LoftyInc Capital launches third fund at US$10m

LoftyInc Capital, a pan-African venture capital firm, issued a statement announcing the launch of the third instalment of its fund — LoftyInc Afropreneurs Fund 3. The goal set for this fund is US$10 million and it will be dedicated mostly to tech startups out of Africa.

The firm has completed the first phase of the fundraising effort, with US$5.5 million in capital already acquired so far. Some of the fund’s existing participants from the second round also took part in the third instalment. 

A few of those participants include FBNQuest Funds, syndicates from The Green Investment Club, HNIs from multinationals like Google, Facebook, and ExxonMobil; and Andela CEO Jeremy Johnson, among others.

Since the inception of its fund, LoftyInc has backed more than 20 startups from various industries, spread across e-commerce, fintech, healthcare, logistics, and media. The firm’s in its portfolio are also spread across different regions within and beyond Africa.

Some of the companies in the firm’s portfolio include Afrikrea, Aladdin, Epump, Flex Finance, Omnibiz, RXAll, Star Kitchens Group, Star News Mobile, Sudo Africa, Tech Advance.

LoftyInc also has a number of firms on its roll in Northern and Southern Africa, including Akiba Digital, Beamm, Illa, Instadiet, Odiggo, Tagaddod, and Zazu Africa. It also backs East Africa’s Cashback and Dash.

LoftyInc runs its three funds simultaneously. Its second fund, LoftyInc’s first official venture capital fund, is largely dedicated to Nigerian startups.