Nigeria’s first Web3 incubator hub, SenexHub, recently hosted 14 fast-rising startups utilizing Web3 technology to provide solutions to problems affecting Africa during the Lagos Web3 Demo Day on June 22nd. The event attracted companies involved in cryptocurrency, the metaverse, Defi, blockchain, DAOs, gaming, Hardware, and NFTs, all pitching their products to investors, industry leaders, experts, and enthusiasts across Africa. During the event, representatives from Lagos Innovates, the startup arm of the Lagos State Employment Trust Fund, Accion Venture Lab, Bessemer Venture Partners, and GetEquity, and other prominent investors attended virtually and physically, providing invaluable tips to these startups.
Startups that pitched include Quiver, Blockride, SenexPay, Blockops, CozyCove, Scalex, Felbeth, Regiz, Koinwa, Coinazer, PouchFi, Jesiah, and SaveFi. The event was moderated by social media influencer, Deji Onadeko.
The Head of Lagos Innovates, Hakeem Onasanya, urged attendees and startup founders at the Lagos Web3 Demo to embrace collaboration with government regulators. He stressed that better engagement between innovators and the government will help the latter better understand their products and help the ecosystem with better regulation, which is the aim of the Nigeria Startup Act.
Damilare Fakorede, the VP of Growth and lead curator at SenexHub, pledged to nurture innovation, foster collaboration, and support startups in the Web3 ecosystem. SenexHub intends to have more demo days as often as possible to push Web3 education and adoption further out to the Nigerian and African technology ecosystem.
The Lagos Web3 Demo day served as a catalyst for driving the adoption of decentralized finance in Africa and positioning Lagos as a vibrant hub for Web3 innovation. The investors’ funding might get these startups on an accelerator program and help them raise their seed round.
Overall, the Lagos Web3 Demo Day was a tremendous success, as startups received invaluable insights and feedback from industry leaders and investors. The event was an excellent opportunity for African startups to showcase their technological ingenuity and seek investment opportunities to grow their business.
