Lagos targets $2m investment for startups at GITEX Global event

By Abubakar Yunusa

The Lagos state government says it will help Nigerian startups secure between $2 million to $3 million investments in 2024.
Tunbosun Alake, the state’s commissioner for innovation, science, and technology, spoke on the plan at the ongoing 2024 GITEX Global event in Dubai, United Arab Emirates.
GITEX Global, organised by the Dubai World Trade Center (DWTC), is the world’s largest tech event, connecting top tech leaders, governments, startups, investors, and buyers.
In an interview with Nairametrics on the sidelines of the event, Alake highlighted the impressive achievements of Nigerian startups at last year’s GITEX Global, which bolstered the government’s confidence in reaching this year’s target.
“Last year, some of the startups we brought raised money, and some won. One of them won $100,000, another won $50,000,” he explained.
“One is currently in talks to raise $1.5 million, and there are pockets of others like that.
“So, this year, we are also targeting anywhere between $2 and $3 million in investments for our startups.”
According to Alake, the Lagos state government brought five startups and nine established companies to showcase their innovative solutions to global investors at the Expand North Star 2024, the startup and investment arm of GITEX Global.
Among the startups are an agro-tech company that collaborates with farmers to make fresh food available to consumers at affordable rates, Seamfix, a digital identity startup, and Robotics and Artificial Intelligence Nigeria (RAIN), which specializes in AI and robotics training.
Others include Chao, which helps students quickly and reliably order food, groceries, and medicine deliveries to campuses, and Shekel Mobility, which simplifies financing and operating systems for car dealers in Africa.
Speaking on the criteria for selecting startups for the global event, Alake emphasised the importance of value propositions and business models.
“We look at different sectors and companies that offer unique value propositions and models that are translatable,” he said.
“We also consider where they are in their funding rounds—whether they are at the seed or pre-seed level.
“Usually, we like to take companies that are around the seed stage. We also like companies that have Nigerian founders or Lagos-based founders.
“We look at their product market fits. Where are they in terms of their products? And we look at the overall formation of the team as well
“We also used to do competitions in conjunction with the Dubai World Trade Centre. Where companies apply for a chance to be in the Supernova competition here.”
The commissioner said the Supernova competition features thousands of startups across the globe competing for prize money.