The round was led by global venture capitalists LocalGlobe, Amplo, Pronomos Capital, and Future Africa.
Itana’s Digital Free Zone will be a physical and virtual space that will offer businesses a range of benefits, including:
The funding will be used to develop the Itana Digital Free Zone, as well as to grow the company’s team and launch its digital residency program.
The startup is on a mission to empower entrepreneurs to establish a highly esteemed business within Nigeria’s inaugural digital-free zone.
“Within the Itana digital free zone, startups will have the benefit of a stable policy environment, tax and capital repatriation incentives and the freedom to operate remotely without the need for an expansive physical presence within the free zone. I’m looking forward to the global businesses from Nigeria that will emerge from this,” founding investor Iyinoluwa Aboyeji was quoted as saying.
Zambian fintech Lupiya has raised $8.25 million in a Series A funding round led by Alitheia IDF Fund, with participation from INOKS Capital SA and the German Investment Bank KfW DEG.
Userguest, a Moroccan tech startup that helps hotels optimize their direct revenue, has secured €2.2 million (approximately $2.4 million) in seed funding.
Uncap, a venture capital firm operating in Munich and Nairobi, has announced the launch of a $33 million fund aimed at supporting the growth of small and medium-sized enterprises (SMEs) across Africa.
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