LoftyInc Capital closes oversubscribed third fund at $14.3 million
LoftyInc Capital Management, an early-stage African-focused VC firm has announced the final close of its third fund - LoftyInc Afropreneurs Fund 3 (LAF3) at $14.2 million.
The fund which was launched in August 2021 was closed in Q1 2022 and was oversubscribed by 40%. The fund was raised in eight months from limited partners from its second fund, including FBNQuest Funds, syndicates from The Green Investment Club, HNIs from multinationals like Google, Facebook and ExxonMobil; and Andela CEO Jeremy Johnson.
With the LAF3, LoftyInc Capital will invest in Seed-to-Series A technology-enabled companies founded by African entrepreneurs. The firm will significantly deepen its focus on investing in the most promising early to growth-stage startups improving African lives with disruptive tech-enabled products and services.
Techloy gathered that LAF3 has already invested in 52 companies across the continent in fintech, e-commerce, media, logistics, and healthcare sectors. The fund is pan-African, with a particular focus on the hyper-growth tech ecosystems in Nigeria and Egypt.
Since 2011, LoftyInc has had over 160 investments and 6 exits. African payments startup, Flutterwave serves as LoftyInc's first exit. According to Managing Partner, Idris Ayo Bello, it returned to LPs three times their investments, which led to the launch of LAF3.
