Chocolate City Group has launched a $1 million Founders Fund to back early-stage creative startups in Nigeria. The vehicle will provide equity financing alongside operational mentorship, targeting companies in music, film, and creative technology. Announced in Lagos during the company’s 20th anniversary celebration, the fund is positioned to fill a persistent financing and capability gap in the country’s creative economy.
Anniversary launch and setting
The unveiling took place on Sunday in Lagos as part of Chocolate City’s 20-year milestone events. The gathering drew more than 500 industry stakeholders, international partners, and media representatives. The celebration also coincided with the 50th birthdays of co-founders Audu Maikori and Paul Okeugo, underscoring the founders’ long horizon for the sector.
Why this fund now
Nigeria’s creative industries are scaling, yet many founders struggle to secure investors who understand creative business models. Policymakers have highlighted the role of private capital in unlocking growth, diversification, and youth employment in the sector. With the creative economy projected to reach $15 billion by 2025, the fund arrives as founders seek patient, domain-aware backing rather than quick-return capital.
What the fund offers
The Founders Fund will combine equity investment with hands-on support in areas that often determine survival and scale. Chocolate City says the focus is on startups that blend strong creative vision with disciplined commercial execution. The model aims to bridge structural gaps that the company itself encountered while building one of Africa’s most recognizable independent entertainment brands.
Partnership with CcHub
Implementation will run in partnership with Co-Creation Hub, leveraging its startup development infrastructure. The collaboration marries Chocolate City’s industry knowledge with CcHub’s experience in venture support, founder programming, and operational tooling. Together, the partners intend to deliver both capital and company-building infrastructure suitable for creative enterprises.
Leadership perspective
Chairman Audu Maikori framed the fund as patient capital tailored to a sector traditional finance often misunderstands. He noted that investors commonly seek rapid paybacks, which can sideline high-potential founders who need time to mature their models. Vice-chairman Paul Okeugo emphasized that capital is not sufficient without guidance in rights management, contract negotiation, and sustainable business practices.
How selection will work
Applications open this month, with an emphasis on ventures that have shown traction and possess clear revenue paths. The fund will also assess potential for job creation, reflecting policy and ecosystem goals around inclusive growth. Selection will prioritize sustainability over rapid scale, aligning with the founders’ insistence on durable, defensible operations.
Role for operators and mentors
CcHub’s Managing Director, Ojoma Ochai, said the partnership is designed to deliver what creative entrepreneurs need to scale sustainably. The accelerator-style support will focus on building operational discipline that can translate creative output into predictable value. This approach is intended to help portfolio companies compete locally while preparing for regional and global opportunities.
Broader ecosystem implications
By pairing equity with operational mentorship, the fund addresses a core constraint that has kept many creative startups subscale. It also signals growing alignment between private operators and ecosystem enablers willing to underwrite time, talent, and tooling. If successful, the model could catalyze additional specialist capital into a segment that has been long on promise and short on fit-for-purpose financing.
Chocolate City’s Founders Fund sets a pragmatic template for financing Nigeria’s creative economy with capital that respects sector realities. Startups that meet the criteria will gain funding plus structured support to professionalize and grow. For founders navigating the space between artistry and enterprise, this is a targeted bet on sustainable scale rather than a race for quick wins.