LoftyInc Secures $43M for Third Fund to Invest in African Startups
TLDR
- LoftyInc Capital has raised $43 million for the first close of its third fund
- The fund will focus on late-seed and Series A startups in Nigeria, Egypt, Kenya, and francophone Africa
- The fund has attracted diverse investors, including sovereign wealth funds like MSMEDA from Egypt and Anava Fund of Funds
LoftyInc Capital, an active investor in Africa's startup ecosystem, has raised $43 million for the first close of its third fund, LoftyInc Alpha. The fund will focus on late-seed and Series A startups in Nigeria, Egypt, Kenya, and francophone Africa, broadening its target beyond earlier-stage investments.
The fund has attracted diverse investors, including sovereign wealth funds like MSMEDA from Egypt and Anava Fund of Funds from Tunisia, development finance institutions such as FMO and the World Bank’s IFC, and African high-net-worth individuals and European family offices.
LoftyInc, founded in 2012 by Idris Ayo Bello, has backed several high-profile startups, including Flutterwave and Andela. The firm’s second fund, raised in 2021, focused on pan-African investments and included Meta as an investor.
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Key Takeaways
The launch of LoftyInc Alpha highlights the growing focus on scaling African startups beyond the pre-seed and seed stages. Africa’s venture capital landscape has seen a decline in ticket sizes for Series A and B rounds, pointing to the importance of supporting companies as they mature. By targeting the late-seed stage, LoftyInc plans to offer more than just capital. The firm aims to help startups navigate scaling challenges, facilitate connections with co-investors, and support operational growth. This approach can contribute to a stronger pipeline for Series A and growth-stage investments, reinforcing the need for more structured support in Africa’s evolving startup ecosystem. As the firm expands its geographical reach and adds experienced partners to its leadership team, LoftyInc Alpha is well-positioned to drive innovation across key sectors like fintech, health tech, logistics, and AI, contributing to the continent’s economic growth.
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