LoftyInc Capital Closes $43 Million Seed Fund
LoftyInc Capital has closed $43 Million in a late-seed focused investment vehicle that will drive growth for Africa’s most promising tech startups
LoftyInc Capital Management has closed $43 Million in a late-seed focused investment vehicle that will drive growth for Africa’s most promising tech startups across key geographies, including Nigeria, Egypt, Kenya, and Francophone Africa.
Operating out of Nigeria, Egypt, and Kenya, LoftyInc is one of the African VC ecosystem’s earliest and most successful investors, with early investments in prominent startups such as Flutterwave, Andela, and Moove. The Alpha Fund is designed to build on insights from previous funds. It will focus on seed investments that enable entrepreneurs to build resilient companies and achieve scalable growth.
The Fund will prioritize sectors such as financial services, retail enablement, logistics, healthcare, climate tech, and artificial intelligence, reflecting the diverse opportunities across the African continent.
The first close of the Alpha Fund attracted a diverse and strategic investor base, including commitments from Middle Eastern and African sovereign wealth funds such as Egypt’s Micro, Small, and Medium Enterprises Development Agency (MSMEDA), Tunisia’s Anava Fund of Funds, and others.
Development Financial Institutions (DFI) investors include FMO (the Dutch Entrepreneurial Development Bank), the Dutch Good Growth Fund (DGGF), Proparco with FISEA, and AfricaGrow, a Fund of Funds managed by Allianz Global Investors and advised by DEG Impact GmbH, as well as the International Finance Corporation (IFC).
Speaking on the new fund, Idris Ayodeji Bello, the founding partner at LoftyInc Capital Management said that the previous funds were primarily backed by African professionals and experienced entrepreneurs who not only provided capital but also leveraged their networks and industry expertise to help startups thrive.
“In an exceptionally challenging fundraising climate, we are thrilled to have surpassed our first-close target, attracting new institutional investors while reaffirming the commitment of our existing backers. This latest raise positions us to scale our vision: empowering Afropreneurs who build transformative, tech-driven solutions for Africa’s everyday economy,” Ayodeji Bello said.
