which was launched in Nairobi six years ago with just a few people, has grown to become one of the biggest tech space in Kenya.
Since launch, the co-working space has grown and connected over 170 tech companies, incubated 28 companies, and run 20 events per month.
The growth iHub experienced led to the launch of the the m:lab incubator and the iHub Research, which brought in enough revenue and helped in offsetting a large part of the hub’s expenses. More growth led to the kickoff of iHub Consulting in 2012 and the UX Lab in 2013.
iHub has a simple mission: to catalyze the growth of the Kenyan tech ecosystem, and the funding it has received would help it to vigorously pursue that cause.