Chocolate City Launches $1M Fund to Back Nigeria’s Creative Startups
Chocolate City, one of Nigeria’s most influential entertainment companies, has launched a $1 million Founders Fund aimed at empowering early-stage entrepreneurs across the country’s creative sector. The fund, introduced during the label’s 20th anniversary celebration in Lagos, marks a major step toward closing the financing gap faced by Nigeria’s growing community of music, film, and creative tech startups.
A Push to Strengthen the Creative Economy
Nigeria’s creative industry has long been recognized as a key economic driver, contributing billions to GDP and exporting culture through music, film, and digital art. Yet many creative founders continue to struggle with access to funding, mentorship, and business structure. The Chocolate City Founders Fund aims to address this gap by providing both equity investment and hands-on operational support.
According to the company, the fund will focus on creative startups with strong business models, measurable traction, and potential for job creation. Beyond capital, selected founders will receive mentorship on contract management, intellectual property, and long-term business sustainability, skills often overlooked in the creative ecosystem.
At the launch event, Nigeria’s Minister of Arts, Culture, Tourism, and Creative Economy, Hannatu Musa Musawa, commended the initiative, describing it as a “timely response to the structural needs of Nigeria’s creative economy.”
Backed by Strategic Partners
Chocolate City is partnering with leading ecosystem enablers to implement the fund effectively. Co-Creation Hub (CcHub), one of Africa’s most established innovation hubs, will handle application management, due diligence, and founder support. Argentil Capital Management Limited will provide financial advisory and governance oversight.
This collaboration ensures that the fund does more than just hand out money. It integrates financial structure, mentorship, and operational guidance, three elements many creative businesses lack. According to the label, the goal is to build scalable, export-ready businesses that can contribute to a more sustainable creative economy.
Funding Details and Selection Criteria
The Founders Fund is open to entrepreneurs across Nigeria’s music, film, fashion, and creative technology sectors. While the specific equity terms were not disclosed, Chocolate City emphasized that the fund is designed to offer “patient capital” long-term investment that prioritizes sustainability over fast exits.
Applicants will be assessed based on traction, market potential, business model viability, and impact on job creation. Preference will be given to founders who demonstrate both creative excellence and strong operational discipline.
By working with partners like CcHub, the fund also intends to create a support pipeline that helps startups progress beyond initial funding rounds, ensuring that they are investor-ready for larger rounds in the future.
A Signal of Maturity in Nigeria’s Creative Sector
The $1 million Founders Fund arrives at a pivotal time for Nigeria’s creative economy. The global recognition of Afrobeats, Nollywood’s continued growth, and the rise of creative tech platforms have all highlighted the country’s cultural influence. Yet most creative startups remain underfunded, often relying on personal savings or informal networks.
Chocolate City’s move represents a growing shift from individual success stories to structured industry building. By backing creators with both capital and business mentorship, it sends a message that creativity and entrepreneurship can co-exist within formal investment frameworks.
The fund also underscores how creative ventures are increasingly viewed as viable, scalable businesses, not just artistic pursuits. For an industry that thrives on innovation, this kind of institutional support could mark a new era for Nigeria’s cultural exports.
