Four Nigerian startups have been chosen to take part in the Lagos-based Itanna accelerator, with each securing US$25,000 in funding.
Disrupt Africa reported in December of last year Nigerian corporate the Honeywell Group had launched Itanna, a four-month accelerator for that provides the expertise, connections, institutional knowledge and capital required to enable innovative teams to build trailblazing enterprises.
Four startups have now been chosen to take part in the inaugural programme, which will take place at Honeywell Group’s Enterprise Factory in Lagos. Each company will receive US$25,000 in funding.
The cohort companies are Nigerian online accounting service Accounteer, mobile and web savings application KoloPay, commodities sourcing platform Tradebuza, and PowerCube, which provides an affordable power supply using renewable energy.
Chosen from over 200 applications, each startup will receive training and mentoring from leading industry experts, as well as the opportunity to pitch to Honeywell Group’s network of local and international investors at a demo day, which will take place towards the end of 2018.
Itanna will also be investing in more developed tech startups looking for growth capital. Through the direct investment scheme, the Itanna team will support investee companies to scale by leveraging on Honeywell Group’s network and industry expertise.
“Itanna was conceived to be a place where Africa’s top talent can bring their ideas, visions, expertise and resources to create a new wave of businesses that will ignite and stimulate economic growth across the the country and the continent,” said Tomi Otudeko, head of innovation and sustainability for Honeywell Group and director of Itanna.
“We are thrilled to be joining an already busy and vibrant tech ecosystem, whilst adding our stamp and sharing decades of business experience. Itanna is a critical element of Honeywell Group’s innovation strategy, and is well placed as we look towards building this future of tech-enabled businesses. The calibre of startups who applied to Itanna was striking; and we’re now excited to begin work with our inaugural cohorts.”