LoftyInc LAF3 full close

21 Nov 2022

LoftyInc Capital Management, an early-stage African-focused venture capital firm,

announces the final close of its over-subscribed LoftyInc Afropreneurs Fund 3 (LAF3).

It was raised in 8 months with participation from African HNWIs, US family offices,

global tech giants, financial institutions, and angel investors. LAF3 closed in Q1 of this



LoftyInc Capital Management Team

Coming off our first unicorn exit via LoftyInc Afropreneurs Fund 2 (LAF2) investment

in Flutterwave, we launched LAF3 in 2021 as a $10m fund. However, it closed 40%

oversubscribed at $14.2M. LAF3 is a venture capital fund investing in Seed-to-Series A

technology-enabled companies founded by bold Afropreneurs that are building the

rails for Africa’s digital infrastructure. The companies that LAF3 invests in are set to

experience rapid growth with the backing of our strong local and regional support


Idris Ayodeji Bello, Founding Partner of LoftyInc Capital Management stated,

“Earlier this year, we closed our third Fund, the LoftyInc Afropreneurs Fund 3, which

was 40% oversubscribed, to continue our goal of seeding African tech giants.

The close was significant in that it brought together an array of investor types

including young African operators and founders, African HNWIs and African financial


It is the next rung in our task of building an ecosystem of investors backing founders

of African descent building companies that make a difference globally.”

In line with our strategy of writing smart checks quickly to exceptional founders,

LAF3 has already invested in 52 companies across the continent in fintech,

e-commerce, media, logistics, and healthcare sectors. The fund is pan-African, with a

particular focus on the hyper-growth tech ecosystems in Nigeria and Egypt,

including the most promising tech solutions from the large, global African Diaspora.

With the close of the fund, the LoftyInc Capital Management team will significantly

deepen their focus on investing in the most promising early to growth-stage

startups improving African lives with disruptive tech-enabled products and services.

Christian Ekpo, Vice President at FBNQuest Funds, says “FBNQuest Funds Ltd is

pleased to invest with LoftyInc Capital Management in the 3rd edition of its

pan-African technology venture capital fund (LoftyInc Afropreneurs Fund 3).

FBNQuest Funds has backed LoftyInc based on its solid track record in venture

capital investing and its drive to democratize venture capital investing in Nigeria and

beyond. We believe that LoftyInc is well-positioned to deliver on our shared objective

to provide capital, the required operational support, and international partnerships

to African technology startups.”

LoftyInc Capital Management is led by a nimble team with over 70 years of

combined venture operational experience and a strong 13-year track record as one of

the earliest investors building and investing in the African tech ecosystem. Our

Founding Partners, Idris Bello, Marsha Wulff, and Michael Oluwagbemi, have worked

together for over 12 years investing in Africa and the diaspora. Since the first close of

LAF3, the LoftyInc Capital Management team has expanded adding on more

investment professionals, operations and marketing team members.

“Very few GP teams will adequately aggregate high quality personalities and

experience alongside an exceptional portfolio of tech companies & founders. LoftyInc

has managed to do exactly that over the past decade in Africa. Backing them has

been one of my life’s best investment decisions and it is an immense pleasure to

continue to do so,” expressed Ibrahim Sagna, Chairman of Silverbacks Investments.

With the close of fundraising for LAF3, the team has put a particularly keen focus on

portfolio support. “There are 5 pillars of portfolio support that are very important to

us. LoftyInc has always been about being more than just capital. The portfolio

support team and I simply scale up what Idris, Michael, and Marsha have already

been doing for founders for years,” says Lydia Idem, Chief Operating Officer. Our

efforts have led to new markets, new customers, and new jobs for the companies in

our portfolio.

“LoftyInc has been very supportive in terms of introducing us to new investors and

connecting us to new hires. They also participated in our Series A which shows their

willingness to support their startups and founders in the long run,” said Deepankar

Ruststagi, CEO and founder Omnibiz.

With LAF3, LoftyInc doubles down on our thesis that Africa’s prosperity is through

high growth entrepreneurship that leads to massive job creation. Ed Zimmerman,

Co-Founder, First Close Partners, sums it up saying, “As serial investors in both

African startups and venture funds on the continent, we kept seeing and hearing

about Idris Bello and LoftyInc. More than a highly respected and connected

entrepreneur and investor, we understood that LoftyInc was deeply enmeshed in the

flow of the best deals on the continent and had a strong team with conviction and

insights that convinced us at First Close Partners that LoftyInc would be an

important part of our fund portfolio. We are proud to be LPs, especially given our

deep conviction in the investment thesis for Africa-based VC and startups, some of

which we published in Forbes in 2019.”

LoftyInc Capital Management is a venture capital firm on a mission to build an

ecosystem of Africans investing in Africans solving African problems. LoftyInc Allied

Partners, our parent company, was formed with the singular goal of helping young

Africans turn lofty ideas into global corporations that would create high-impact jobs

and transcend development challenges. With over 160 investments and 6 exits,

LoftyInc Capital Management is leading the vanguard in capital formation and VC

investing in Africa.


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