Nigerian startups are looking to attract investors managing over $1 trillion in assets as they showcased their product solutions at the Gitex Global event in Dubai.
This week-long event united 1,800 startups from more than 100 countries, with over a dozen Nigerian startups sponsored by the Lagos State government and NCC (Nigerian Communications Commission) to showcase their products to 1,000 investors with over $1 trillion under its management at Expand North Star, the startup shows of GITEX Global.
Speaking to Nairametrics at the exhibition, Kamal Dandina, Chief Growth Officer of Dataleum, emphasized the opportunity to engage with investors from diverse countries.
He expressed optimism that the exposure gained from the event would translate into “traction from the Middle East markets in terms of strategic partnerships and investments. I think this would help bring about growth in our ecosystem.”
However, Dandina noted that investor confidence is key in ensuring that such partnerships and market strategies translate into full-cycle results.
- “In our region within sub-Saharan Africa we need to also boost investor confidence, so it starts from the policy implementation within our ecosystem.
- Let our government implement policies that will help secure a return on investment. Is there legislation in place? We too as startup founders do we deliver on our promises and the likes? “
Excel Ajah, CEO of Silicon Africa Technologies, highlighted the valuable networking and exposure that benefited startups.
- “There has been a lot of networking, and the exposure is very good for startups like mine. I and a couple of startups were able to get to the semi-finals of the supernovas.
- There were a lot of investment meetings. There were a lot of commitments, but these things take time.”
Remi Akano, CEO of PouchFi, a blockchain and crypto company- shared a similar sentiment, acknowledging the event’s role in reshaping their partnerships and investor interactions. “We are also out seeking investors.
- “We have had people critique what we are doing, and there have been a lot of questions coming in.”
More insight
For Nigerian startups, securing capital is a pivotal first step in their growth journey, and the Gitex Global exhibition provided an opportune moment for fundraising.
Gary Blowers, CEO of UAE-based LVL Well-being, provided insight during a panel session, emphasizing that raising capital is a “marathon, not a sprint.
- “It’s also essential to understand that everyone’s journey in raising capital is different, and it takes time in this challenging market. But don’t get too caught up with raising capital that you forget to grow the business; keep one eye on the commercials,” he urged.
In a conversation with the press about the significance of the event for startups, Trixie LohMirmand, the Executive Vice President of Event Services Management at Dubai World Trade Center and the organizer of GITEX Global, emphasized the focus on emerging technologies such as AI, cybersecurity, and deep tech.
- “There are great conversations on AI, cybersecurity, deep tech, and all the big topics that are taking the world by storm at the moment. Another focus this year is bringing the ecosystem globally closer together and bringing the world into bigger conversations, more collaborative ventures, and especially public and private sector partnerships.”