Nigerian Entrepreneur Idris Bello's Loftyinc Achieves 43 Million First Close For New Pan-african Seed Fund
- LoftyInc Capital has raised 43 million for its Alpha Fund, targeting late-seed tech startups across Africa, with a focus on Nigeria, Egypt, and Kenya.
- Investors include Egypts MSMEDA, Tunisias Anava Fund, IFC, FMO, and Proparco, reflecting strong global confidence in Africas tech ecosystem.
- Led by Idris Bello, LoftyInc aims to empower Afropreneurs, focusing on financial services, logistics, climate tech, and AI-driven innovation.
LoftyInc Capital Management, a Pan-African venture capital firm led by Nigerian entrepreneur Idris Bello, has secured the first close of 43 million for its new late-seed investment vehicle, LoftyInc Alpha Fund. The fund aims to accelerate the growth of promising tech startups across Africa, with a focus on Nigeria, Egypt, Kenya, and Francophone Africa.
Building on insights from its previous funds, the Alpha Fund is designed to back resilient entrepreneurs and help them scale. It will prioritize key sectors, including financial services, retail enablement, logistics, healthcare, climate tech, and artificial intelligenceareas that present some of the continents biggest opportunities.
Backing from strong investorsThe first close brought in a diverse mix of investors, including Middle Eastern and African sovereign wealth funds. Among them are Egypts Micro, Small, and Medium Enterprises Development Agency MSMEDA and Tunisias Anava Fund of Funds.
Development finance institutions also joined the round, including the Dutch Entrepreneurial Development Bank FMO, the Dutch Good Growth Fund DGGF, Proparco with FISEA, and AfricaGrowa Fund of Funds managed by Allianz Global Investors and advised by DEG Impact GmbH. The International Finance Corporation IFC also participated.
LoftyInc has also secured commitments from returning investors, including First Close Partners, a U.S.-based family office that backs top-performing venture funds led by underrepresented managers. Several African high-net-worth individuals and European family offices have joined as well, reinforcing the strong regional and global confidence in LoftyIncs investment approach.