LoftyInc Capital Management, a prominent early-stage venture capital firm focused on Africa, has announced the successful first close of its LoftyInc Alpha Fund, raising US$43 million. This new investment vehicle, designed to support late-seed-stage startups, will focus on scaling Africa’s most promising tech ventures, with a particular emphasis on key regions such as Nigeria, Egypt, Kenya, and Francophone Africa.
Founded in 2017, LoftyInc Capital has established itself as a trailblazer in the African tech ecosystem. The firm was co-founded by LoftyInc Allied Partners Limited (LAPL) and Marsha Wulff and has been instrumental in fostering local tech communities, including through the creation of angel investment networks like the Afropreneur Angel Group (AAG) and the Lagos Angel Network. LoftyInc has previously funded hundreds of startups, and the new Alpha Fund marks an important step in expanding the firm’s operations across the continent, furthering its mission to empower innovative businesses and solidifying Africa’s presence in the global tech scene.
The LoftyInc Alpha Fund will leverage insights gained from previous investments, focusing on seed-stage funding that helps entrepreneurs build resilient and scalable businesses. Priority sectors for the fund include financial services, retail enablement, logistics, healthcare, climate tech, and artificial intelligence—areas that reflect the diverse opportunities emerging across Africa.
The first close of the Alpha Fund attracted a varied and strategic mix of investors, including Middle Eastern and African sovereign wealth funds such as Egypt’s Micro, Small, and Medium Enterprises Development Agency (MSMEDA), Tunisia’s Anava Fund of Funds, and several others. Development finance institutions (DFIs) have also been key contributors, including FMO (the Dutch Entrepreneurial Development Bank), the Dutch Good Growth Fund (DGGF), Proparco with FISEA, AfricaGrow, managed by Allianz Global Investors and advised by DEG Impact GmbH, and the International Finance Corporation (IFC).
Additionally, the fund has garnered support from returning limited partners like First Close Partners, a U.S.-based family office known for backing high-performing venture funds led by underrepresented managers. African high-net-worth individuals and European family offices have also committed to the fund, reflecting a strong alignment among regional and global investors dedicated to accelerating Africa’s tech landscape.
Idris Ayodeji Bello, managing partner of LoftyInc, expressed his enthusiasm about surpassing their first-close target despite the challenging fundraising environment. “Our previous funds were largely supported by African professionals and experienced entrepreneurs who brought more than just capital—they also provided invaluable networks and industry expertise to help startups succeed. This laid the foundation for institutionalizing our investment approach,” said Bello. “The success of this latest raise, which includes new institutional investors and reaffirms the commitment of our existing partners, positions us to scale our vision of empowering Afropreneurs who are building transformative, tech-driven solutions for Africa’s everyday economy.”
