LoftyInc, a Nigerian venture capital firm, has announced the first close of a $10 million fund for expansion.


LoftyInc Capital Management, a Nigerian venture capital firm, has announced the first close of its US$10 million LoftyInc Afropreneurs Fund 3 (LAF3), as it ramps up its startup activity across Africa.

The firm has finalized its first $5.5 million close. Limited partners in the vehicle include FBNQuest Funds’ second fund, syndicates from The Green Investment Club, HNIs from multinationals like Google, Facebook, and ExxonMobil, as well as Andela CEO Jeremy Johnson.

Since it began raising money  for the fund, LoftyInc has written checks to more than 20 startups. They work in a variety of industries, including e-commerce, fintech, healthcare, logistics, and media, in both African and non-African locations.

The company has invested in Afrikrea and Star News Mobile in Francophone Africa. Then in West Africa with Omnibiz, RXAll, Sudo Africa, Tech Advance, Aladdin, Flex Finance, Star Kitchens Group, and EPump.

Odiggo, Illa, Tagaddod, and Instadiet are among LoftyInc’s North African brands. LoftyInc’s portfolio in South Africa includes Akiba Digital, Beamm, and Zazu Africa, while Cashback and Dash were funded in East Africa. LoftyInc is also a shareholder in OjaExpress and FitMatch.

LoftyInc manages three funds at the same time. The second fund, which is also the company’s first formal venture capital fund, is primarily focused on Nigeria. This third fund, on the other hand, continues LoftyInc’s first fund’s thesis of investing in startups across various markets and sectors in Africa and the diaspora.

The fund intends to make large bets on markets other than the Big Four — Nigeria, Kenya, South Africa, and Egypt.