The creative economy in Africa is worth looking into. Music streaming revenues are growing at 63 percent annually. Nollywood produces over 2,500 films every year, making it the world’s second-largest film industry by volume. Yet, despite this explosive growth, creative entrepreneurs across the continent struggle with a fundamental problem: access to capital and structured business support.
This is the gap that Chocolate City Group, one of Africa’s most successful independent entertainment companies, is stepping up to fill. In October 2025, during its 20th anniversary celebration, Chocolate City launched the $1 million Founders Fund Africa. Now, the fund has opened applications for its inaugural Creative Economy Accelerator Programme, inviting founders building innovative businesses across music, film and media, design, and creative technology to apply.
A Fund Born from Two Decades of Experience
The story of the Founders Fund Africa is deeply personal to its creators. Audu Maikori and Paul Okeugo, co-founders of Chocolate City, built the company from the ground up into one of Africa’s few successful independent entertainment labels. They developed artists including M.I. Abaga, Ice Prince, CKay, Blaqbonez, and Young Jonn. They secured strategic partnerships with Warner Music. They maintained operational independence while competing globally.
But they also experienced the frustrations that plague creative entrepreneurs.
“The reality is that financial institutions struggle to understand creative businesses. Investors want quick returns, so young entrepreneurs with genuine potential get stuck,” said Maikori, who serves as Executive Chairman of Chocolate City Group.
This insight shaped the fund’s philosophy. The Founders Fund Africa is not just about writing cheques. It provides patient capital from people who have built sustainable, creative businesses in the African market. It targets companies that combine creative vision with business discipline.
What the Accelerator Programme Offers
The inaugural accelerator will select 10 high-potential startups for an intensive programme. Selected participants receive between $20,000 and $50,000 in funding. But the value extends far beyond the capital.
The programme is designed to strengthen business fundamentals, improve investment readiness, and connect founders with experienced operators, investors, and industry leaders. Mentorship covers crucial areas that often trip up creative founders: rights management, contract negotiation, and sustainable business practices.
“There is more to this than funding,” Okeugo explained. “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”.
A Strategic Partnership Model
The fund brings together powerful partners across the ecosystem. The initiative was officially launched by the Minister of Arts, Culture, Tourism and Creative Economy, Hannatu Musa Musawa, who emphasised that private-sector investment is critical to the development of the creative economy.
Co-Creation Hub (CcHUB), Africa’s leading creative ecosystem enabler, serves as the programme and implementation partner, managing applications, due diligence, and ongoing portfolio support. Financial advisory comes from Argentil Capital Management Limited, which provides expertise in investment advisory, venture building, and capital allocation.
Gbenga Hassan, Managing Partner of Argentil Capital Management, noted, “Africa’s creative economy is no longer an emerging opportunity. It’s an investable sector with founders building commercially viable businesses across the continent”.
What Founders Need to Know
Applications are open until August 28, 2026, and target startups operating in four core sectors: music, film and media, design, and creative technology.
Sylvester Ayisi, Investment Principal at Argentil Capital Management, offered guidance for prospective applicants: “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”.
The selection criteria assess innovation, market opportunity, execution capability, business sustainability, and overall growth potential.
Africa’s Creative Future
The $15 billion creative economy projection for 2025 signals tremendous potential, but that potential remains locked without appropriate financing structures.
For Chocolate City, the initiative marks a natural evolution from entertainment powerhouse to ecosystem enabler. As the company continues to invest in technology, AI, and digital systems to strengthen talent discovery and operations, the Founders Fund Africa ensures that the next generation of creative entrepreneurs has the support they need to build enduring businesses.
