LoftyInc Capital Management has raised $43 million in the first close of its new LoftyInc Alpha Fund, a late-seed investment vehicle focused on scaling Africa’s top tech startups.
Why it matters: The fund targets key African markets—including Nigeria, Egypt, Kenya, and Francophone Africa—at a time when venture capital in the region faces fundraising challenges.
Zoom Out
LoftyInc is one of the African VC ecosystem’s earliest and most successful investors, with early investments in prominent startups such as Flutterwave, Andela, Wave Mobile Money, RelianceHealth, Thndr, OmniRetail, and Moove.
Zoom in
- LoftyInc is doubling down on financial services, retail enablement, logistics, healthcare, climate tech, and AI.
- Investors include sovereign wealth funds (Egypt’s MSMEDA, Tunisia’s Anava Fund), DFIs (IFC, FMO, Proparco, DGGF), and African high-net-worth individuals.
- The Fund also benefits from commitments by returning limited partners such as First Close Partners, a U.S.-based family office that invests in top-performing venture funds led by underrepresented managers globally
The team
- Idris Ayodeji Bello (Managing Partner) has backed over 100 startups across 25 markets, with 14+ exits.
- Mariam Kamel (General Partner) brings investment banking and MENA startup advisory experience.
- Kevin Simmons (General Partner) has worked across 15 markets on three continents.
What They’re Saying
Idris Ayodeji Bello (Managing Partner): “This latest raise positions us to scale our vision: empowering Afropreneurs who build transformative, tech-driven solutions for Africa’s everyday economy.”
First Close Partners: “Our fund-of-funds invests in VC firms around the globe, and we feel that Lofty is uniquely positioned to take advantage of the African continent’s vibrant entrepreneurial ecosystem, high growth potential, and attractive valuations.”
The big picture
LoftyInc aims to institutionalize African venture capital while positioning startups for scalable growth. “This latest raise positions us to empower Afropreneurs building transformative, tech-driven solutions,” said Bello.
