LoftyInc Capital, a leading early-stage African-focused technology fund, has unveiled its third venture capital fund, LoftyInc Afropreneurs Fund 3 (LAF3), with a $10 million commitment to fuel innovative tech startups across Africa. The fund has attracted significant backing from African high-net-worth individuals (HNIs), millennials, startup founders, and institutions, showcasing strong confidence in Africa’s tech ecosystem.
Diverse Investor Base Fuels Growth
LAF3 builds on the success of its predecessor, LoftyInc Afropreneurs Fund 2, with returning limited partners like FBNQuest Funds, The Green Investment Club syndicates, and HNIs from global giants such as Google, Facebook, and ExxonMobil. Notable investors also include Jeremy Johnson, CEO of Andela, highlighting the fund’s credibility and appeal.
Powering 25 African Tech Innovators
The fund has already invested in 25 promising startups across diverse sectors, including e-commerce, fintech, media, logistics, and healthcare. With a pan-African focus, LAF3 targets high-growth tech hubs in Nigeria, Egypt, and Francophone Africa, while also supporting cutting-edge solutions from the global African diaspora. Initial investments range from $50,000 to $250,000, with follow-on funding of up to $1 million for high-performing portfolio companies.
A Proven Team with Deep Expertise
Led by General Partners Idris Bello, Marsha Wulff, and Michael Oluwagbemi, LoftyInc Capital brings over 70 years of combined venture operational experience and an 11-year track record as a pioneer in African tech investment. The trio, collaborating for over a decade, leverages a robust network of local and international experts to conduct thorough pre-investment screening and provide high-value support to portfolio companies post-investment.
Building on a Unicorn Success
LoftyInc’s second fund, LAF2, achieved a landmark exit with its early investment in Flutterwave, a pre-Series A portfolio company that became Africa’s first unicorn. This success delivered substantial returns to investors and laid the foundation for LAF3’s ambitious vision.
Voices of Confidence
Idris Ayodeji Bello, Managing Partner at LoftyInc Capital, shared:
“We’re thrilled by the enthusiastic support from young Africans, founders, and diaspora investors. LAF3 reflects our mission to foster an ecosystem where Africans invest in African solutions, driving positive impact across the continent.”
Von Bryant, Foley & Lardner LLP, added:
“LoftyInc is breaking new ground in venture capital by empowering African entrepreneurship through innovative technologies and dynamic founder teams. I’m excited to support their journey and see the impact of their portfolio.”
Olubunmi Abayomi-Olukunle, Partner at Balogun Harold, noted:
“We’re proud to provide legal support for LAF3. The fund’s sophisticated approach to VC management and its opportunities for African institutional investors are truly transformative.”
Jeremy Johnson, CEO of Andela, reflected:
“Idris and the LoftyInc team backed Andela in its early days, providing not just capital but critical local expertise. I’m honored to support their mission to empower the next wave of African innovators.”
