Lagos government targets $3 million investments for Nigerian startups at GITEX Global 2024 

The Lagos State Government has said it hopes to help Nigerian startups secure between $2 to $3 million in investments at the ongoing GITEX Global 2024 in Dubai, United Arab Emirates.

The State’s Commissioner for Innovation, Science, and Technology, Mr Tunbosun Alake, stated this on Sunday in an interview with Nairametrics on the event’s sideline

According to him, the expectation of investment is based on the feat achieved by the Nigerian startups brought by the government at the 2023 edition of the event.

“Last year, some of the startups we brought raised money, and some won. One of them won $100,000, another won $50,000. 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,” he said.

The startups 

Alake disclosed that the government brought five startups and nine companies that have passed the startup phase to showcase their innovation to global investors at the Expand North Star 2024, the startup and investment part of the GITEX Global event.

• Some of the startups include an ag-tech startup that collaborates with farmers to make fresh food available to consumers at affordable rates; Seamfix, a digital identity startup; and RAIN (Robotics and Artificial Intelligence Nigeria) a startup that specializes in AI and robotics training.

• Other startups include Chao, a startup that is helping 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.

Criteria for startup selection 

Speaking on the criteria for the startups and companies selected for the global showcase, Alake said the government looked at different sectors for companies that offer unique value propositions and business models that are translatable.

“So, we look at where you are in your funding round. Are you 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 Supernova competition is thousands of startups across the globe competing for prize money,” he said.

What you should know

GITEX Global, which is organised by the Dubai World Trade Center (DWTC), is regarded as the biggest tech show in the world, connecting people with industry leaders from big tech, global governments, innovative startups, expert investors, and corporate buyers.

• The startup and investment part of the event tagged Expand North Star brings together startups, investors, accelerators, and tech enthusiasts to source funding, and investment deals, and share essential industry updates.
• This year, DWTC said over 1,800 exhibiting startups and more than 1,200 investors with assets under management (AUM) exceeding $1 trillion are participating at the Expand North Star.