LoftyInc 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 over 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.
In Francophone Africa, the company has invested in Afrikrea and Star News Mobile. Then in Omnibiz, RXAll, Sudo Africa, Tech Advance, Aladdin, Flex Finance, Star Kitchens Group, and EPump across West Africa.
For LoftyInc’s portfolio in North Africa, there’s Odiggo, Illa, Tagaddod, and Instadiet. Akiba Digital, Beamm, and Zazu Africa make up LoftyInc’s portfolio in South Africa, while Cashback and Dash are the startups funded in East Africa. LoftyInc also has Diasporan interests in OjaExpress and FitMatch.
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.
The fund says it wants to take big bets on markets outside the Big Four — Nigeria, Kenya, South Africa, and Egypt.
Operating three funds
A month ago, TechCrunch covered one of Africa’s most important angel investors Olumide Soyombo. He is one of the few giants in a game that includes LoftyInc founder and general partner Idris Bello.
Bello likes to describe his 12-year venture into technology and entrepreneurship as an “Afropreneurship journey.” While in business school in the U.S, he realized that the next wave of innovation that Africa as a continent needed rested on the shoulders’ of up-and-coming founders.