LoftyInc announces final close of its third African VC fund
LoftyInc Capital Management, an early-stage African-focused venture capital firm, announced the final close of its over-subscribed LoftyInc Afropreneurs Fund 3 (LAF3). It was raised in eight months with participation from African high-net-worth individuals (HNWIs), US family offices, global tech giants, financial institutions, and angel investors.
Coming off its first unicorn exit via LoftyInc Afropreneurs Fund 2’s investment in payments company Flutterwave, LoftyInc launched LAF3 in 2021 as a $10 million fund. However, it closed 40% oversubscribed at $14.2 million.
LAF3 is a venture capital fund investing in seed to Series A technology-enabled companies founded by entrepreneurs that are building the rails for Africa’s digital infrastructure.
Idris Ayodeji Bello, founding partner of LoftyInc Capital Management stated, “Earlier this year, we closed our third fund, the LoftyInc Afropreneurs Fund 3, which was 40% oversubscribed, to continue our goal of seeding African tech giants. The close was significant in that it brought together an array of investor types including young African operators and founders, African HNWIs and African financial institutions. It is the next rung in our task of building an ecosystem of investors backing founders of African descent building companies that make a difference globally.
”In line with our strategy of writing smart cheques quickly to exceptional founders, LAF3 has already invested in 52 companies across the continent in fintech, e-commerce, media, logistics, and healthcare sectors. The fund is pan-African, with a particular focus on the hyper-growth tech ecosystems in Nigeria and Egypt, including the most promising tech solutions from the large, global African diaspora. With the close of the fund, the LoftyInc Capital Management team will significantly deepen their focus on investing in the most promising early to growth-stage start-ups improving African lives with disruptive tech-enabled products and services.”
Christian Ekpo, vice president at FBNQuest Funds, said: “FBNQuest Funds Ltd is pleased to invest with LoftyInc Capital Management in the third edition of its pan-African technology venture capital fund. FBNQuest Funds has backed LoftyInc based on its solid track record in venture capital investing and its drive to democratise venture capital investing in Nigeria and beyond. We believe that LoftyInc is well-positioned to deliver on our shared objective to provide capital, the required operational support, and international partnerships to African technology start-ups.”