Leading early-stage African VC firm LoftyInc Capital Management has announced the first close of US$43 million for its new LoftyInc Alpha Fund, a late-seed focused investment vehicle that will drive growth for Africa’s most promising tech startups across key geographies, including Nigeria, Egypt, Kenya, and Francophone Africa.
LoftyInc Capital is a pan-African venture capital firm co-founded in 2017 by LoftyInc Allied Partners Limited (LAPL) and Marsha Wulff. The firm has played a pioneering role in Africa’s tech startup ecosystem, establishing local tech hubs and angel investment networks such as the Afropreneur Angel Group (AAG) and the Lagos Angel Network.
Through its previous funds, LoftyInc has financed hundreds of startups, and its new Alpha Fund will see the firm scale its operations across Africa, continuing its mission to empower innovative startups, and solidifying Africa’s position in the global tech landscape.
The Alpha Fund is designed to build on insights from previous funds. It will focus on seed investments that enable entrepreneurs to build resilient companies and achieve scalable growth. The fund will prioritise sectors such as financial services, retail enablement, logistics, healthcare, climate tech, and artificial intelligence, reflecting the diverse opportunities across the African continent.
The first close of the Alpha Fund attracted a diverse and strategic investor base, including commitments from Middle Eastern and African sovereign wealth funds such as Egypt’s Micro, Small, and Medium Enterprises Development Agency (MSMEDA), Tunisia’s Anava Fund of Funds, and others.
Development finance institution (DFI) investors include FMO (the Dutch Entrepreneurial Development Bank), the Dutch Good Growth Fund (DGGF), Proparco with FISEA, and AfricaGrow, a fund of funds managed by Allianz Global Investors and advised by DEG Impact GmbH, as well as the International Finance Corporation (IFC).
The Fund also benefits from commitments by returning limited partners such as First Close Partners, a US-based family office that invests in top-performing venture funds led by underrepresented managers globally. Furthermore, several African high-net-worth individuals and European family offices joined, showcasing a strong alignment of regional and global investors who share a vision of accelerating Africa’s tech ecosystem.
“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 institutionalising our investment approach,” said LoftyInc managing partner Idris Ayodeji Bello.
“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.”
