Today, iHub has announced that it has been acquired by Co-creation Hub (ccHUB) which is an accelerator based in Lagos, Nigeria for an undisclosed fee.
The companies have revealed that the deal will see iHub’s team become part of ccHUB’s “wider central support and strategy network.” iHub will also retain its name and senior management structure. ccHUB on the other hand will make key hires and be involved in people management, programme management and community support. ccHUB’s co-founder, Bosun Tijani will also remain as CEO for both companies.
ccHUB was launched back in 2011 as a pre-incubation space of which now has grown to a community of over 14,000 and has provided support to over 120 early stage ventures. The move to acquire iHub comes just 7 months after they expanded to Kigali with their launch of its Design Lab that is focused on product design and innovation.
If you are not aware of iHub, it was launched in 2010 and it is home to well known companies like BRCK and Ushahidi. According to iHub, they have seen over 500 companies receive support of which over 10 have gone through the incubation and accelerator programs.
Africa has seen an explosion of active tech hubs in the continent. According to GSMA, the number of active tech hubs across Africa has grown by 50% between 2016 and 2018 from 314 to 442. They also revealed that a dozen are due to launch in early 2018. Nigeria has 55 active tech hubs while Kenya has 30 as of 2018.
The move by ccHUB to acquire iHub could be a sign that these hubs are now consolidating over the continent.