LoftyInc announces final close of Afropreneurs Fund 3 at USD 14.3 million

LoftyInc Capital Management, a Lagos-based VC firm, announces the final close of its LoftyInc Afropreneurs Fund 3.

LoftyInc Capital Management, a Lagos-based early-stage African-focused venture capital firm, has announced the final close of its oversubscribed LoftyInc Afropreneurs Fund 3 (LAF3), with it closing out at USD 14.3 million.

LoftyInc: Areas of focus and fund successes

Founded in 2017, and based in Nigeria’s capital, Lagos, LoftyInc Capital Management is a venture capital firm that seeks to invest in spaces including logistics, printing services, commercial services, educational and training services, cybersecurity, edtech, fintech, ehealth tech, and ecommerce

Following its first unicorn exit via the LoftyInc Afropreneurs Fund 2 (LAF2) investment in Flutterwave, the VC firm launched LAF3 in 2021 as a USD 10 million fund. Due to high interest, the fund was 40% oversubscribed by the time it closed at a final value of USD 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,” he went on to say.

52 investments

LAF3 has already invested in 52 companies across the continent in fintech, ecommerce, 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.

LoftyInc’s investments include Appetito and Pylon among others. Pylon is an Egyptian smart metering company, while Appetito offers an online grocery delivery service.