Lagos targets $3m investment for startups at GITEX global 2024
The Lagos State Government has set a target of securing $2 to $3 million in investments for Nigerian startups at GITEX Global 2024 in Dubai, as announced by the Commissioner for Innovation, Science, and Technology, Mr. Tunbosun Alake, in a recent interview with Nairametrics.
Referring to the achievements of Nigerian startups at last year's event, Mr. Alake mentioned that some of the startups that were brought to the event raised funds, with one winning $100,000 and another winning $50,000. He also noted that one startup is currently in discussions to secure $1.5 million in funding, and there are other similar success stories.
For this year's event, the Lagos State Government has selected five startups and nine established companies to showcase their innovations at Expand North Star 2024, part of GITEX Global. The featured startups include an ag-tech initiative collaborating with farmers for affordable fresh food, Seamfix focusing on digital identity, and RAIN, which specializes in AI and robotics training.
In addition, the government has chosen Chao, a service facilitating quick deliveries for students, and Shekel Mobility, which streamlines financing for car dealers in Africa. The selection criteria for these startups and companies involved evaluating their unique value propositions, business models, and potential for global impact.
The Commissioner also highlighted that the government considers the funding stage, Nigerian or Lagos-based founders, product market fit, and the overall composition of the team when selecting startups and companies to represent at the event. He also mentioned the Supernova competition, where companies can compete for prize money in conjunction with the Dubai World Trade Centre.
GITEX Global, organized by the Dubai World Trade Center, is the largest tech show globally, connecting attendees with industry leaders, governments, startups, investors, and corporate buyers. The event's startup and investment segment, Expand North Star, focuses on fostering funding opportunities, investment deals, and industry insights by connecting startups with investors, accelerators, and tech enthusiasts.
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