DRC Impact Angels, the most active angel syndicate operating in the Democratic Republic of Congo, is thrilled to announce a significant investment of $80,000 in Itot Africa. This leading edtech start-up, based in Lubumbashi, provides training and digital educational tools to corporates, SMEs, NGOs, and individual entrepreneurs in the Republic Democratic of Congo (“DRC”). The investment was made in collaboration with ABAN (the African Business Angels Network) and co-financed through the ABAN matching fund called Catalytic Africa, with additional support from the incubator Centre d’Innovation de Lubumbashi (“Cinolu”).
The purpose of this investment is to enable Itot Africa to establish a new office in Kolwezi, the largest mining city in DRC. Furthermore, Itot Africa aims to expand its digital offerings through its flagship product, Okademy. By leveraging this additional funding, Itot Africa will provide training, digital and coding business services to the local ecosystem, including mining companies, as well as international clients with operations in Kolwezi. This marks the fourth transaction of DRC Impact Angels in the country and the second one outside of Kinshasa, the main city of DRC.
Why the Investors Invested
The decision to invest in Itot Africa was driven by several compelling factors. Itot Africa is one of the few tech ventures in DRC, and notably, it is female co-founded. This unique positioning enhances its potential for growth and impact in the market. Additionally, the investment represents a significant milestone for the ecosystem for two reasons. Firstly, it is the second-largest edtech deal in DRC this year, following Schoolap’s repayment of a $500,000 convertible note in February 2023. Secondly, it is the second co-investment by Catalytic Africa/ABAN into DRC Congo, underscoring the positive operational and financial performance of DRC Impact Angels in the country.
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DRC Impact Angels chose to invest in Itot Africa based on a fact-based assessment of the company’s growth potential and the quality of its founders. By supporting local founders and facilitating their national and international growth, DRC Impact Angels aligns with its core investment thesis. The collaboration with ABAN and the continued partnership with Cinolu further strengthen the investment’s value proposition and amplify the positive outcomes expected from this venture.
A Look at Itot Africa
Itot Africa, founded in 2018, is a pan-African tech venture operating out of Lubumbashi, DRC. The company specializes in offering training, digital educational tools, and IT consulting services to corporates, SMEs, NGOs, and individual entrepreneurs primarily in the DRC market. The startup’s commitment to enhancing digital education and providing innovative solutions positions it as a leading player in the edtech space.
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Itot Africa’s founders, Samy Mwamba, Henrique Mukanda and Kileshe Kasoma, have demonstrated their ability to create value for both local and international customers. The startup has now secured the support of DALHAP Investments Ltd, an international impact investor that was the first to invest in the startup. This partnership reflects DALHAP Investments Ltd’s continued commitment to supporting Itot Africa’s growth and development not only in DRC but also across Africa and in the USA.
Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based lawyer, who has several years of experience working in Africa’s burgeoning tech startup industry. He has closed multi-million dollar deals bordering on venture capital, private equity, intellectual property (trademark, patent or design, etc.), mergers and acquisitions, in countries such as in the Delaware, New York, UK, Singapore, British Virgin Islands, South Africa, Nigeria etc. He’s also a corporate governance and cross-border data privacy and tax expert.
As an award-winning writer and researcher, he is passionate about telling the African startup story, and is one of the continent’s pioneers in this regard