Co-Creation Hub (CcHUB), is launching a $15 million accelerator program – The Edtech Fellowship Program.
With the fund, CcHub seeks to support 72 startups across Nigeria and Kenya over the next three years. The accelerator program will support and amplify the impact of edtech startups across Africa, as well as support founders offering tech solutions that will address challenges of learning innovation in the educational sector.
The innovation centre, dedicated to accelerating the application of social capital and technology for economic prosperity, wants to ensure students and parents better utilize technology for learning and scaling.
Startups in Nigeria and Kenya, are CcHub’s focus, where it will leverage the fast-growing edtech sector in both markets. So far, CcHUB has run several edtech initiatives and backed edtech startups through its incubation and accelerator programs.
CcHub believes this move will kickstart the bloom of the edtech ecosystem to extend the lifespan of these startups and downscale the chances of failure.
The Edtech Fellowship program will accept 24 startups, 12 each from Nigeria and Kenya annually. They will receive $100,000 initial capital points and the remaining capital will be used for other resources in the accelerator, including personnel costs and provision of support capital to startups as they progress.
Outside the accelerator program, there’s also a provision for follow-on investment that will offer diversification and lower risk for seed or Series A investors.
The follow-on capital will come from a $50 million edtech fund CcHUB plans to launch within the next 12-24 months; an anchor investor has committed an initial $5 million. The innovation hub is in talks with telcos like Safaricom and MTN to explore arrangements that could see them become not only investors in the fund but also distribution partners for edtech solutions in the Fellowship’s portfolio.