Itana, formerly known as Talent City, announced that it has secured $2 million in a pre-seed funding round led by global venture capitalists LocalGlobe, Amplo, Pronomos Capital, and Future Africa.
Established by CEO Luqman Edu, COO Coco Liu, and Aboyeji, a founding investor, Itana is poised to become Africa’s inaugural digital free zone. The founders assert that the funding will bolster the startup’s initiatives to enhance Nigeria’s business-friendly environment, attract foreign direct investment (FDI), and stimulate job creation within Nigeria.
From inception, Itana has raised more than $13 million for its Lagos project which is situated within Alaro City (in the Lekki Free Zone, just outside of Lagos, Nigeria. The founder says its still raising funds.
According to Edu, “we are thrilled to announce this round of funding. It validates our efforts, and reiterates the aligned vision with our investors and partners to make it easy to invest and operate in Africa’s digital economy. The African market is still largely untapped and Itana will provide the ideal business environment that will be fully online, for global and pan-African digital and service companies to use Nigeria as an anchorage to operate with ease across the continent.”
Itana aims to establish a virtual jurisdiction, akin to those found in Delaware (U.S.), E-Estonia (Europe), or Dubai (Asia). This virtual city enables global companies to incorporate and operate in a Nigerian Free Zone without requiring a physical presence. Tech and service companies interested in launching their operations in Nigeria remotely can register on www.itana.africa to join the waitlist for an Itana Digital Free Zone business license. This license will grant businesses the privilege of conducting remote business setup and operations.
“Itana will empower entrepreneurs to establish a globally respected business within Nigeria’s inaugural digital free zone, capitalizing on advantages that were previously exclusive to traditional manufacturing and oil and gas industries that have historically operated within Nigerian free zones,” explains Iyinoluwa Aboyeji, Founding Investor at Itana. “Within the Itana digital free zone, startups will enjoy the advantages of a stable policy environment, enticing tax incentives, and the flexibility to conduct operations remotely, without the necessity of a substantial physical presence within the free zone. I eagerly anticipate the emergence of global businesses from Nigeria through this initiative.”
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. It will serve as a hub for both permanent residents and digital community visitors, facilitating networking events, coworking spaces, coliving arrangements, and more. With the initial phase of development slated for conclusion by 2027, the Itana District will establish the groundwork for a model city and infrastructure that can serve as a foundation for technological advancement in Africa.
In 2022, Itana introduced a digital residency initiative designed for participants, particularly business executives and prospective residents, to experience the e-governance system, global connectivity, and the potential of a bolstered digital economy in Africa. This online community of Itana Digital Residents has since burgeoned into a membership network comprising approximately 3,000 tech innovators and entrepreneurs who are actively contributing to Africa’s development.
Coco, Chief Operating Officer of Itana, emphasizes, “Having engaged with numerous international companies operating in Nigeria, I hold an optimistic outlook on the impact Itana will have on Africa’s economy. We are constructing the necessary infrastructure and systems to support businesses, streamlining processes such as opening bank accounts and obtaining business licenses without the requirement for physical presence. Our aspiration is to provide a transparent and user-friendly platform for conducting business.”
With Africa boasting a youthful and rapidly expanding population, the continent offers ample opportunities for software developers and foreign direct investments. This is underscored by data from Stripe Atlas (Delaware, U.S.), which reveals a remarkable 400% year-on-year growth in the incorporation of businesses originating from Nigeria. Itana’s mission is to foster a culture that nurtures the “builders of tomorrow,” forming a community of visionaries, entrepreneurs, creatives, and innovators poised to shape the future.
