LoftyInc Capital has secured a $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.
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.
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.
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LoftyInc’s leadership and investment strategy
LoftyInc’s leadership team, is comprised of Managing Partner Idris Ayodeji Bello, General Partner Mariam Kamel, and General Partner Kevin Simmons. It 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.
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 commented: “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 added: “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.”
Engagement
