Gerocare, E-Estate and SimbiBot, technology startups, has proffered solutions to the challenges facing health, property and automotive sectors of the Nigerian economy at Itanna, Honeywell Group’s venture capital programme organised for African startups.
Prior to the second edition of the event, the three tech startups, who showcased their solutions designed to tame the problems facing the trio sectors, were selected from over 200 applications from innovative founders.
Applications were received from eight African countries in need of capital investment and the much-needed brand-backing from Honeywell Group, which has been in operation for nearly 50 years.
The acceleration programme was held for four months at Itanna Enterprise Factory in Lagos. Tech startups that participated and made it to the Demo Day (day of pitching and exhibition) got capital investment as well as advisory services from industry experts and mentorship from established tech entrepreneurs.
Startups solving real problems
This year’s finalists were four and were from different sectors of the economy. They were on a quest to end the traditional method still being applied by Nigerians in their daily activities.
Gerocare
Gerocare is a tech health-startup established to take care of the medical needs of senior citizens (elderly) in Nigeria. It was founded by Dr Ebinosa Ofrey, Bruce Lucas and Ajibola Meraiybu in 2017.
[READ MORE: 12 African startups selected for 2019 Series-A Venture Showcase]
E–Estate
It was co-founded by Hassan Tobiloba, Salako Segun and Ejinne Ogbuo in 2017. It is a tech startup operating in the real estate business. It provides electronic estate management service to gated communities and residential estates.
SimbiBot
It is an education tech startup looking to transform the archaic method of learning in Nigeria’s educational system. In 2017, the startup was founded by Abdulazeez Ogunjobi and Sodeeq Elusoji.
Carido
Carido is an automotive tech startup connecting automobile owners with verified automobile service pro riders close to them. The startup was founded by Juatus Obaoye and Abdullateef Ololade in 2017. Carido didn’t pitch its tech solution at the Demo Day.
Speaking about the event and the essence of Itanna acceleration programme, Tomi Otudeko, Director at Itanna and Head of Innovation and Sustainability for Honeywell Group, told Nairametrics that, “The event was a demo day for our second acceleration programme. We’ve had two acceleration programmes in Itanna.
“This was a Demo Day to showcase three of the companies that are in our acceleration programme, the work they do and to present them to the world.
“I’m truly impressed by the companies. I’m excited by the product and services they offer. I’m quite excited that they are solving real problems and I believe that they will do amazing things.”
[READ ALSO: Nigerian, Ghanaian startups to participate in Facebook Accelerator Programme]
What’s the big deal about Itanna?
In an interview with two of the startups that presented at the Demo Day, Nairametrics was told that the investment wasn’t the motivating factor, rather, it was the value the Honeywell brand would have on their portfolio.
According to Ogunjobi of SimbiBot, “We applied to Itanna because we needed an acceleration programme and after looking around, we saw the value we could get from Itanna knowing fully well that it’s an extension of Honeywell and Honeywell is a giant company in Africa.
“And I also heard it’s (Honeywell) passionate about education, so those are things we factored in before applying. And on getting the application and the interview stage, we also saw the value we also get from the mentors and their network which made us so particular about this acceleration.”
Also speaking about the reason for applying, Lucas, the Chief Technical Officer of GeroCare said, “We did a due analysis of what we needed to grow, and most of the things we needed to grow was not funds at that time because we had funds from venture platforms but lack the right network, which Itanna provides.”
