September 1

LoftyInc Capital Launches Third Fund at $10 Million for a More Diverse Portfolio of African Startups

By Tage Kene-Okafor

LoftyInc Capital, a pan-African VC firm, announced today that it is launching its third fund — LoftyInc Afropreneurs Fund 3 — at $10 million for tech startups in Africa.

The firm has reached the first close of $5.5 million. Some of the limited partners in the vehicle include those from its second fund, FBNQuest Funds, syndicates from The Green Investment Club, HNIs from multinationals like Google, Facebook and ExxonMobil; and Andela CEO Jeremy Johnson, among others.

So far, LoftyInc has written checks to more than 20 startups since it began raising money for the fund. They cut across various industries like e-commerce, fintech, healthcare, logistics and media in different regions within and outside Africa.

Photo courtesy of WOCinTech Chat.

Source: TechCrunch (link opens in a new window)

e-commerce, fintech, startups, venture capital