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First close of $10 M fund announced by Nigerian VC firm LoftyInc

LoftyInc Capital Management is a venture capital business with the goal of “creating an ecosystem of Africans investing in Africans addressing African challenges.” Although the company has made over 60 investments, 35 of which have occurred in the previous year, managing partner Idris Bello told Disrupt Africa that the firm has “just removed a policy on non-mention.”

Odiggo, CashBack App, Omnibiz, Akiba Digital, and Appetito are just a few of the recent investments, and LoftyInc has just announced the first close of the LoftyInc Afropreneurs Fund 3 (LAF3), an early stage Africa-focused technology fund with significant participation from African HNIs, startup founders, and institutions.

This follows the first “unicorn exit” in Flutterwave, which provided large returns to its investors through the LoftyInc Afropreneurs Fund 2 (LAF2) investment. LAF3 is a US$10 million technology fund that invests in seed-to-Series A technology-enabled businesses that are laying the groundwork for Africa’s digital infrastructure and are set for fast expansion.

“We are excited by the strong investment participation of young Africans and founders across the continent and the diaspora. This participation fulfills our mission of not just building an ecosystem of founders making a positive impact, but also an ecosystem of Africans investing in Africans solving African problems,” said Bello.

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