Lofty Alpha Fund Secures $6 Million from IFC in $50 Million Funding Round
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Idris Ayodeji Bello, LoftyInc Capital Founding Partner
Lofty Alpha, a pan-African venture capital fund, has secured $6 million in equity investment from the International Finance Corporation (IFC) as part of its $50 million funding round. Based in the United States, the fund focuses on supporting seed-stage tech and tech-enabled startups across Africa.
This investment builds on the success of LoftyInc Capital Management’s previous fund, LoftyInc Afropreneurs Fund 3 (LAF3), which surpassed its $10 million target to raise $14.2 million. LAF3 has backed over 50 startups in sectors such as fintech, e-commerce, logistics, media, and healthcare, with a strong focus on Nigeria and Egypt.
The IFC’s support highlights its confidence in LoftyInc’s ability to drive innovation and job creation in Africa. Notably, LoftyInc achieved its first unicorn exit through Flutterwave in 2022, via the LoftyInc Afropreneurs Fund 2 (LAF2).
Led by seasoned partners Idris Ayodeji Bello, Marsha Wulff, and Michael Oluwagbemi, the fund plans to expand its reach across the continent, leveraging its vast investor network. With IFC’s backing, Lofty Alpha Fund aims to scale disruptive tech solutions, boost startup growth, and create jobs across Africa.
Source: Launch Base Africa
International Finance Corporation
IFC Venture Capital Group
The International Finance Corporation (IFC) is the premier global development institution dedicated to fostering private sector growth in developing countries, thereby catalyzing economic development and enhancing livelihoods.
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