LoftyInc Capital Management has raised $43 million in the first phase of its LoftyInc Alpha Fund, designed to support late-seed and early-growth startups across Africa, particularly in Nigeria, Egypt, Kenya, and Francophone nations.
With over a decade of experience in venture capital, LoftyInc has built a reputation for backing some of the continent’s most successful startups, including Flutterwave, Andela, Wave Mobile Money, and Moove.
The latest funding round brings in a diverse group of investors, ranging from African and international sovereign wealth funds to development finance institutions (DFIs), US family offices, and regional investment bodies.
Among the investors are Egypt’s Micro, Small, and Medium Enterprises Development Agency (MSMEDA), Tunisia’s Anava Fund of Funds, FMO (the Dutch Entrepreneurial Development Bank), Proparco with FISEA, the International Finance Corporation (IFC), AfricaGrow (advised by DEG Impact GmbH), the Dutch Good Growth Fund (DGGF), and US-based First Close Partners. Additionally, several African high-net-worth individuals (HNIs) have committed capital.
The firm’s leadership comprises investors with a wealth of experience in venture capital and startup growth. Managing Partner Idris Ayodeji Bello has invested in over 100 startups across 25 markets, achieving 14 successful exits.
General Partner Mariam Kamel brings investment banking and advisory experience, while Kevin Simmons has worked across three continents as an investor, founder, and operator. Together, they lead a skilled team spread across Africa’s major tech hubs.
LoftyInc Alpha Fund is designed to bridge the gap between early traction and scalable growth for startups.
Beyond providing capital, the firm supports founders in tackling operational hurdles, securing strategic partnerships, and expanding into new markets. This approach is necessary in Africa, where startups find it hard to transition from seed funding to Series A investments.
“At pre-seed and seed, there’s a lot of hype, but by Series A, the questions investors ask are very different,” said Bello. “Our goal is to come in at seed, but our mandate is to help you get to Series A. We want to be the firm that gets startups over that hump.”
With Africa’s tech ecosystem evolving fast, LoftyInc is ensuring high-potential startups do not stall due to funding constraints. The firm plans to focus investments on sectors that drive Africa’s “everyday economy,” including financial services, logistics, health tech, retail, climate, and deep tech.
The venture capital firm has a strong record, with investments in companies like Uber-backed vehicle financing platform Moove, Egypt’s stock trading app Thndr, and B2B e-commerce platform OmniRetail.
With this latest fund, LoftyInc aims to continue impacting Africa’s startup sector, identifying high-growth companies, and creating long-term value for both startups and investors.
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