Nigerian VC firm LoftyInc announces first close of $10m fund

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Nigerian VC firm LoftyInc Capital Management has announced the first close of its US$10 million LoftyInc Afropreneurs Fund 3 (LAF3) as it seriously scales up its activity in the startup space across the continent. 

LoftyInc Capital Management is a venture capital firm on a mission to “build an ecosystem of Africans investing in Africans solving African problems”. The firm has made over 60 investments, 35 of which have taken place in the last year, but managing partner Idris Bello told Disrupt Africa it had “just had a principle on non-mention, which we just lifted”.

Recent investments include Odiggo, CashBack App, Omnibiz, Akiba Digital and Appetito, and LoftyInc has now announced the first close of the LoftyInc Afropreneurs Fund 3 (LAF3), an early-stage Africa-focused technology fund, with substantial participation from African HNIs, startup founders, and institutions.

This comes after the first “unicorn exit” via the LoftyInc Afropreneurs Fund 2 (LAF2) investment in Flutterwave, and providing substantial returns to its investors. LAF3 is a US$10 million technology fund investing in seed-to-Series A technology-enabled companies, that are building the rails for Africa’s digital infrastructure, and are poised to experience rapid growth.

“We are excited by the strong investment participation of young Africans and founders across the continent and the diaspora. This participation fulfills our mission of not just building an ecosystem of founders making a positive impact, but also an ecosystem of Africans investing in Africans solving African problems,” said Bello.

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Passionate about the vibrant tech startups scene in Africa, Tom can usually be found sniffing out the continent's most exciting new companies and entrepreneurs, funding rounds and any other developments within the growing ecosystem.

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