Honeywell group in a bid to help maintain the sustainability of the world through technology and enterprise has come up with “Itanna” a venture capital platform that involves investing in helping to grow early stage businesses for tech-enabled and for-profit African startups.
Speaking at the inaugural Itanna demo day which held in Lagos on Friday the head of innovation and sustainability, Honeywell group and director of Itanna, Tomi Otudeko, stated that Itanna was borne out of the vision where Honeywell group was clear that to maintain sustainability technology has to be considered.
She said, Itanna was conceptualised around using enterprise to make the world better therefore Itanna would help ignite enterprise to create jobs, to change lives and to change families. Itanna is uniquely placed, as our goal continues to be bridging the gap between our tech startup ecosystem and corporate Nigeria.
“Itanna will like to be in the position where they can empower businesses to solve problems revolving around providing solutions to challenges faced by businesses in Nigeria which other businesses don’t have in other part of the world such as raising capital, structuring your business and creating infrastructures like power and other utilities.
“Some of the businesses we have are helping solve problem of SMEs like Accounteer or like tradebuza who is looking at actually making agro schemes, helping funding agriculture become more information driven and providing feasibility for people across the value chain and agriculture so we feel that this challenges are real but technology and businesses can actually solve some of these problems.
“Our cohorts have joined the Honeywell group family. We are not about to invest in the business and just forget about it, we will continue to keep in touch with them. We will be part of their journey and part of their story if they are looking for further investment we will always consider them for further investment. We want to go on a journey it’s not a four month sprint it is a journey for the life of that business as we want to be part of the story helping them grow,” she added.
Also the executive director of Honeywell Group, Obafemi Otudeko, said the 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,” he said.
Otudeko added that with plans underway for a second cohort intake in 2019, Itanna would also invest in more developed tech startups looking for growth capital with its direct investment arm, which would support investee companies in scaling, by leveraging Honeywell Group’s extensive network and industry expertise.
The demo day also saw the unveiling of itanna’s four founding cohorts companies, Accounteer, kolopay, tradebuza and powercube with an investment of $25,000 each from Honeywell Group.
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