LoftyInc Capital, an early-stage African-focused technology fund, announced that it is launching its third fund — LoftyInc Afropreneurs Fund 3 — at $10 million for tech startups in Africa with substantial participation from African HNIs and Millenials, startup founders, and institutions.
Some of the limited partners in the vehicle include those from its second fund, FBNQuest Funds, syndicates from The Green Investment Club, HNIs from multinationals like Google, Facebook, and ExxonMobil; and Andela CEO Jeremy Johnson, among others.
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. The 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. The 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.
Lofty Inc invested in Flutterwave (pre-series A) via LoftyInc Afropreneurs Fund 2 (LAF2) and had their first unicorn exit. Investors were paid substantial returns from the exit. It was this successful exit that laid the foundation for the third fund.
Idris Ayodeji Bello, the Managing Partner of LCM, said, “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.”
Von Bryant, Foley & Lardner LLP said “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.”
Olubunmi Abayomi-Olukunle, Partner, Balogun Harold “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”
Jeremy Johnson, Andela “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.”
