Leading pan-African venture capital firm LoftyInc Capital recently announced the launch of its third fund, dubbed as LoftyInc Afropreneurs Fund 3, with plans to invest USD 10 million in African tech businesses that meet its criteria.
It is to be noted that the firm completed its first USD 5.5 million closure. LoftyInc has sent checks to over 20 startups to date. They cover several industries, including logistics, finance, e-commerce, healthcare, and media, in African and non-African locations.
The company had previously invested in Star News Mobile and Afrikrea in Francophone Africa, then in Flex Finance, Tech Advance, RXAll, Omnibiz, Sudo Africa, Aladdin, EPump, and Star Kitchens Group across West Africa.
In North Africa, LoftyInc's portfolio includes Illa, Tagaddod, Odiggo, and Instagram. The firm’s portfolio in South Africa comprises Beamm, Akiba Digital, and Zazu Africa, while Dash and Cashback are East African-funded firms.
The VC firm manages three funds simultaneously. The company's first formal venture capital fund and the second fund are primarily focused on Nigeria. The third fund, on the other hand, follows LoftyInc's first fund's footsteps of investing in startups across various markets and sectors in Africa and the diaspora.
The fund intends to bet on investments in markets other than the Big Four, including Nigeria, South Africa, Kenya, and Egypt.
Idris Bello, Founder and General Partner of LoftyInc launched LoftyInc Allied Partners Ltd as a business development firm with other entrepreneurs. It gave rise to Wennovation Hub, a technological hub and innovation accelerator, and venture capital firm LoftyInc Capital.
LoftyInc Afropreneurs Fund 1, the first pre-seed investment fund, was launched in 2012. Five years later, fund 2 was launched. With the initiation of the latest Fund 3, targeting USD 10 million, they expect to surpass that figure by Q4 of 2021.
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