KoloPay, Accounteer, Tradebuza & PowerCube have raised $25,000 each from Nigeria’s Itanna Accelerator, a Lagos-based accelerator and investment vehicle.
Itanna, is backed by leading Nigerian corporate the Honeywell Group aand held its inaugural Demo Day, marking the end of its four-month innovation programme for tech-enabled, for-profit African startups.
Accounteer – providers of online accounting services for SMEs across Africa while KoloPay is a cashless target savings mobile and web application. Tradebuza is an online platform for managing and brokering commodities sourcing and outgrower scheme and PowerCube provides affordable power supply using renewable energy.
Along with up to USD $25,000 each in investment from Honeywell Group, startups received training and mentorship from leading industry experts in the form of UI/UX Sessions, legal and HR workshops, classes on technology, business and marketing, reviews of revenue/pricing model and operational metrics, mentorship sessions and guest lectures from some of Nigeria’s most renowned entrepreneurs and business icons.
According to Obafemi Otudeko Honeywell Group’s Executive Director, “Our vision for Itanna was to see an accelerator that merged the best of corporate and entrepreneurial spirit in order to fulfil our mission of using enterprise to make our world better. Itanna has exceeded our expectations as we look to cement our position as a facilitator and impactor of growth in key sectors, including tech within Nigeria and across Africa”.
With plans underway for a second cohort intake in 2019, Itanna will also invest in more developed tech startups looking for growth capital with its direct investment arm, which will support investee companies in scaling, by leveraging Honeywell Group’s extensive network and industry expertise.
Launched in August 2018, Itanna’s four founding Cohort companies were chosen from over 200 applications from across Africa.
Operating from the brand new Enterprise Factory located in Iganmu, Itanna boasts work spaces, offices, meeting rooms and a conference space. Trusted partners in this year’s accelerator included MEST, First Registrars, Udo Udoma & Belo-Osagie and Hans and Rene.