LoftyInc Capital Management, a leading pan-African venture capital firm, has announced the first close of its LoftyInc Alpha Fund, securing $43 million. The late-seed investment fund aims to support the growth of emerging tech startups in Africa, particularly in key markets like Nigeria, Egypt, Kenya, and Francophone Africa.
The fund has attracted a diverse group of investors, including sovereign wealth funds, development finance institutions (DFIs), U.S. family offices, and regional investment organizations. Notable backers include Egypt’s MSMEDA, Tunisia’s Anava Fund of Funds, FMO, Proparco with FISEA, the IFC, and U.S.-based First Close Partners.
LoftyInc plans to allocate at least 30% of the fund to East Africa, North Africa, and Francophone Africa, maintaining a sector-agnostic investment strategy. The fund will focus on companies in sectors such as health tech, retail, deep tech, and artificial intelligence.
The leadership team at LoftyInc brings extensive experience to the fund, with Managing Partner Idris Ayodeji Bello having backed over 100 startups and securing 14 successful exits. General Partners Mariam Kamel and Kevin Simmons contribute expertise in investment banking, startup advisory, and operational management.
This initiative demonstrates LoftyInc’s commitment to fostering innovation and strengthening Africa’s position in the global technology landscape.
