LoftyInc Capital Management, an African-focused early-stage venture capital firm, has announced the final close of its oversubscribed LoftyInc Afropreneurs Fund 3 (LAF3), which closed out at US$14.3 million.
LoftyInc Capital Management, founded in 2017, is a Lagos-based venture capital business that wants to invest in areas like as logistics, printing services, commercial services, educational and training services, cybersecurity, ed-tech, fintech, e-health tech, and e-commerce.
Following its first unicorn exit through its LoftyInc Afropreneurs Fund 2 (LAF2) investment in Flutterwave, it announced LAF3 as a US$10 million fund in 2021. However, it closed 40% oversubscribed at $14.2 million USD.
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“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 institutions,” said Idris Ayodeji Bello, founding partner of LoftyInc Capital Management. “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.”
LAF3 has already invested in 52 firms across the continent in fintech, e-commerce, media, logistics, and healthcare, in line with its approach of writing smart cheques swiftly to exceptional founders. The fund is pan-African, with a particular emphasis on Nigeria and Egypt, and includes the most promising digital solutions from the vast African diaspora around the world. With the closing of the fund, the LoftyInc Capital Management team will sharpen its emphasis on investing in the most promising early to growth-stage firms that are enhancing African lives through transformative technology-enabled products and services.
Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based lawyer, who has several years of experience working in Africa’s burgeoning tech startup industry. He has closed multi-million dollar deals bordering on venture capital, private equity, intellectual property (trademark, patent or design, etc.), mergers and acquisitions, in countries such as in the Delaware, New York, UK, Singapore, British Virgin Islands, South Africa, Nigeria etc. He’s also a corporate governance and cross-border data privacy and tax expert.
As an award-winning writer and researcher, he is passionate about telling the African startup story, and is one of the continent’s pioneers in this regard. You can book a session and speak with him using the link: https://insightsbyexperts.com/view_expert/charles-rapulu-udoh