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.
Six African tech startups have been chosen as finalists for the “Meet the Tôshikas” program, a joint initiative by the United Nations Development Programme (UNDP) and Japan’s Ministry of Economy, Trade and Industry (METI).
Gaia Impact, a cleantech investment firm focused on Africa, has raised a new $42 million fund to support early-stage startups developing sustainable solutions for the continent.
BasiGo, a Kenyan electric bus company operating in Kenya and Rwanda, has announced a $5 million debt financing agreement with British International Investment (BII), the UK’s development finance institution and impact investor.
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