LoftyInc Capital Management, an early-stage African-focused venture capital firm, has announced the final close of its oversubscribed LoftyInc Afropreneurs Fund 3 (LAF3), which closed out at US$14.3 million.
Founded in 2017, LoftyInc Capital Management is a venture capital firm based in Lagos that seeks to invest in spaces such as logistics, printing services, commercial services, educational and training services, cybersecurity, ed-tech, fintech, e-health tech, and e-commerce.
Coming off its first unicorn exit via its LoftyInc Afropreneurs Fund 2 (LAF2) investment in Flutterwave, it launched LAF3 in 2021 as a US$10 million fund. However, it closed 40 per cent oversubscribed at US$14.2 million.
“The close was significant in that it brought together an array of investor types including young African operators and founders, African HNWIs and African financial institutions,” said Idris Ayodeji Bello, founding partner of LoftyInc Capital Management.
“It is the next rung in our task of building an ecosystem of investors backing founders of African descent building companies that make a difference globally.”
In line with its strategy of writing smart checks quickly to exceptional founders, LAF3 has already invested in 52 companies across the continent in fintech, e-commerce, media, logistics, and healthcare. The fund is pan-African, with a particular focus on Nigeria and Egypt, including the most promising tech solutions from the large, global African diaspora. With the close of the fund, the LoftyInc Capital Management team 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.