LoftyInc Capital Secures $43M For Its New Pan-African Seed Fund

LoftyInc Capital Management has secured the first close of $43 million for its latest LoftyInc Alpha Fund, which focuses on investments that will expand Africa’s most talented startups across key areas like Nigeria, Egypt, Kenya, and Francophone Africa, as stated in a press release. It has previously invested in notable startups such as Flutterwave, Andela, Wave Mobile, and RelianceHealth.

This comes at a pivotal time, as investors were less active in Africa last year. In 2022, 28 were involved in over ten $100,000 deals, but this number dropped to 8 in 2024.

LoftyInc has over a decade of venture capital experience, providing significant returns to its investors while growing Africa’s position as a budding hub for tech innovation.

What is the LoftyInc Alpha Fund?

The pan-African venture capital firm has launched the Alpha Fund to expand on insights from earlier funds. The fund will help entrepreneurs to build strong companies and achieve adaptable growth. It will prioritize industries like financial services, retail enablement, logistics, healthcare, climate tech, and artificial intelligence, considering the various opportunities for businesses across the African continent.

Middle Eastern and African sovereign wealth funds, such as Egypt’s Micro, Small, and Medium Enterprises Development Agency (MSMEDA) and Tunisia’s Anava Fund of Funds, participated in the first close of the Alpha fund.

Other investors included Development Financial Institutions (DFI) investors like FMO (the Dutch Entrepreneurial Development Bank), the Dutch Good Growth Fund (DGGF), Proparco with FISEA, and AfricaGrow, a Fund of Funds managed by Allianz Global Investors and advised by DEG Impact GmbH, as well as the International Finance Corporation (IFC).

Who founded LoftyInc Capital?

The firm was founded in 2017 by LoftyInc Allied Partners Limited (LAPL) and Marsha Wulff. Its current manager partner is Idris Ayodeji Bello, who has supported over 100 startups across 25 markets and over 14 exits. The team also includes Mariam Kamel, who has years of experience in investment banking, founder experience, and startup advisory in the MENA region. 

As well as general partner Kevin Simmons has experience as a founder, operator, and investor across 15 markets on three continents. ““This is a really exciting vehicle for African technology. Not only are we investing in great businesses with very strong growth DNA, but we have designed this fund team to co-build these businesses with our founder partners,” Simmons says.

“Our previous funds were backed primarily by African professionals and experienced entrepreneurs who not only provided capital but also leveraged their networks and industry expertise to help startups thrive—establishing the foundation for institutionalizing our investment approach,” adds Idris Ayodeji Bello.

Image: LoftyInc