LoftyInc Capital Management has announced the first close of its latest venture capital fund, LoftyInc Alpha Fund, securing $43 million to support Africa’s most promising tech startups. The fund, which focuses on late-seed investments, aims to accelerate growth across key markets, including Nigeria, Egypt, Kenya, and Francophone Africa. With a strong presence in these regions, LoftyInc continues to solidify its role as one of Africa’s most influential venture capital firms.

A Legacy of Investing in Africa’s Tech Ecosystem

Founded in 2017, LoftyInc Capital has built a reputation for backing some of Africa’s most successful startups, including Flutterwave, Andela, Wave Mobile Money, RelianceHealth, Thndr, OmniRetail, and Moove. With over a decade of experience in venture capital, the firm has consistently delivered strong returns to investors while supporting Africa’s evolving tech landscape. The Alpha Fund builds on insights from previous funds, reinforcing LoftyInc’s mission to foster resilient companies with scalable growth potential.

Investment Focus and Strategic Sectors

The LoftyInc Alpha Fund is designed to support startups in high-impact sectors such as financial services, retail enablement, logistics, healthcare, climate tech, and artificial intelligence. By prioritizing these industries, the fund aims to drive innovation while addressing critical challenges across the continent. LoftyInc’s sector-based approach reflects its commitment to identifying transformative businesses with the potential to scale across Africa.

Diverse Investor Base and Institutional Support

The first close of the Alpha Fund attracted a broad range of investors, including sovereign wealth funds from the Middle East and Africa. Notable commitments came from Egypt’s Micro, Small, and Medium Enterprises Development Agency (MSMEDA) and Tunisia’s Anava Fund of Funds, alongside contributions from leading Development Financial Institutions (DFIs). Institutional investors such as FMO, the Dutch Good Growth Fund (DGGF), Proparco, AfricaGrow, and the International Finance Corporation (IFC) also participated, reinforcing confidence in LoftyInc’s investment strategy.

Backing from High-Net-Worth Individuals and Family Offices

Alongside institutional investors, the fund secured commitments from African high-net-worth individuals (HNIs) and European family offices. Returning limited partners, such as First Close Partners, a U.S.-based family office supporting underrepresented fund managers, reaffirmed their backing. This diverse investor mix highlights strong alignment between regional and global stakeholders in advancing Africa’s tech ecosystem.

Experienced Leadership Driving Growth

LoftyInc’s leadership team brings extensive operational and investment expertise to the fund. Managing Partner Idris Ayodeji Bello has backed over 100 startups across 25 markets, achieving 14 exits, while General Partner Mariam Kamel contributes deep investment banking and startup advisory experience in MENA. General Partner Kevin Simmons complements the team with his background as a founder, operator, and investor across multiple continents, ensuring robust support for portfolio companies.

Commitment to Institutionalizing African Venture Capital

According to Managing Partner Idris Ayodeji Bello, LoftyInc’s early funds were primarily backed by African professionals and entrepreneurs who provided not only capital but also strategic industry insights. He emphasized that surpassing the first-close target amid a challenging fundraising environment underscores the fund’s attractiveness to institutional investors. Bello reaffirmed LoftyInc’s vision to empower “Afropreneurs” building transformative, tech-driven solutions for Africa’s everyday economy.

Investor Confidence and Industry Impact

General Partner Mariam Kamel described the fund as a testament to LoftyInc’s dedication to backing category-defining businesses that drive innovation and impact. Kevin Simmons highlighted that the fund is structured to co-build alongside founders, leveraging the team’s hands-on experience. Investors such as FMO’s Marieke Roestenberg and IFC’s Farid Fezoua praised LoftyInc’s deep market expertise and its role in strengthening Africa’s venture capital ecosystem.

With the Alpha Fund, LoftyInc is poised to further scale its impact by supporting the next generation of African startups. By fostering a robust pipeline of investment-ready companies, the fund aims to attract later-stage investors, addressing a critical funding gap in the ecosystem. As Africa’s startup landscape continues to expand, LoftyInc remains committed to solidifying its role as a key driver of technological innovation and economic growth.