LoftyInc Capital Management (LCM), an early stage African-focused technology fund, has announced the first close of its LoftyInc Afropreneur Fund 3 of $10m.
According to a report, this achievement comes with substantial participation from African HNIs and Millenials, startup founders, and institutions.
“Coming off our first unicorn exit via LoftyInc Afropreneurs Fund 2 (LAF2) investment in Flutterwave, and providing above substantial returns to our investors, we are pleased to announce the first close of our LoftyInc Afropreneurs Fund 3,” a part of the report said.
LAF3 is a $10m technology fund investing in Seed-to-Series A technology-enabled companies, that are building the rails for Africa’s digital infrastructure and are poised to experience rapid growth backed by our strong local and regional support.
It has invested in 25 companies across the continent in e-commerce, fintech, media, logistics, and healthcare sectors.
The Managing Partner of LCM, Idris Ayodeji Bello, in a statement said, “we are excited by the strong investment participation of young Africans and founders across the continent and the diaspora.
“This participation fulfills our mission of not just building an ecosystem of founders making a positive impact, but also an ecosystem of Africans investing in Africans solving African problems.”
LCM has investors such as FBNQuest Funds Ltd, The Green Investment Club (TGIC) and Andela.
It focuses on the hyper-growth tech ecosystems in Nigeria, Egypt, Francophone Africa, including the most promising tech solutions from the global African Diaspora.
“Our initial check sizes range between $50,000–$250,000, with follow-on of up to $1M in portfolio companies.
LoftyInc Capital Management is led by a nimble team with over 70 years of combined venture operational experience and a strong 11-year track record as one of the earliest investors building and investing in the African tech ecosystem.
“Our General Partners, Idris Bello, Marsha Wulff, and Michael Oluwagbemi have worked together for over 12 years investing in Africa and the diaspora.
“Alongside this team, LoftyInc has a vast, on-the-ground network of local, multi-sector expertise enabling pre-investment pipeline screening and due diligence.
“This local expertise collaborates closely with international venture partners to unlock high-value, post-investment support for our portfolio companies,” the statement read.
The legal support for raising the LAF3 was provided by Balogun Harold of Nigeria and Foley & Lardner LLP of the United States of America (USA).