Chocolate City Founders Fund has launched a $1 million fund to boost early-stage startups in Nigeria’s fast-growing creative sector. The fund, which was announced at the 20th anniversary celebration of Chocolate City Group, will offer equity investment, mentorship, and strategic guidance to startups in music, film, and creative technology.
Chocolate City founders Audu Maikori and Paul Okeugo—who also marked their 50th birthdays with the launch—said that the project had been born out of the difficulties they had encountered in securing finance and establishing viable creative infrastructures.
“The reality is that financial institutions struggle to understand creative businesses. Investors want quick returns, so young entrepreneurs with genuine potential get stuck,” said Maikori, chairman of Chocolate City Group. “We’re providing patient capital from people who have built sustainable creative businesses in this market. The fund targets companies that combine creative vision with business discipline.”
Vice-chairman Paul Okeugo emphasized that mentorship would play a key role alongside financial investment. “Capital alone doesn’t build successful companies,” he said. “We’re offering guidance in rights management, contract negotiation, and business sustainability – the same principles that helped us remain independent while competing globally.
The initiative will be implemented in partnership with Co-Creation Hub (CcHUB), Africa’s leading creative ecosystem enabler. CcHUB will manage applications, due diligence, and portfolio oversight.
CcHUB CEO, Ojoma Ochai, pointed out the synergy between the two organisations, stating, “This partnership combines Chocolate City’s deep industry experience and CcHUB’s startup development expertise to offer end-to-end support to creative founders.”
Argentil Capital Management Limited will provide financial advisory to the fund. Managing Partner, Gbenga Hassan, stated that the initiative fills a key gap in Nigeria’s creative industry.
“Nigeria’s creative economy has robust underpinnings – music streaming revenues are expanding more than 60 percent a year, and Nollywood makes more than 2,500 movies annually,” Hassan stated. “Yet access to organized financing is thin. The Founders Fund is an opportune intervention to close that gap.”
