Early-stage technology fund reaches first close
LoftyInc Capital Management (LCM), an early-stage African-focused technology fund, has achieved the first close of its LoftyInc Afropreneur Fund 3 (LAF3) with substantial participation from African hign-net-worth individuals and millenials, startup founders, and institutions.
LAF3 is a $10 million technology fund investing in seed-to-series A technology-enabled companies that are building the rails for Africa’s digital infrastructure, and are poised to experience rapid growth.
Idris Ayodeji Bello, the managing partner of LCM, released a statement saying, ”We are excited by the strong investment participation of young Africans and founders across the continent and the diaspora. This participation fulfills our mission of not just building an ecosystem of founders making a positive impact, but also an ecosystem of Africans investing in Africans solving African problems.”
In line with its strategy of writing smart cheques quickly to strong founders, LAF3 has already invested in 25 companies across the continent in the e-commerce, fintech, media, logistics, and healthcare sectors. The fund is pan-African, with a particular focus on the hyper-growth tech ecosystems in Nigeria, Egypt, Francophone Africa, and including the most promising tech solutions from the large, global African diaspora. The fund’s initial cheque sizes range between $50,000-$250,000, with follow-on of up to $1 million in portfolio companies.
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