LoftyInc Capital Management, a prominent pan-African venture capital firm, has recently announced the successful first close of its LoftyInc Alpha Fund, securing an impressive $43 million in investments. This late-seed investment fund has been established with the goal of fostering the growth and development of Africa’s emerging tech startups, with a primary focus on key markets such as Nigeria, Egypt, Kenya, and regions within Francophone Africa.
The fund has attracted support from a diverse group of investors, including sovereign wealth funds, development finance institutions (DFIs), U.S. family offices, and regional investment organizations. Notable backers of the fund include Egypt’s Micro, Small, and Medium Enterprises Development Agency (MSMEDA), Tunisia’s Anava Fund of Funds, FMO (the Dutch Entrepreneurial Development Bank), Proparco with FISEA, the International Finance Corporation (IFC), AfricaGrow (advised by DEG Impact GmbH), the Dutch Good Growth Fund (DGGF), and U.S.-based First Close Partners.
LoftyInc Capital Management plans to allocate at least 30% of the fund towards investments in East Africa, North Africa, and Francophone Africa, while maintaining a sector-agnostic investment strategy. The firm is particularly interested in supporting companies operating in sectors such as health tech, retail, deep tech, and artificial intelligence.
The leadership team at LoftyInc brings a wealth of experience to the fund. Managing Partner Idris Ayodeji Bello has a strong track record of backing over 100 startups across 25 markets, with 14 successful exits. General Partners Mariam Kamel and Kevin Simmons bring expertise in investment banking, startup advisory, and operational management across multiple continents.
This strategic initiative underscores LoftyInc’s commitment to driving innovation and bolstering Africa’s presence in the global technology landscape. The firm’s dedication to supporting and nurturing the growth of tech startups in Africa is a testament to its mission to contribute to the advancement of the continent’s tech ecosystem.
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