Itanna, A Nigeria-based impact initiative that invests in disruptive businesses in Africa, has announced plans to empower startups and innovators from across the continent.
The organisaton, which provides growth capital and seed capital through its 5-month accelerator programme is targetting disruptive financial technology (FinTech) startups in a bid to nurture businesses that share their vision.
“Led by the Honeywell Group, in partnership with the African Economic Revolution Fund (AERF), Itanna will provide the expertise, capital, market connections, institutional knowledge and the capital required to enable innovative teams build revolutionary enterprises,” the organisation said in a statement.
“We believe that together we can power economic revolution through innovation and entrepreneurship,” the group added.
Itanna’s program features 10 Cohorts and $20,000 in investment capital, as well as mentorship for participating startups and access to global networks.
Itanna’s base of operations is located in Lagos, Nigeria. The group touts their organisation as a place where Africa’s top talent will bring their ideas, visions, expertise, and resources to create a new wave of revolutionary enterprises that stimulate economic growth across the continent.
The call comes at a time when less than 30% of African e-commerce startups are profitable, according to Disrupt Africa, an organisation that monitors the continent’s startup scene.
Itanna hopes to bridge the gap between conceptualization and success by ensuring that the startups they nurture do not fail.