LoftyInc Raises $43M to Fuel Africa’s Next Wave of Unicorns

LoftyInc Capital Management has achieved a significant milestone, securing a $43 million first close for its new LoftyInc Alpha Fund. This late-seed investment vehicle is strategically designed to fuel the growth of Africa's most promising tech startups, with a particular focus on Nigeria, Egypt, Kenya, and Francophone Africa.

LoftyInc stands out as a seasoned player in Africa's venture capital landscape, boasting over a decade of experience. The firm's impressive track record includes backing successful startups like Flutterwave, Andela, Wave Mobile Money, OmniRetail, RelianceHealth, Thndr, and Moove, the latter recently attracting a substantial $100 million investment from Uber and Mubadala. LoftyInc's contributions have been instrumental in shaping Africa's tech ecosystem, while consistently delivering strong returns to its investors.

The Alpha Fund's successful first close has drawn a diverse group of investors, encompassing both African and international entities. This includes sovereign wealth funds, development finance institutions (DFIs), US family offices, and regional investment bodies. Notable investors include Egypt’s Micro, Small, and Medium Enterprises Development Agency (MSMEDA), Tunisia’s Anava Fund of Funds, FMO (the Dutch Entrepreneurial Development Bank), Proparco with FISEA, the International Finance Corporation (IFC), AfricaGrow (advised by DEG Impact GmbH), the Dutch Good Growth Fund (DGGF), and US-based First Close Partners. The fund has also garnered commitments from African high-net-worth individuals (HNIs), underscoring the strong regional confidence in LoftyInc's ability to identify and support transformative companies.

LoftyInc's leadership team brings a wealth of experience to the table, combining decades of investment and operational expertise across African and global markets. Idris Ayodeji Bello, Managing Partner, has an extensive investment portfolio, having backed over 100 startups across 25 markets and achieved 14 successful exits. Mariam Kamel, General Partner, contributes valuable investment banking and startup advisory experience from her work with founders in the MENA region. Kevin Simmons, General Partner, brings a unique perspective as a founder, operator, and investor with experience across 15 markets on three continents. These leaders oversee a skilled investment and operations team strategically located across Africa's major tech hubs, including Francophone Africa, ensuring robust local execution and comprehensive founder support.

The Alpha Fund is specifically structured to assist startups in transitioning from initial traction to scalable growth. Beyond providing crucial capital, LoftyInc leverages its extensive network and deep expertise to guide founders through operational challenges, facilitate strategic partnerships, and accelerate market expansion.

As Africa's tech ecosystem continues to experience rapid growth and attract increasing investor interest, the continent is solidifying its position as a significant driver of global innovation. The Alpha Fund builds upon LoftyInc's established legacy of identifying and nurturing top-tier entrepreneurs, aiming to create substantial long-term value for both startups and investors.