Nigerian venture capital firm LoftyInc Capital Management has announced the first close of $43 million for its LoftyInc Alpha Fund.
Alpha Fund is a late-seed-focused investment vehicle aimed at supporting Africa’s most promising tech startups across Nigeria, Egypt, Kenya, and Francophone Africa.
In a statement released on March 5, the company announced the close of its late-seed investment vehicle supporting top tech startups across key markets.
“LoftyInc Capital Management has announced the first close of $43m for its new LoftyInc Alpha Fund, a late-seed focused investment vehicle that will drive growth for Africa’s most promising tech startups across key geographies, including Nigeria, Egypt, Kenya, and Francophone Africa,” they said.
Managing Partner LoftyInc, Idris Ayodeji Bello highlighted the successful first close of the LoftyInc Alpha Fund despite a challenging fundraising environment.
“Our previous funds were backed primarily by African professionals and experienced entrepreneurs who not only provided capital but also leveraged their networks and industry expertise to help startups thrive—establishing the foundation for institutionalizing our investment approach.
In an exceptionally challenging fundraising climate, we are thrilled to have surpassed our first-close target, attracting new institutional investors while reaffirming the commitment of our existing backers. This latest raise positions us to scale our vision: empowering Afropreneurs who build transformative, tech-driven solutions for Africa’s everyday economy,” Bello stated.
The Alpha Fund is designed to leverage insights from previous funds to provide seed investments that will help entrepreneurs build resilient, scalable businesses.
The Alpha Fund has also secured backing from returning limited partners such as First Close Partners, a U.S.-based family office that invests in venture funds led by underrepresented managers globally.
Several African high-net-worth individuals (HNIs) and European family offices have also invested, highlighting a strong alignment among regional and global investors in accelerating Africa’s tech
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 significant role in Africa’s venture capital ecosystem, backing startups such as Flutterwave, Andela, Wave Mobile Money, RelianceHealth, Thndr, OmniRetail, and Moove.
The firm has also been instrumental in building Africa’s tech startup ecosystem, launching local tech hubs and angel investment networks such as the Afropreneur Angel Group (AAG) and the Lagos Angel Network. Its influence dates back to 2010 with the creation of the Wennovation Hub, one of Nigeria’s leading tech incubators.