A First In African Tech Hub Acquisitions: Nigeria’s Co-Creation Hub Acquires Kenya’s iHub
Two prominent tech hubs have joined forces in an acquisition that represents the first time one African tech hub has acquired another.
Co-creation Hub, a technology innovation center in Nigeria, has acquired Kenya’s iHub for an undisclosed amount, bringing together two of the most recognizable tech hubs in Africa, according to a press release.
“There is a need for the infrastructure that is responsible for driving innovation across the continent to become stronger, to become well-resourced, but also to become very intentional,” Co-creation Hub CEO Bosun Tijani told CNBCAfrica.
“So this is why we decided to bring the biggest innovation hubs on the continent together, attract the best resources that we can and quality of people to support innovation, support entrepreneurs, but also support civil society organizations, government and large corporates to be able to innovate,” he added.
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Based in Lagos, Co-creation Hub has built a community of more than 14,000 people and has incubated and provided support to more than 120 early-stage startups including Lifebank, Riby, BudgIT and WeCyclers.
Kenya’s iHub was launched in 2010 by U.S. blogger, TED fellow and entrepreneur Erik Hersman.
iHub has also provided incubation and accelerator programs for more than 100 startups, according to a statement emailed to Moguldom.
Co-creation Hub was Facebook CEO Mark Zuckerberg‘s first public stop in Nigeria during his 2016 visit to Africa. He toured iHub in Kenya during that same trip.
As part of the acquisition, iHub’s team will become part of Co-creation Hub’s wider central support and strategy network, while continuing to be known as iHub and retaining autonomy through its current senior management, Techpoint reports.
Co-creation Hub co-founder Tijani is now CEO of both tech hubs while Nekesa Were continues as iHub’s managing director.