The Edtech Fellowship Program, a $15 million accelerator program, is being introduced by Co-Creation Hub (CcHUB).
For the following three years, CcHub hopes to support 72 businesses in Nigeria and Kenya with the help of the money. The accelerator program will assist and boost the influence of edtech businesses throughout Africa as well as entrepreneurs who are presenting technological solutions to problems with learning innovation in the educational field.
The innovation center intends to make sure kids and parents use technology for learning and scaling better. It is committed to speeding the application of social capital and technology for economic success.
The focus of CcHub is on startups in Nigeria and Kenya, where it will take advantage of the rapidly expanding edtech industries in both countries. CcHUB has so far supported edtech firms through its incubation and accelerator programs and executed a number of edtech activities.
According to CcHub, this action will spark the edtech ecosystem’s growth, extending the viability of these firms and reducing their risk of failure.
The 24 businesses accepted into the Edtech Fellowship program will include 12 each from Kenya and Nigeria each year. They will receive $100,000 in initial capital points, with the rest funds going toward the accelerator’s additional resources, such as staffing costs and the supply of support capital for firms as they advance.
There is also a mechanism for follow-on investment outside of the accelerator program, which will provide diversification and reduce risk for seed or Series A investors.
A $50 million edtech fund that CcHUB hopes to form in the next 12 to 24 months will provide the follow-on funding; an anchor investor has already committed an initial $5 million. The innovation hub is in discussions with telcos like Safaricom and MTN to examine possible agreements that could see them double as distribution partners for the Fellowship’s portfolio of edtech products as well as investors in the fund.