LoftyInc Capital Secures $43M First Close for New Pan-African Seed Fund

• LoftyInc Capital Management announces $43 million first close for LoftyInc Alpha Fund, a Pan-African late-seed fund targeting tech startups in Nigeria, Egypt, Kenya, and Francophone Africa.
• The fund attracted backing from sovereign wealth funds, development financial institutions, and global investors, including IFC, FMO, Proparco, AfricaGrow, Anava Fund of Funds, and First Close Partners.
• The Alpha Fund will support high-growth sectors such as fintech, retail enablement, logistics, healthcare, climate tech, and AI, strengthening Africa’s venture capital ecosystem.

March 5, 2025 – LoftyInc Capital Management has successfully raised $43 million in the first close of its new LoftyInc Alpha Fund, a late-seed stage venture capital fund dedicated to scaling Africa’s most promising tech startups. The fund will focus on Nigeria, Egypt, Kenya, and Francophone Africa, reinforcing LoftyInc’s position as a leading investor in Africa’s tech ecosystem.

A Legacy of Early-Stage Tech Investments in Africa

As one of Africa’s earliest and most successful VC firms, LoftyInc has backed industry-defining startups such as Flutterwave, Andela, Wave Mobile Money, RelianceHealth, Thndr, OmniRetail, and Moove. With over a decade of experience, the firm has played a pivotal role in Africa’s growing innovation landscape, delivering strong returns while supporting the continent’s most innovative entrepreneurs.

The LoftyInc Alpha Fund is built on insights gained from previous investment vehicles and will focus on scalable business models in fintech, retail enablement, logistics, healthcare, climate tech, and artificial intelligence. By bridging funding gaps for late-seed stage startups, the fund aims to foster long-term sustainable growth in Africa’s digital economy.

Strategic Investors and Institutional Backing

The first close of the Alpha Fund attracted an impressive mix of sovereign wealth funds, development financial institutions (DFIs), and private investors, including:

• Middle Eastern and African Sovereign Wealth Funds:

  • Egypt’s Micro, Small, and Medium Enterprises Development Agency (MSMEDA)
  • Tunisia’s Anava Fund of Funds

• DFI Investors:

  • FMO (Dutch Entrepreneurial Development Bank)
  • Dutch Good Growth Fund (DGGF)
  • Proparco with FISEA
  • AfricaGrow (Allianz Global Investors & DEG Impact GmbH)
  • International Finance Corporation (IFC)

• Private and Institutional Investors:

  • First Close Partners (a U.S.-based family office supporting underrepresented fund managers)
  • European family offices
  • High-net-worth individuals (HNIs) from Africa

These investors share a common vision: accelerating Africa’s tech ecosystem by supporting venture capital funds that drive economic transformation.

LoftyInc’s Leadership and Investment Strategy

LoftyInc’s leadership team, comprised of Managing Partner Idris Ayodeji Bello, General Partner Mariam Kamel, and General Partner Kevin Simmons, brings decades of operational and investment expertise.

• Idris Ayodeji Bello has backed over 100 startups across 25 markets, with 14 successful exits.
• Mariam Kamel has a background in investment banking, startup advisory, and MENA venture capital.
• Kevin Simmons brings experience as a founder, operator, and investor across three continents.

Their collective expertise ensures the Alpha Fund will not only provide funding but also hands-on support, helping founders scale their ventures and navigate Africa’s startup ecosystem.

Investor Perspectives on LoftyInc Alpha Fund

Managing Partner Idris Ayodeji Bello:

“Our previous funds were backed primarily by African professionals and experienced entrepreneurs who leveraged their networks to help startups thrive. Surpassing our first-close target in a challenging fundraising environment demonstrates strong investor confidence. This fund enables us to continue empowering Afropreneurs who are building transformative, tech-driven solutions for Africa.”

General Partner Mariam Kamel:

“This fund is a testament to our commitment to backing transformative businesses across the continent. We are proud to reach this milestone, supported by investors who believe in our vision of identifying category leaders that will drive innovation and impact.”

General Partner Kevin Simmons:

“This is an exciting vehicle for African technology. We are investing in high-growth businesses, and we have designed this fund to co-build these ventures alongside founders, ensuring they achieve sustainable scale.”

Institutional Endorsements and Support

Marieke Roestenberg, FMO:

“LoftyInc has demonstrated deep local expertise and strong networks across Africa. We are excited to support its efforts to institutionalize its VC platform and drive tech entrepreneurship in the region.”

Farid Fezoua, IFC:

“This investment will provide seed-stage equity financing to African tech startups, including underserved markets like Francophone Africa. The Alpha Fund will help develop Africa’s VC ecosystem and create a pipeline for later-stage investments.”

First Close Partners:

“LoftyInc’s pioneering ecosystem cultivation, deep founder network, and diverse team made it an attractive investment. We believe LoftyInc is well-positioned to capitalize on Africa’s high-growth entrepreneurial ecosystem and attractive valuations.”

Orsolya Farkas, DGGF:

“LoftyInc’s ability to identify and nurture early-stage companies aligns with our mission of fostering entrepreneurship in emerging markets. This investment reflects our commitment to sustainable development and creating opportunities for African tech talent.”

About LoftyInc Capital

Founded in 2017, LoftyInc Capital is a Pan-African venture capital firm co-founded by LoftyInc Allied Partners Limited (LAPL) and Marsha Wulff. The firm has played a pioneering role in Africa’s tech startup ecosystem, supporting local tech hubs and angel investment networks such as:

• Afropreneur Angel Group (AAG)
• Lagos Angel Network
• Wennovation Hub (Nigeria’s leading incubator since 2010)

Through its previous funds, LoftyInc has:
– Invested in hundreds of African tech entrepreneurs
– Created economic opportunities for millions
– Delivered top-tier returns to investors

With LoftyInc Alpha Fund, the firm is scaling its operations across Africa, continuing its mission to empower groundbreaking startups and solidify Africa’s position in the global tech landscape.