LoftyInc Capital Management (LCM), an early-stage African-focused technology fund, achieves its first close of LoftyInc Afropreneur Fund 3 with substantial participation from African HNIs and Millenials, startup founders, and institutions.

Coming off our first unicorn exit via LoftyInc Afropreneurs Fund 2 (LAF2) investment in Flutterwave, and providing above substantial returns to our investors, we are pleased to announce the first close of our LoftyInc Afropreneurs Fund 3. LAF3 is a $10m 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 backed by our strong local and regional support.

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 our strategy of writing smart checks quickly to strong founders, LAF3 has already invested in 25 companies across the continent in 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. Our initial check sizes range between $50,000–$250,000, with follow-on of up to $1M in portfolio companies.

LoftyInc Capital Management is led by a nimble team with over 70 years of combined venture operational experience and a strong 11-year track record as one of the earliest investors building and investing in the African tech ecosystem.

Our General Partners, Idris Bello, Marsha Wulff, and Michael Oluwagbemi have worked together for over 12 years investing in Africa and the diaspora.

Alongside this team, LoftyInc has a vast, on-the-ground network of local, multi-sector expertise enabling pre-investment pipeline screening and due diligence. This local expertise collaborates closely with international venture partners to unlock high-value, post-investment support for our portfolio companies.

We kick off our second close efforts, already in due diligence with two sovereign wealth funds, family offices, corporate venture firms, and other mission-aligned investors as we head into the fall. We remain dedicated to our mission of creating prosperity for Africa.

The legal support for the fundraise was provided by Balogun Harold (Nigeria) and Foley & Lardner LLP (USA).

“I’m proud to collaborate with the LoftyInc Team as they continue to break barriers in the venture capital world. LoftyInc is furthering entrepreneurship in Africa through investing in new technologies and creative founder teams. I’m excited to see what the future holds for them and their portfolio companies.” Von Bryant, Foley & Lardner LLP

“We are glad to be providing legal support to the promoters of LAF 3. We are particularly excited by the sophistication that the promoters bring to VC fund management in Africa and with the opportunity that LAF 3 creates for institutional investors in Africa.”  Olubunmi Abayomi-Olukunle, Partner, Balogun Harold

A few words from some of the investors who participated in the first close:

“FBNQuest Funds Ltd is pleased to invest with LoftyInc Capital Management as a first close LP in the 3rd edition of its pan-African technology Venture Capital Fund (LoftyInc Afropreneur Fund III). FBNQuest Funds has backed the manager based on its solid track record in venture capital investing and its drive to democratize venture capital investing in Nigeria and beyond.

At FBNQuest Funds, we recognize that technology is the key business enabler for several industries within our region. We are keen to play a pivotal role in enabling this growth. This has driven our investment and partnership activities with VC managers for several years. 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 startups.” Christian Ekpo, Vice President at FBNQuest Funds

“At Twelve, our mandate is to promote financial literacy , reduce poverty levels and democratize investment opportunities for millennials and Gen Zs in Africa. As a pioneer in leading collaborative investment syndicates in Africa, we are excited to play a lead role in the first close of the LoftyInc Afropreneurs Fund 3. We made the decision to launch our first VC investment with LoftyInc due to its undeniable role in contributing to growth in the VC ecosystem in Africa. We stay committed to this partnership as it evolves over time and also stay committed to providing access to even more people within this demographic to participating in the venture capital ecosystem and ensuring wealth creation for Africa by Africans.” Tomie Balogun, Founder, Twelve

“Long before Andela was an obvious success story, Idris stepped in to back us. Bringing both capital and, just as importantly, local context and knowledge, he helped us navigate those challenging early years, and I’m proud to be able to back him and the LoftyInc team in return.” Jeremy Johnson, Andela