An early-stage venture capital business called LoftyInc Capital Management has announced the final close of its LoftyInc Afropreneurs Fund 3 (LAF3), which closed out at US$14.3 million. The fund was oversubscribed.
As a venture capital company with its headquarters in Lagos, LoftyInc Capital Management aims to invest in industries such logistics, printing services, business services, educational and training services, cybersecurity, ed-tech, fintech, e-health tech, and e-commerce.
After achieving its first unicorn exit with its investment in Flutterwave through the LoftyInc Afropreneurs Fund 2 (LAF2), it launched LAF3 in 2021 as a US$10 million fund. However, it closed at US$14.2 million with a 40% oversubscription.
“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.”
LAF3 has already invested in 52 fintech, e-commerce, media, logistics, and healthcare startups throughout the continent, keeping with its goal of writing quick, smart cheques to excellent founders. The fund is pan-African, with a concentration on Nigeria and Egypt in particular, and includes the most innovative IT products from the sizable, worldwide African diaspora. The LoftyInc Capital Management team will sharpen its focus on funding the most promising early- to growth-stage firms that are transforming African lives through innovative, tech-enabled goods and services after the fund’s closing.