Nigeria’s Itanna accelerator to invest total of $120k in four startups from second cohort

Lagos-based accelerator Itanna will invest $30 000 in each of the four startups currently participating in its second cohort, the accelerator’s head of investments Tony Idugboe has said.

Idugboe told Ventureburn in an email yesterday (28 August) that the accelerator’s second cohort kicked off last Wednesday (21 August) and will conclude on 14 November.

Nigerian conglomerate Honeywell Group launched the accelerator last year, with four startups — namely Accounteer, KoloPay, Tradebuza and PowerCube — forming the inaugural cohort.

Itanna received 201 applications for its second cohort

Those startups in the first cohort each received investments of $25 000, training and mentorship in user interface and user experience in addition to participation in legal and HR workshops, classes on business and marketing, revenue and pricing models, as well operational metrics.

Idugboe said for the most recent cohort 201 startups had applied to participate in the three-month programme.

The four companies forming Itanna’s second cohort operate in medtech, edtech, proptech and automotive verticals. They are:

• GeroCare (CEO Ebi Ofrey, COO Ajibola Meraiyebu and CTO Bruce Lucas): Affordable subscription-based medical service for the elderly that entitles them to regular doctor home visits. The service advocates preventive healthcare for the elderly as opposed to waiting until something goes wrong. Loved ones can provide access to regular medical care for their ageing parents or family in Nigeria irrespective of where they live or work. The Abuja-based startup also provides other services that include an ambulance service, post-stroke rehabilitation, home care (daily or live-in assistant option) and personal health monitoring.
• Simbi Interactive (CEO Abdulazeez Ogunjobi and CTO Sodeeq Elusoji): This Lagos-based edtech startup uses artificial intelligence (AI) to create educational chatbots to foster learning and examination preparation. The startup uses an interactive question and answer method to help students learn, master and evaluate themselves in any topic in any subject. Simbi claims its learning process is interactive, personalised and can be done anywhere, at any time.
• E-Estate (CEO Collins-Ogbuo Ejinne and CTO Olusegun Salako): Mobile and web solution that helps estate managers co-ordinate their affairs and interaction with residents effectively. The Lagos-based proptech startup offers a cloud-based solution that can be accessed by residents and estate managers through a mobile app that is available on both Android and iOS platforms.
• Carido (CEO Justus Obaoye): Lagos-based on-demand automobile service technology platform which aggregates automobile maintenance demands through mobile devices and thereafter facilitates their fulfilment through select competent and credible service providers. The startup is looking to solve challenges in locating credible automobile service providers due to the “foul play” Nigerian motorists experience at the hands of some mechanics and workshops.

‘Curriculum re-designed’

Idugboe said after reviewing the impact of its first accelerator programme, a decision was taken to better adapt the programme to each of the individual startups’ needs.

“The curriculum has been customised to allow for more frequent feedback sessions to allow our team to track the progress of each startup in optimising their business model and technology product throughout the length of the accelerator programme,” he pointed out.

While last year’s programme had weekly classes, Idugboe said the current programme has more one-on-one sessions.

The programme, he added, includes several diagnosis or audit sessions, as well as mentorship or feedback sessions to help Itanna track the progress of the startups.

Read more: Nigeria’s Itanna accelerator startups secured eight partnerships says head
Read more: Honeywell Group launches Lagos-based Itanna accelerator and investment vehicle

Featured image: Itanna’s second cohort (Supplied)