Itana, formerly known as Talent City, has secured $2 million in a pre-seed funding round led by global venture capitalists, including LocalGlobe, Amplo, Pronomos Capital, and Future Africa. This funding will support Itana’s mission to boost Nigeria’s ease-of-doing-business index, attract foreign direct investment, and spur employment.
Luqman Edu, the Chief Executive Officer of Itana, expressed excitement about this funding round, stating that it validates their ongoing efforts and underscores their shared vision with investors and partners. Their vision is to facilitate investments and operations within Africa’s digital economy, simplifying processes and creating a favorable business environment.
Itana aims to create a fully online business environment, simplifying operations for global and pan-African digital and service companies. The initiative addresses challenges related to uncertain policies, infrastructure deficits, and other business obstacles.
Iyinoluwa Aboyeji, Founding Investor at Itana, emphasizes that Itana will enable startups to establish globally respected businesses within Nigeria’s first digital free zone. Leveraging tax incentives and the freedom to operate remotely, Itana empowers startups.
Central to Itana’s offering is the “Itana Edge,” an online one-stop-shop platform for business and government services. This platform provides access to globally competitive business policies and incentives. Itana aims to create an environment where companies can operate global businesses in Nigeria from anywhere in the world.
Founded by Nigerian entrepreneurs Luqman Edu (CEO), Iyinoluwa Aboyeji (Founding Investor), and Coco Liu (COO), Itana is pioneering an online jurisdiction (virtual city) akin to established hubs like Delaware, E-Estonia, or Dubai. This platform enables global companies to incorporate and operate in a Nigerian Free Zone without the need for a physical presence.
In addition to offering incentives, Itana is developing its flagship “Itana District” within Alaro City. Anticipated for completion by 2027, this district will host residents and visitors, facilitating networking events, coworking spaces, coliving options, and more.
Itana has the potential to address infrastructure challenges and support a new generation of African entrepreneurs. The continent’s burgeoning tech ecosystem shows significant growth, and Itana aims to be a hub for tech innovators.
In 2022, Itana introduced a digital residency program, allowing participants to explore its e-governance system and the promise of a thriving digital economy in Africa. This initiative has grown into a community of about 3,000 tech innovators and entrepreneurs.
With Africa’s youthful and rapidly expanding population, the continent offers abundant opportunities for software developers and foreign direct investments.
Stripe Atlas data highlights a 400% year-on-year growth in incorporated businesses from Nigeria, confirming Africa’s appeal. Itana aspires to be a catalyst in fostering this entrepreneurial spirit and innovation.
