Chocolate City Group has launched the $1 million Chocolate City Founders Fund to support early-stage startups in Nigeria’s creative economy, targeting ventures in music, film, and creative technology. The announcement came during the company’s 20th anniversary celebration, which also marked the 50th birthdays of co-founders Audu Maikori and Paul Okeugo.
The fund is designed to address persistent financing barriers that have limited growth in the creative sector, which is projected to reach a value of $15 billion by 2025. By offering equity investment and mentorship, the initiative aims to help young entrepreneurs scale sustainable businesses rather than rely on short-term funding.
Maikori, chairman of Chocolate City Group, explained that traditional financial institutions often struggle to understand the creative business model, leaving many promising founders without access to capital. He said the fund will provide patient capital from industry veterans who understand the long-term nature of intellectual property and brand-building.
“The fund targets companies that combine creative vision with business discipline,” he said.
Vice-chairman, Okeugo, added that mentorship will be a core component, focusing on areas such as rights management, contract structuring, and operational sustainability. “Capital alone doesn’t build companies. We’re offering the same structures that allowed us to stay independent while competing on a global stage,” he noted.
The Founders Fund will be managed in partnership with Co-Creation Hub (CcHUB), which will oversee application processes, due diligence, and portfolio development. Ojoma Ochai, Managing Director of CcHUB, said the collaboration blends industry experience with startup support systems to create a stronger pipeline for creative entrepreneurs.
Financial advisory support is being provided by Argentil Capital Management. Its Managing Partner, Gbenga Hassan, highlighted the urgency of structured investment in the sector, citing music streaming growth of 63 percent annually and Nollywood’s production of over 2,500 films a year. Yet access to scalable finance remains limited.
By combining capital with strategic mentorship, the Chocolate City Founders Fund seeks to build investable creative enterprises, positioning Nigeria’s creative economy as a competitive force in global entertainment and digital innovation.
