Venture Capital Firm LoftyInc Obtains $43 Million to Finance Tech Startups in Africa's Up-and-Coming Market
LoftyInc Capital Management, a pan-African venture capital firm, has recently announced the first close of its LoftyInc Alpha Fund, securing $43 million. The fund focuses on fostering the growth of Africa's emerging tech startups, with a primary focus on key markets such as Nigeria, Egypt, Kenya, and Francophone Africa.
The fund aims to keep users ahead of the latest developments in Africa's tech and startup ecosystem. To subscribe to the WhatsApp channel that offers updates on tech, startups, and venture capital from cities like Cairo, Cape Town, and Lagos, visit this link.
LoftyInc Capital Management's investment focus is on FinTech, Financial Services, and Software, targeting early-stage startups primarily in Nigeria, the United States, Egypt, the UK, and Togo. Their investments typically range from Pre-Seed to Series A funding rounds.
The LoftyInc Alpha Fund concentrates on startups driving Africa's digital transformation, with high interest in fintech, mobility, e-commerce, and the creative economy sectors. The fund supports ventures that offer capital-efficient, fast-scaling business models to hedge against currency volatility and economic challenges in Africa.
Notable backers of LoftyInc 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 U.S.-based First Close Partners.
Key portfolio highlights under LoftyInc include companies like Mtor, an online marketplace and technology provider in the automotive aftermarket; EMTECH, a solutions provider for digital currency regulatory compliance aiding central banks and fintechs; Salus Cloud, an AI-native platform for security management in engineering; Clafiya, a digital health platform integrating virtual and in-person care; Chowdeck, a food delivery service focusing on African and other cuisines; and Klas, an online education platform enabling content creation and sales.
LoftyInc's strategic approach seeks to de-risk investments by encouraging diversified revenue streams for portfolio companies and focusing on markets such as Nigeria and francophone West Africa, where regulatory environments around fintech and tech innovation are evolving favourably.
The firm is targeting companies operating in health tech, retail, deep tech, and artificial intelligence. This strategic initiative highlights LoftyInc's dedication to fostering innovation and strengthening Africa's position in the global technology ecosystem.
The WhatsApp channel covers all 54 African countries and provides the latest news on tech, startups, and venture capital in Africa. The firm's Managing Partner, Idris Ayodeji Bello, has backed over 100 startups across 25 markets, securing 14 successful exits. General Partners Mariam Kamel and Kevin Simmons add expertise in investment banking, startup advisory, and operational management across multiple continents.
This positioning underlines LoftyInc’s mission to build a prosperous and equitable future in Africa by backing digital champions and fast-scaling startups across the continent. Subscribe to the WhatsApp channel today to stay informed about Africa's tech and startup ecosystem.
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