LoftyInc Capital, a pan-African Venture Capital firm, has announced a $5,5 million first close for its $10 million third fund named LoftyInc Afropreneurs Fund 3. The new fund is for a more diverse portfolio of African startups.
Some of the limited partners of the LoftyInc Afropreneurs Fund 3 first close include those from its second fund, FBNQuest Funds, syndicates from The Green Investment Club, HNIs from multinationals like Google, Facebook, and ExxonMobil; and Andela CEO Jeremy Johnson, among others.
So far. the VC firm has invested in more than 20 startups across Africa and industries like e-commerce, fintech, healthcare, logistics, and media in different regions within and outside Africa.
In Francophone Africa, the company has invested in Afrikrea and Star News Mobile. Then in Omnibiz, RXAll, Sudo Africa, Tech Advance, Aladdin, Flex Finance, Star Kitchens Group, and EPump across West Africa.
For LoftyInc’s portfolio in North Africa, there’s Odiggo, Illa, Tagaddod, and Instadiet. Akiba Digital, Beamm, and Zazu Africa make up LoftyInc’s portfolio in South Africa, while Cashback and Dash are the startups funded in East Africa. LoftyInc also has Diasporan interests in OjaExpress and FitMatch.
LoftyInc runs three funds simultaneously. The second fund, which is its first formal VC fund, is largely focused on Nigeria.
On the other hand, this third fund is similar to LoftyInc’s first fund: investing in startups across different markets and sectors in Africa and the diaspora.
LoftyInc Capital is the Investment management entity responsible for the LoftyInc Afropreneur Funds. The primary goal is to capitalize on the strengths of its ground game in Sub-Saharan Africa to identify, support, and drive the growth of the next generation of Frontier Market Unicorns. It was founded in 2017 by Idris Ayodeji Bello, Marsha Wulff, and Michael Oluwagbemi
