Special Adviser to the Lagos State Governor, Innovation and Technology, Tunbosun Alake has said that a total of 107 tech startups have attracted $750 million this year. This is the funding so far.
Tech Startups Raise $750 Million Due to Investors’ Involvement
“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.”
Despite the record of the number of startups and investments in the state, Alake said the state needs more startups and funding to develop. This is because of the challenges facing startups and the country at large.
Lagos State is one of the key economic drivers for Nigeria and as 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,” Alake said.
The result to date has seen over 60 startups receive funding of between 5,000 and 12,000 dollars in the two years. This funding constituted some of the initial runway rounds for startups that have gone on to raise millions of dollars in funding. LASRIC gave many of these startups their initial funding opportunities.
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