Growth Capital, a social innovation fund for investing in early stage businesses that are creating the next generation infrastructure, has secured an additional ₦80 million from undisclosed source(s).
This new fund brings to ₦280 million the total amount raised with an additional ₦720 million needed, in less than 24 months, to reach its target of ₦1 billion.
— 'Bosun Tijani (@bosuntijani) October 14, 2016
Growth Capital will be used to invest in early stage startups with innovative products that make public services smarter and connects them to more citizens for richer experiences.
To access the fund, startups are expected to be generating revenue in a growth sector, looking to raise a seed round of between ₦30 million – ₦90 million, have a strong team with track record and a fair valuation.
Qualifying startups will receive investment ranging from ₦10 million – ₦30 million for growth, team consolidation and market expansion. Applications are still being accepted.
Also, the qualifying startups will be offered office space, business advisory, product development support, and further funding.
Growth Capital was launched by Co-Creation Hub (CcHUB), a leading Lagos-based incubator and accelerator together with Bank of Industry, Omidyar Network and Venture Garden Group with an initial close of ₦200 million in December 2015.