Nigeria’s Lagos-based tech innovation centre Co-creation Hub (CcHUB), today announced it has acquired Kenya’s iHub. The transaction is for an undisclosed fee.
In a statement gotten by TechCity, CcHub said the deal will see iHub’s team become part of CcHUB’s wider central support and strategy network, whilst retaining its name and senior management structure.
Moreover, CcHUB’s co-founder Bosun Tijani will continue to serve as CEO across both locations.
CcHUB also announced plans to make key hires in innovation consulting, people management, programme management and community support, “as it looks to strengthen its pan-African network and mobilise its far-reaching resources, network and relationships to accelerate the growth of technology innovation and entrepreneurship in Africa”.
CcHub described iHub as East Africa’s most prolific and reputable technology centre and the acquisition is the next step for CcHUB as it continues its mission to connect entrepreneurs, technologists and public bodies across the continent.
“The move comes just seven months after CcHUB expanded into Kigali, Rwanda, with the launch of its Design Lab – the first creative space in Africa to focus solely on product design and technology innovation,” CcHub stated.
‘Bosun Tijani, CEO at CcHUB said: “We are long-time admirers and collaborators of iHub – a world-class community of developers, entrepreneurs and business people who have been instrumental in growing Kenya’s extraordinary technology ecosystem.”
“CcHUB’s mandate is to build a formidable innovation ecosystem with a deeply rooted network, cultivating strategic partnerships and practical industry know-how that can support entrepreneurs in building thoughtful, relevant and scalable solutions. We believe we can only do this if we are intentional and proactive in how we scale and grow our reach, not only across Africa, but also internationally. This is the reason behind our acquisition of iHub and we continue to be bullish in our combined efforts in creating hundreds of thousands more opportunities for businesses across Africa.”
Nekesa J. Were, Managing Director for iHub added: “Over the past 9 years, the iHub has been a catalyst for regional tech acceleration and a role model for innovation hubs across emerging markets. To-date, over USD40m has been raised by iHub startups in early and growth stage financing and iHub portfolio businesses have contributed over 40,000 jobs to the East African economy. Their products have impacted millions.
“CcHUB has an unrivalled track record of building out a dynamic tech ecosystem which extends past Nigeria. Similar to us, they have been committed to delivering impactful support services, at scale, supporting tech and business communities and driving social capital for economic prosperity in Africa. In short – they share our mission to make businesses and the business environment on the continent, better for all. We are very excited to work with them to support entrepreneurs transforming our communities”
Erik Hersman, CEO BRCK and founder of iHub adds, “Bosun and I have known each other since the beginnings of the tech hub explosion across Africa, and we’ve always made sure that the CcHUB and iHub had a good relationship. A decade later, it’s exciting to see the evolution of the space, and to have two of the largest and most impactful hubs consolidate and provide an even larger target for the tech communities they represent, as well as the businesses, investors and media who work so closely inside the ecosystem.”
