LocalGlobe and Pronomos Capital back Itana to pave the way for Africa’s first digital free zone

LocalGlobe and Pronomos Capital back Itana to pave the way for Africa’s first digital free zone

#funding
#digital economy
In early 2022, ex-Andela and Flutterwave co-founder Iyinoluwa Aboyeji, in an interview with TechCrunch, discussed a moonshot project he was working on: Talent City, explicitly designed for local and global startups and service businesses looking to scale their operations across Africa without facing the challenges of unstable policies, infrastructural deficits and other business challenges.

LocalGlobe and Pronomos Capital back Itana to pave the way for Africa’s first digital free zone 🌍🆓


Iyinoluwa Aboyeji, co-founder of Andela and Flutterwave, is working on a groundbreaking project in Africa - Itana, formerly Talent City. It's set to become Africa's first digital free zone. 🚀


📌 Vision: Itana aims to provide a digital haven for startups to scale across Africa, bypassing challenges like unstable policies and infrastructure gaps.


💰 Funding: Itana secured a $2 million pre-seed to establish this digital free zone, promoting ease of doing business and catalyzing employment in Nigeria.


🌐 Virtual City: While waiting for its physical city to be finalized, Itana is launching Itana Edge, an online one-stop-shop for international businesses. It offers benefits such as taxation, business visas, and banking support in Nigerian free zones.


🌆 Silicon Valley Ambitions: Itana seeks to become Africa's Silicon Valley, supporting a range of services and digital economies.


📅 Timeline: The pilot will start soon, with plans to go live in Q1 2024, featuring a live-work-build campus known as Itana District.


💼 Revenue Streams: Itana plans to generate revenue through annual business licenses, on-demand services, and more, sharing profits with the government.


🌟 Support: Several factors, including favorable regulations, growing tech ecosystems, and government support, could contribute to Itana's success.


🤝 Investors: Backed by venture funds like LocalGlobe, Amplo, and Pronomos Capital, Itana is poised to reshape Africa's digital landscape.


#AfricaTech #DigitalEconomy #Startups #Innovation 🌐🚀


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