How Lagos tech startups raised $750 million this year – Tunbosun Alake
TECHDIGEST – The Special Adviser to the Lagos State Governor on Innovation and Technology, Tunbosun Alake, has said that a total of 107 tech startups operating in the State have attracted $750 million in funding so far this year.
Alake disclosed this on Thursday at the opening of the 4th Art of Lagos (AOT) conference with the theme: ‘Talent Acceleration And a smarter Lagos.’
While noting that the state has become the number one startup capital in Africa, he said Lagos now ranks 81 globally as one of the leading hubs for startups. He said Lagos is also number one in Africa in terms of the volume of deals that have been sealed from 2019 to date.
Why investors are coming to Lagos
According to Alake, investors are coming to the state not just because of its large population but also because the state government has been deliberate about making the state conducive for investments. He said:
Read Also:
“Investors are coming to Lagos because there have been many things we have been doing to encourage and to make sure the ecosystem is right for these investments. And Lagos is a place investor love to come to, not just because of the size of the market but also because of the potential of the returns on their investments.”
More startups/investments needed
Despite the record of the number of startups in the state and the investments they continue to attract, Alake said the state needs more startups and funding to develop because of its peculiar challenges.
“Lagos State is one of the key economic drivers for Nigeria and as a result, about 77 new residents from all over Nigeria migrate to Lagos every single day. That is an enormous challenge in itself. How do we manage this enormous population with such a static landmass? We need to apply technology. And this is why we need more startups and more investments in the state,” he said.
Source : Nairametric
