September 28, 2021

NEWS AGENCY OF NIGERIA

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Firm launches $10m support for African startups

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LoftyInc Capital, a pan-African firm, has announced launching of its  LoftyInc Afropreneurs Fund Three,  at $10m for tech startups in Africa.

By Kadiri Abdulrahman

LoftyInc Capital, a pan-African Venture Capitalist (VC) firm,  has announced the launching of its  LoftyInc Afropreneurs Fund Three,  at 10 million dollars for tech startups in Africa.

This is according to a statement by Idris Bello, Founding Partner, LoftyInc Capital Management on Tuesday.

Bello said  the firm had written cheques to over 20 startups,  since it began raising money for the fund, adding that it had reached the first close of 5.5 million dollars.

“LoftyInc runs three funds simultaneously. The second fund, which is its first formal VC fund, is largely focused on Nigeria.

” On the other hand, this third fund follows the thesis of LoftyInc’s first fund: investing in startups across different markets and sectors in Africa and the diaspora,” he said.

He listed some corporate partners in the fund to include Google, Facebook and  ExxonMobil, among others.

” They cut across various industries like e-commerce, fintech, healthcare, logistics and media,  in different regions within and outside Africa,” he said.

He said the fund intended to take big bets on markets outside the Big Four; Nigeria, Kenya, South Africa and Egypt.

“From 2017 to 2020, LoftyInc wrote cheques worth over 1.2 million dollars in nine rounds to six Nigerian startups — Printivo, RelianceHMO, Epump, YouVerify, Shyft Power Solutions and Flutterwave,” he said. (NAN) (www.nannews.ng)

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