LoftyInc Capital Management, a prominent pan-African venture capital firm, has announced the first close of its LoftyInc Alpha Fund at $43 million. This late-seed investment vehicle aims to support Africa’s burgeoning tech startups, with a focus on countries like Nigeria, Egypt, Kenya, and regions within 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 bodies. Notable contributors are 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 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 approach. The firm aims to attract companies in health tech, retail, deep tech, and artificial intelligence industries.
The leadership team at LoftyInc brings extensive experience to the fund. Managing Partner Idris Ayodeji Bello has invested in over 100 startups across 25 markets, achieving 14 successful exits. General Partners Mariam Kamel and Kevin Simmons contribute backgrounds in investment banking, startup advisory, and operational expertise across multiple continents.
This strategic move underscores LoftyInc’s commitment to empowering innovative startups and solidifying Africa’s position in the global tech landscape.
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