Key Developments

Nigerian Startup Itana to Create Africa's First Digital Free Zone Following $2M Pre-Seed Funding

Itana, a Nigerian startup that is building Africa’s first Digital Free Zone, has raised $2 million in pre-seed funding.

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:

  • A stable policy environment
  • Tax and capital repatriation incentives
  • The freedom to operate remotely
  • Access to a global network of talent and investors

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.

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