Itana Explained

Itana
Type:Private
Founded:2022
Founders:Iyinoluwa Aboyeji
Luqman Edu (CEO)
Coco Liu (COO)[1]
Industry:Technology, Real estate
Website:https://www.itana.africa/

Itana (originally founded as Talent City) is a Nigeria-based company building the first Digital Free Zone in Africa. It enables businesses to operate and function in Nigeria, and Africa without being physically present in the country.[2] [3] [4] [5] The name "Itana" is derived from the word "Itanna" which means "kindling of a fire" in Yoruba language. Itana is currently in its beta stage and plans to go live in the first quarter of 2024.[6] [7]

History

In January 2020, Iyinoluwa Aboyeji announced that he and his team are building a futuristic city to support the digital economy.[8]

In August 2020, The Government of Nigeria announced her intention to work with Future Africa in deploying technology to ignite interests and collaboration in the country's free trade zones.[9]

In January 2022, Itana acquired its first physical location - a 72,000 sqm plot in Alaro City, Lekki Free Zone, Lagos. The emerging city is expected to be home to 1,000 residents and 2,500 remote workers.[10] [11]

In 2023, the company raised US$2 million in a pre-seed round from LocalGlobe, Amplo, Pronomos Capital, and Future Africa.[12] [13]

Community and infrastructure

Itana has launched a digital residency program to bring together startup founders and operators to build for Africa.The Itana District is set to be a live-work-build environment on a 72,000 sqm plot in Alaro City, Lagos, Nigeria.[14] [15]

Investors and partnership

Itana is supported by the Nigerian government through the Nigeria Export Processing Authority (NEPZA).[16] [17] LocalGlobe, Amplo, Pronomos Capital, and Future Africa are investors in Itana.[18] [19]

Notes and References

  1. Web site: Itana secures $2 million pre-seed funding to pave the way for Africa's first digital free zone . africa.businessinsider.com/ . 6 September 2023.
  2. Web site: Itana (formerly Talent City) . chartercitiesinstitute.org/.
  3. Web site: $2 Million Pre-Seed Funding For Africa’s First Digital Free Zone . forbesafrica.com/ . Oluwatomisin Amokeoja.
  4. Web site: A Peter Thiel–Backed Startup City Wants to Be Africa’s Delaware . wired.co.uk/ . Laurie Clark, Nelson C.J. . 10 April 2023.
  5. Web site: Itana (fka Talent City) raises $2M pre-seed to build Africa’s first digital free zone . benjamindada.com/ . Johnstone Kpilaakaa . 6 September 2023.
  6. Web site: Tech firm secures $2 million pre-seed funding . guardian.ng/ . Olawunmi Ojo . 12 September 2023.
  7. Web site: LocalGlobe and Pronomos Capital back Itana to pave the way for Africa’s first digital free zone . techcrunch.com/ . Tage Kene-Okafor . 6 September 2023.
  8. Web site: Digging Into Andela/Flutterwave Co-Founder’s Moonshot Plans To Pull Off A Shenzhen In Nigeria . weetracker.com/ . Henry Nzekwe . 17 January 2020.
  9. Web site: NEPZA, Future Africa consider technology to sparkle free zones . blueprint.ng . Samson Benjamin . 6 August 2020.
  10. Web site: Co-founder of Andela, ex MD of flutterwave, Iyinoluwa Aboyeji wants to build a city with its own law, for techies . intelregion.com . 30 January 2022.
  11. Web site: Talent City develops revolutionary tech community in Alaro City . sunnewsonline.com/ . Maduka Nweke . 31 January 2022.
  12. Web site: Tech firm secures $2 million pre-seed funding . guardian.ng . Olawunmi Ojo . 15 September 2023.
  13. Web site: Itana raises $2 million pre-seed to build Africa’s first digital free zone . nairametrics.com/ . Samson Akintaro . 6 September 2023.
  14. Web site: AFRICA’S FIRST DIGITAL FREE ZONE, ITANA, SECURES $2M PRE-SEED FUNDING . businessworld.africa . Philip Adebayo . 6 September 2023.
  15. Web site: Itana gets $2m pre-seed to establish Africa's first digital free zone . techpoint.africa . Victoria Fakiya . 6 September 2023.
  16. Web site: NEPZA to partner with Binance, Talent City for first virtual free zone in West Africa . thecable.ng/ . Busola Aro . 2 September 2022.
  17. Web site: Virtual Free Zones: NEPZA, Binance in Partnership . nepza.gov.ng/ . Nigeria Export Processing Zones Authority . 2 September 2022.
  18. Web site: Indigenous firm, Itana secures $2m pre-seed funding for Africa’s first digital free zone . businessday.ng/ . Daniel Obi . 12 September 2023.
  19. Web site: How to create a city . ft.com . David Pilling . 18 January 2023.

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