LoftyInc Capital, a prominent investor in African startups, has recently closed the first round of funding for its third fund, LoftyInc Alpha, at $43 million. This fund marks a shift in focus towards late-seed and Series A startups across Nigeria, Egypt, Kenya, and Francophone Africa. The initial close of the fund attracted a diverse group of limited partners, including sovereign wealth funds from the Middle East and Africa, development finance institutions, high-net-worth individuals, and European family offices.
Idris Ayo Bello, the founder and managing partner of LoftyInc, has been actively involved in Africa’s tech ecosystem for over a decade. The firm’s journey began with an angel network investing in pre-seed startups, eventually evolving into a structured venture fund. With successful exits from companies like Flutterwave and Reliance Health, LoftyInc has established itself as a key player in Africa’s venture capital space.
In 2021, LoftyInc launched its second fund, expanding its reach beyond Nigeria to invest in startups across various African markets. Meta, through its NPE team, was among the investors in this fund, marking a significant milestone for LoftyInc as the tech giant’s first and only investment in an African VC.
With the new LoftyInc Alpha fund, the firm aims to bridge the funding gap between seed and Series A stages in Africa’s startup ecosystem. By providing structured support and guidance to startups at the late-seed stage, LoftyInc seeks to position them for successful Series A rounds. The firm’s operational expertise and extensive network of investors set it apart in the competitive early-stage investment landscape in Africa.
To support its evolving strategy and growing portfolio, LoftyInc has expanded its leadership team with experienced professionals like Mariam Kamel and Kevin Simmons. These new additions bring a wealth of investment banking and operational VC experience to the firm, enhancing its presence in key regions across Africa.
LoftyInc Alpha is focused on backing innovations that drive Africa’s “everyday economy,” with a particular emphasis on sectors like financial services, logistics, healthtech, retail, climate, and deep tech and AI. The firm’s portfolio includes successful startups like Moove, Thndr, and OmniRetail, showcasing its commitment to supporting groundbreaking companies across the continent.
