LoftyInc secures $43m to scale African tech startups

LoftyInc Capital Management has raised $43 million in the first close of its LoftyInc Alpha Fund, a late-seed investment vehicle aimed at scaling tech startups in Nigeria, Egypt, Kenya, and Francophone Africa.

The announcement was made in a statement on Wednesday, where the firm said the fund attracted a mix of African and international investors, including sovereign wealth funds, development finance institutions, US family offices, and regional investment bodies.

Investors include Egypt’s Micro, Small, and Medium Enterprises Development Agency, Tunisia’s Anava Fund of Funds, FMO, Proparco with FISEA, the International Finance Corporation, AfricaGrow, the Dutch Good Growth Fund, and US-based First Close Partners.

The fund also secured backing from African high-net-worth individuals, reflecting regional confidence in LoftyInc’s ability to back transformative companies.

The Alpha Fund will target startups transitioning from early traction to scalable growth, offering capital and operational support to accelerate market expansion.

LoftyInc has backed over 100 startups across 25 markets, including Flutterwave, Andela, Wave Mobile Money, OmniRetail, RelianceHealth, Thndr, and Moove — which recently secured $100 million in investment from Uber and Mubadala.

The firm said the Alpha Fund builds on its track record of supporting African startups while delivering returns to investors.