LoftyInc Capital Management has successfully closed the first round of funding for its latest investment vehicle, the LoftyInc Alpha Fund, raising $43 million.
This fund is set to accelerate the growth of promising African tech startups across key markets, including Nigeria, Egypt, Kenya, and Francophone Africa.
With operational bases in Nigeria, Egypt, and Kenya, LoftyInc has established itself as one of Africa’s pioneering venture capital firms.
Over the past decade, it has backed high-profile startups such as Flutterwave, Andela, Wave Mobile Money, RelianceHealth, Thndr, OmniRetail, and Moove.
Through its investment initiatives, LoftyInc has contributed to the expansion of Africa’s tech landscape while delivering strong returns to investors.
The Alpha Fund is a strategic extension of LoftyInc’s prior investment vehicles.
Focused on late-seed investments, it aims to support entrepreneurs in building resilient businesses capable of scaling across the continent.
Key sectors targeted by the fund include financial services, retail enablement, logistics, healthcare, climate technology, and artificial intelligence.
The fund’s first close attracted diverse investors, including sovereign wealth funds from the Middle East and Africa, such as Egypt’s Micro, Small, and Medium Enterprises Development Agency (MSMEDA) and Tunisia’s Anava Fund of Funds.
Development Financial Institutions (DFIs) participating in the fund include the Dutch Entrepreneurial Development Bank (FMO), the Dutch Good Growth Fund (DGGF), Proparco with FISEA, AfricaGrow (a fund managed by Allianz Global Investors and advised by DEG Impact GmbH), and the International Finance Corporation (IFC).
In addition to institutional backers, LoftyInc secured commitments from First Close Partners, a U.S.-based family office that invests in high-performing venture funds led by underrepresented managers globally.
Several African high-net-worth individuals (HNIs) and European family offices also contributed, reflecting strong regional and international confidence in Africa’s growing tech ecosystem.
Speaking on the significance of the fund, Managing Partner Idris Ayodeji Bello highlighted the role of African entrepreneurs and professionals in LoftyInc’s journey.
“Our previous funds were backed by African professionals and experienced entrepreneurs who provided not just capital but industry expertise and networks to help startups succeed. In a challenging fundraising environment, we are thrilled to have surpassed our first-close target, attracting new institutional investors while maintaining the trust of our existing backers.”
General Partner Mariam Kamel reinforced the fund’s vision, stating:
“This fund reflects our dedication to supporting transformative businesses across Africa. The first close milestone affirms our ability to identify and invest in category leaders driving innovation and impact.”
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