LoftyInc Capital Management has secured a $43 million first close for its LoftyInc Alpha Fund, targeting late-seed investments in Africa’s high-growth tech startups. The Pan-African venture capital firm will focus on key markets, including Nigeria, Egypt, Kenya, and Francophone Africa, fueling the next wave of innovation.
“Our previous funds were backed primarily by African professionals and experienced entrepreneurs who not only provided capital but also leveraged their networks and industry expertise to help startups thrive—establishing the foundation for institutionalising our investment approach,” Managing Partner Idris Ayodeji Bello said. “…this latest raise positions us to scale our vision: empowering Afropreneurs who build transformative, tech-driven solutions for Africa’s everyday economy.”
As one of the African VC ecosystem’s pioneers, LoftyInc has a proven track record of identifying and nurturing high-growth startups. Operating across Nigeria, Egypt, and Kenya, and boasting early investments in Flutterwave, Andela, and Wave Mobile Money, the firm has consistently delivered exceptional returns and played a pivotal role in advancing Africa’s tech landscape.
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 prioritise 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).
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The Fund also benefits from commitments by returning limited partners such as First Close Partners, a US-based family office that invests in top-performing venture funds led by underrepresented managers globally. Furthermore, several African high-net-worth individuals (HNIs) and European family offices joined, showcasing a strong alignment of regional and global investors who share a vision of accelerating Africa’s tech ecosystem.
LoftyInc’s team brings decades of operational and investing expertise and regional insights to the Fund. Managing Partner Idris Ayodeji Bello has backed over 100 startups across 25 markets, with over 14 exits. General Partner Mariam Kamel brings years of investment banking, founder experience, and startup advisory in the MENA region. General Partner Kevin Simmons draws on experience as a founder, operator, and investor across 15 markets on three continents.
