LoftyInc Capital Management has announced the first close of $43 million for its LoftyInc Alpha Fund, a late-seed investment vehicle aimed at scaling Africa’s tech startups across key markets, including Nigeria, Egypt, Kenya, and Francophone Africa.
The LoftyInc Alpha Fund has attracted diverse investors, including Middle Eastern and African sovereign wealth funds; international development finance institutions like FMO, Proparco, and the International Finance Corporation (IFC); and U.S. and European family offices.
The venture capital firm has backed startups such as Flutterwave, Andela, and Wave Mobile Money. The Alpha Fund will prioritize investments in financial services, retail enablement, logistics, healthcare, climate tech, and artificial intelligence.
With this fund, the VC aims to strengthen Africa’s venture capital ecosystem, attract later-stage investors, and expand its impact across emerging tech hubs.
Managing Partner Idris Ayodeji Bello commented:
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 institutionalizing our investment approach. 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.
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