The application launch follows the unveiling of the $1 million Founders Fund during Chocolate City Group's 20th anniversary celebration in October 2025, where the initiative was officially launched by the Minister of Arts, Culture, Tourism and Creative Economy, Hannatu Musa Musawa. Established in partnership with Argentil Capital Management Limited and implemented by Co-Creation Hub (CcHUB), Founders Fund Africa was created to identify, support and accelerate the next generation of entrepreneurs building scalable businesses across Africa's creative economy.
A Response to Chronic Funding Gaps
The initiative comes as Africa's creative economy—projected to reach $15 billion in value—continues to struggle with access to structured, patient capital. Speaking on the opening of applications, Audu Maikori, Co-Founder & Executive Chairman of Chocolate City Group, said the programme represents an important step towards unlocking opportunities for creative founders across the continent:
"Founders Fund Africa was created to unlock opportunities for the next generation of creative entrepreneurs. Across Africa, we're seeing founders build innovative businesses that are redefining music, film, design and technology, yet many still struggle to access the support they need to scale. We're looking for founders with bold ideas, strong execution and the ambition to build businesses that will shape the future of Africa's creative economy".
Maikori has been blunt about the gap the fund is meant to close, arguing that financial institutions largely fail to understand how creative businesses generate returns, leaving founders with real traction stuck without options.
Accelerator Structure and Benefits
The inaugural accelerator will select 10 high-potential startups to participate in an intensive programme designed to strengthen business fundamentals, improve investment readiness and connect founders with experienced operators, investors and industry leaders. Selected startups will have the opportunity to access $20,000 to $50,000 in funding, alongside tailored mentorship and strategic support to accelerate growth.
Paul Okeugo, Co-Founder & Executive Vice Chairman of Chocolate City Group, said the accelerator reflects lessons learned from building one of Africa's leading independent entertainment companies:
"Over the last two decades, we've learned that building a successful company takes more than talent or access to capital. It takes the right guidance, meaningful partnerships and people who believe in your vision. Founders Fund Africa is about giving creative founders access to that support so they can build businesses that endure".
Strategic Partnerships
CCG's investment partner, Argentil Capital Management Limited, provides expertise in investment advisory, venture building and capital allocation to the programme, helping to identify founders with the potential to build commercially viable businesses capable of delivering long-term value.
Gbenga Hassan, Managing Partner at Argentil Capital Management, said the programme reflects the growing maturity of Africa's creative economy as an investment opportunity:
"Africa's creative economy is no longer an emerging opportunity. It's an investable sector with founders building commercially viable businesses across the continent. Through Founders Fund Africa, we're looking to back founders with strong fundamentals, scalable business models and the ambition to create lasting value".
Co-Creation Hub, Africa's leading creative ecosystem enabler, serves as the programme and implementation partner, managing applications, due diligence and ongoing portfolio support. Ojoma Ochai, Managing Director of CcHUB, outlined the partnership approach:
"We understand what creative entrepreneurs need to scale sustainably. This partnership combines Chocolate City's industry knowledge with our startup development infrastructure to create comprehensive support for creative entrepreneurs".
Application Process and Criteria
Applications are open to startups operating across Music, Film & Media, Design, and Creative Tech. Applicants will be assessed based on:
- Strength of their business model
- Market opportunity
- Innovation
- Execution capability
- Potential to build sustainable businesses that contribute meaningfully to Africa's creative economy
Sylvester Ayisi, Investment Principal at Argentil Capital Management, encouraged founders to approach the application process with clarity and purpose:
"This is more than a funding application. We want founders to clearly articulate the problem they're solving, the strength of their business model and their vision for growth. The founders who stand out will be those who combine ambition with clarity, resilience and the ability to execute".
A Growing Creative Economy Ecosystem
The Founders Fund Africa enters a field where public and philanthropic vehicles have repeatedly promised creative capital but delivered slowly. Nigeria's federal government opened the second phase of its own Creative Economy Development Fund in August 2025, explicitly targeting smaller creative ventures the first round had missed, while the state-backed iDICE fund has also flagged a dedicated Creative Sector Fund for music, film, fashion and gaming.
Chocolate City, which has developed artists including M.I. Abaga, Ice Prince, CKay, Blaqbonez and Young Jonn while maintaining operational independence and securing strategic partnerships with Warner Music, brings two decades of industry experience to the initiative.
Timeline
Applications close on 28 August 2026. Interested founders can learn more and submit their applications at www.foundersfundafrica.com.
With reporting from The Sun Nigeria, Vanguard, Brand Spur, BusinessDay, MSME Africa, The Guardian, Brand Network, and TechMoonshot.
