Investment Firm LoftyInc Grants $43 Million to Rising African Technology Businesses
LoftyInc Capital Management, a pan-African venture capital firm, has announced the first close of its LoftyInc Alpha Fund, securing $43 million. This late-seed investment fund is dedicated to fostering the growth of Africa’s emerging tech startups, with a focus on key markets such as Nigeria, Egypt, Kenya, and Francophone Africa.
The fund aims to support startups in their scaling phase, particularly targeting innovative technology ventures across the continent. By subscribing to the WhatsApp channel, users can stay informed and ahead in the field of African tech and venture capital, receiving updates on the latest developments in the sector.
The WhatsApp channel covers a wide range of African countries, providing comprehensive coverage of the African tech and startup scene. From Cairo to Cape Town, Lagos to Nairobi, the channel offers a one-stop destination for the latest news and updates on African tech and venture capital, covering all 54 African countries.
The fund has drawn support from a diverse range of investors, including sovereign wealth funds, development finance institutions (DFIs), U.S. family offices, and regional investment organizations. Among its notable backers 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.
General Partners Mariam Kamel and Kevin Simmons bring expertise in investment banking, startup advisory, and operational management across multiple continents. Managing Partner Idris Ayodeji Bello has backed over 100 startups across 25 markets, securing 14 successful exits. The firm is targeting companies operating in health tech, retail, deep tech, and artificial intelligence.
Though the specific names of the fund’s backers are not explicitly listed in the search results, it is likely that institutional and impact investors typical of the African growth-stage tech ecosystem have participated. Examples of such funds include Public Investment Corporation (PIC), development finance institutions such as Swedfund, FMO, and investment groups like AfricInvest, who have been active in similar spaces.
The LoftyInc Alpha Fund’s website offers real-time updates on tech, startups, and venture capital across Africa. Users can join the WhatsApp channel for updates on African tech news by following this link: https://whatsapp.com/channel/0029Vb3xgMr42DcfICgi7T1N. This strategic initiative highlights LoftyInc’s dedication to fostering innovation and strengthening Africa’s position in the global technology ecosystem.
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