In a significant milestone for Africa’s tech ecosystem, LoftyInc Capital Management has announced the first close of $43 million for its latest venture vehicle, the LoftyInc Alpha Fund.

This late-seed investment fund is designed to accelerate the growth of Africa’s most promising tech startups across key markets like Nigeria, Kenya, Egypt, and Francophone Africa.

The Alpha Fund reflects LoftyInc’s enduring commitment to empowering “Afropreneurs” who are building transformative, tech-driven solutions for the continent’s everyday economy.

A Legacy of Pioneering Investments

LoftyInc Capital Management is no newcomer to Africa’s venture capital scene. With over a decade of experience and a proven track record of supporting industry-defining startups such as Flutterwave, Andela, and Wave Mobile Money, the firm continues to play a key role in shaping Africa’s digital future.

Through strategic investments, LoftyInc has successfully fuelled the growth of multiple high-impact sectors, including financial services, healthcare, climate tech, and artificial intelligence.

The Alpha Fund builds on the insights gathered from LoftyInc’s previous funds, enhancing its capacity to identify and nurture resilient companies with scalable business models.

By targeting sectors that are ripe for innovation and growth, the fund is positioned to drive both economic impact and substantial returns for investors.

READ ALSO:

How P1 Ventures Aims to Address the Uneven Distribution of Capital Across Africa

A Diverse and Strategic Investor Base

Despite the challenging global fundraising environment, LoftyInc exceeded its initial closing target. The first close of the Alpha Fund attracted a diverse pool of investors ranging from sovereign wealth funds to development financial institutions and high-net-worth individuals. Notable participants include:

• Egypt’s Micro, Small, and Medium Enterprises Development Agency (MSMEDA)
• Tunisia’s Anava Fund of Funds
• FMO (the Dutch Entrepreneurial Development Bank)
• The International Finance Corporation (IFC)
• Proparco with FISEA
• AfricaGrow, managed by Allianz Global Investors

Additionally, returning backers such as First Close Partners, a U.S.-based family office known for investing in under-represented managers, reaffirmed their confidence in LoftyInc’s vision and operational approach.

Leadership Driving Innovation and Impact

At the core of LoftyInc’s success lies a dynamic leadership team with decades of combined experience across investment, operations, and entrepreneurial support. The team is led by:

• Idris Ayodeji Bello (Managing Partner): With a portfolio of over 100 startups across 25 markets and 14 successful exits, Idris is a seasoned investor renowned for his keen ability to identify and support high-potential ventures.
• Mariam Kamel (General Partner): With a background in investment banking and startup advisory across the MENA region, Mariam brings invaluable insight to the fund’s strategic initiatives.
• Kevin Simmons (General Partner): An experienced founder, operator, and investor, Kevin’s cross-continental experience ensures LoftyInc remains flexible and effective in diverse markets.

Together, they lead a dedicated team across major African tech hubs, including an increasing presence in Francophone Africa, to provide operational support and strategic co-building with portfolio companies.

A Vision for Sustainable Development

LoftyInc’s Alpha Fund embodies a broader mission: to institutionalise venture capital practices while advancing sustainable economic development.

This vision resonates with institutional investors like the IFC, which sees the fund as a catalyst for furthering Africa’s venture capital ecosystem and attracting later-stage investment to underserved markets.

Farid Fezoua, Global Director for Disruptive Technologies at IFC, highlighted the significance of this initiative: “The Alpha Fund will help develop the venture capital ecosystem across Africa and create a pipeline of investment projects that can attract later-stage investors to the region, which is underserved by global venture capital.”

READ ALSO:

Why Fintech and Crypto Firms Are Racing to Secure U.S. State Bank Licenses

Other investors echoed this sentiment. FMO praised LoftyInc’s deep local expertise, while DGGF emphasised the fund’s alignment with its mission to promote entrepreneurship in emerging markets.

The combined support from African, Middle Eastern, European, and American investors highlights the global belief in Africa’s potential to become a major player in the tech innovation landscape.

Empowering the Next Generation of Afropreneurs

For LoftyInc, the Alpha Fund is more than just a financial vehicle; it is a platform for enabling African tech talent to thrive.

With the Alpha Fund, LoftyInc Capital Management is positioned to drive Africa’s next wave of technological innovation, delivering both impact and returns while promoting a sustainable and inclusive tech ecosystem for future generations.