LoftyInc Alpha Fund Raises $43M to Back Top African Tech Startups

L-R: Kevin Simmons, Idris Ayodeji Bello, and Mariam Kamel

LoftyInc Capital Management has secured a $43 million first close for its new LoftyInc Alpha Fund, a late-seed investment vehicle aimed at scaling Africa’s most promising tech startups, particularly in Nigeria, Egypt, Kenya, and Francophone Africa.

LoftyInc is one of Africa’s most established venture capital firms. With over a decade of investing experience, the firm has backed startups such as Flutterwave, Andela, Wave Mobile Money, OmniRetail, RelianceHealth, Thndr, and Moove– which recently secured $100m in investment from Uber and Mubadala. LoftyInc has played a key role in shaping Africa’s tech ecosystem while delivering strong returns to investors.

The Fund's first close attracted a mix of African and international backers, including sovereign wealth funds, development finance institutions (DFIs), US family offices, and regional investment bodies. Investors include Egypt’s Micro, Small, and Medium Enterprises Development Agency (MSMEDA), Tunisia’s Anava Fund of Funds, FMO (the Dutch Entrepreneurial Development Bank), Proparco with FISEA, the International Finance Corporation (IFC), AfricaGrow (advised by DEG Impact GmbH), the Dutch Good Growth Fund (DGGF), and US-based First Close Partners.

The fund also secured commitments from African high-net-worth individuals (HNIs), reinforcing strong regional confidence in LoftyInc’s ability to back transformative companies.

LoftyInc’s leadership team brings decades of investment experience and operational expertise across African and global markets.

• Idris Ayodeji Bello (Managing Partner) has invested in over 100 startups in 25 markets and has achieved 14 successful exits.
• Mariam Kamel (General Partner) brings investment banking and startup advisory experience from working with founders in the MENA region.
• Kevin Simmons (General Partner) has worked as a founder, operator, and investor across 15 markets spanning three continents.

They lead a skilled investment and operations team across Africa’s largest tech hubs, including Francophone Africa, ensuring strong local execution and founder support.

The Alpha Fund is designed to help startups transition from early traction to scalable growth. Beyond capital, LoftyInc leverages its network and expertise to support founders in navigating operational challenges, securing strategic partnerships, and accelerating market expansion.

With increasing investor interest and a rapidly growing tech ecosystem, Africa is emerging as a major driver of global innovation. The Alpha Fund builds on LoftyInc’s legacy of identifying and supporting top-tier entrepreneurs, ensuring long-term value creation for startups and investors.

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