Itana, a startup that aims to become Africa’s inaugural digital free zone, has secured $2 million in pre-seed funding led by global venture capitalists LocalGlobe, Amplo, Pronomos Capital, and Future Africa.
The funding will be used to support Itana’s initiatives to enhance Nigeria’s business-friendly environment, attract foreign direct investment (FDI), and stimulate job creation within Nigeria.
Itana will establish a virtual jurisdiction, akin to those found in Delaware (U.S.), E-Estonia (Europe), or Dubai (Asia). This virtual city will enable global companies to incorporate and operate in a Nigerian Free Zone without requiring a physical presence.
The Itana community will also enjoy privileges within the upcoming flagship campus, known as the “Itana District,” spanning an impressive 72,000 square meters. This eco-conscious district is situated within Alaro City, located just outside of Lagos, Nigeria, within the Lekki Free Zone.
With Africa boasting a youthful and rapidly expanding population, the continent offers ample opportunities for software developers and foreign direct investments. Itana is well-positioned to capitalize on this opportunity and become a major player in the African tech ecosystem.
Here are some of the key benefits of Itana’s digital free zone:
- A stable policy environment
- Enticing tax incentives
- The flexibility to conduct operations remotely
- A vibrant community of tech innovators and entrepreneurs
- A state-of-the-art infrastructure
Itana is poised to make a significant impact on Africa’s economy and the global tech ecosystem. The company’s mission to foster a culture that nurtures the “builders of tomorrow” is inspiring, and I am confident that Itana will play a major role in shaping the future of Africa.