NIGERIA’S CcHUB BUYS KENYA’S iHUB TO DEVELOP ADVANCE AFRICA INCUBATOR
Nigeria-based CcHub buys Kenya’s iHub in a bid to develop Africa’s mega tech incubator, the cost of purchase wasn’t disclosed. According to reports, CcHub will practically finance the deal out of its real-estate project fund, earlier budgeted to be used to build a new innovation center in Lagos.
The CEO of Co-creation Hub (CcHub) ‘Bosun Tijani’ made it clear that the two tech incubators will operate together, noting some level of autonomy with CcHub is aimed to enhance iHub, confirming this he said:
“The names will stay the same…iHub will remain iHub…it is a strong brand…but iHub will be supported from the central CcHub, which will help them strengthen what they do”.
The integration of these two Hubs is aimed at broader innovation spaces, incubate, and as well accelerate startups formation, IT, and training activities within the continent of Africa – and in the process become a focal point. Though there are other tech hubs in Africa, CcHub and iHub are currently ranked high, this is based on the volume of their tech
It’s also understood, as CcHub bought Kenya’s iHub, the move did not change the entire iHub’s administrative personnel’s, it was figured out based on reports that ‘Nekesa’ will practically continue as the Managing Director of iHub, while ‘Tijani’ is automatically the CEO of both organizations. iHub’s existing programs remain unchanged, while some of its existing activities in the areas of healthcare, education, and governance will be extended by CcHub.
This was confirmed by Mr. Tijani, adding that CcHub will also use the iHub in addition to broadening its investment scope. Mr. Tijani said: “We will now have access to the pipeline in Nigeria, Kenya, and Rwanda”. While the CEO had also viewed the arrangement as a boost in Africa’s tech ecosystem – pointing out that, “It strengthens our ability to support innovation. iHub and CcHub…coming together
According to statistics, Africa currently has 618 tech hubs on its continent with Nigeria leading, while at the moment, Kenya is found at fourth position with a total of 48 tech hubs. This development meant more than acquisition for both hubs. Facebook in 2018 opened its own NG_Hub in Lagos and partnered with CcHub in order to foster startup through artificial intelligence. In the same vain, blue-chip companies like Microsoft and Google has been very instrumental in their supports and funding.
Is this development (CcHub buys Kenya’s iHub) the company’s first expansion, absolutely not. The tech hub has been known with its partnership with big global techs such as Facebook’s NG_Hub, also was that of Google for startups sponsored CcHub’s Pitch Drive, which was an African startup tour to Europe and Asia. Recently in Africa, CcHub eventually collaborated with the Government of Rwanda with the aim of opening its Design Lab in Kigali, while focusing on innovative impact solutions in education, health,
For VC and startup formation, the combination of these two entities will link the
- What more do we expect, as CcHub Buys Kenya’s iHub?