To celebrate its 20th anniversary, Chocolate City has launched a $1 million Founders Fund that targets Nigeria’s early-stage creative startups. Minister of Arts, Culture, Tourism, and Creative Economy, Hannatu Musa Musawa, officially unveiled the fund in front of over 500 creative stakeholders, international partners, and media representatives.
The fund actively provides equity investments and hands-on mentorship to startups in music, film, and creative technology. Unlike traditional financing models, this initiative directly addresses the funding gap that Nigerian creatives face.
Co-founders Audu Maikori and Paul Okeugo structured the fund based on their own experiences building Chocolate City into a successful independent entertainment brand. Maikori stated, “We built this fund to fill the gap where banks and investors often fail to understand creative businesses.” He emphasized that the fund targets companies blending creative vision with solid business discipline.
Furthermore, Okeugo highlighted the importance of operational support. “Money alone doesn’t build companies,” he noted. “We’re offering guidance in rights management, contracts, and business sustainability.”
Importantly, the fund partners with Co-Creation Hub (CCHub), which will also manage applications, conduct due diligence, and support funded startups. CCHub’s Managing Director, Ojoma Ochai, said, “We’re combining our startup support systems with Chocolate City’s industry insights to scale these businesses effectively.”
Meanwhile, Gbenga Hassan of Argentil Capital explained that while music and Nollywood industries show strong growth, they still struggle with access to structured financing. The Founders Fund, he said, tackles this critical market inefficiency.
With strategic investment, expert mentorship, and a deep understanding of Nigeria’s creative space,Chocolate City’s Founders Fund also sets a bold new direction for nurturing the next generation of creative entrepreneurs.
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