Nigerian entrepreneur Idris Bello’s LoftyInc achieves $43 million first close for new Pan-African seed fund

Key Points

• LoftyInc Capital has raised $43 million for its Alpha Fund, targeting late-seed tech startups across Africa, with a focus on Nigeria, Egypt, and Kenya.
• Investors include Egypt’s MSMEDA, Tunisia’s Anava Fund, IFC, FMO, and Proparco, reflecting strong global confidence in Africa’s tech ecosystem.
• Led by Idris Bello, LoftyInc aims to empower Afropreneurs, focusing on financial services, logistics, climate tech, and AI-driven innovation.

LoftyInc Capital Management, a Pan-African venture capital firm led by Nigerian entrepreneur Idris Bello, has secured the first close of $43 million for its new late-seed investment vehicle, LoftyInc Alpha Fund. The fund aims to accelerate the growth of promising tech startups across Africa, with a focus on Nigeria, Egypt, Kenya, and Francophone Africa.

Building on insights from its previous funds, the Alpha Fund is designed to back resilient entrepreneurs and help them scale. It will prioritize key sectors, including financial services, retail enablement, logistics, healthcare, climate tech, and artificial intelligence—areas that present some of the continent’s biggest opportunities.

Backing from strong investors

The first close brought in a diverse mix of investors, including Middle Eastern and African sovereign wealth funds. Among them are Egypt’s Micro, Small, and Medium Enterprises Development Agency (MSMEDA) and Tunisia’s Anava Fund of Funds.

Development finance institutions also joined the round, including the Dutch Entrepreneurial Development Bank (FMO), the Dutch Good Growth Fund (DGGF), Proparco with FISEA, and AfricaGrow—a Fund of Funds managed by Allianz Global Investors and advised by DEG Impact GmbH. The International Finance Corporation (IFC) also participated.

LoftyInc has also secured commitments from returning investors, including First Close Partners, a U.S.-based family office that backs top-performing venture funds led by underrepresented managers. Several African high-net-worth individuals and European family offices have joined as well, reinforcing the strong regional and global confidence in LoftyInc’s investment approach.

LoftyInc secures funding to back Africa’s next tech leaders

Idris Bello, Managing Partner at LoftyInc Capital, emphasized the firm’s mission to empower Africa’s next generation of tech leaders. “Our previous funds were backed primarily by African professionals and experienced entrepreneurs who not only provided capital but also leveraged their networks and industry expertise to help startups thrive—establishing the foundation for institutionalizing our investment approach,” Bello said. 

He added: “In an exceptionally challenging fundraising climate, we are thrilled to have surpassed our first-close target, attracting new institutional investors while reaffirming the commitment of our existing backers. This latest raise positions us to scale our vision: empowering Afropreneurs who build transformative, tech-driven solutions for Africa’s everyday economy.”

Mariam Kamel, General Partner at LoftyInc, echoed this sentiment: “This fund is a testament to our dedication to backing transformative businesses across the continent. We are tremendously proud of achieving this first close milestone, backed by investors who have confidence in our mission and ability to identify category leaders that will drive innovation and impact while delivering strong returns.”

Kevin Simmons, also a General Partner, highlighted the fund’s hands-on approach: “This is a really exciting vehicle for African technology. Not only are we investing in great businesses with very strong growth DNA, but we have designed this fund team to co-build these businesses with our founder partners.”

LoftyInc’s legacy in African tech

With operations in Nigeria, Egypt, and Kenya, LoftyInc Capital has been at the forefront of Africa’s venture capital ecosystem for more than a decade. The firm, led by Bello—who describes himself as an “Afropreneur”—was one of the earliest investors in startups such as Flutterwave, Andela, Wave Mobile Money, RelianceHealth, Thndr, OmniRetail, and Moove.

Bello, who is the founding partner of LoftyInc Capital and co-founder of The Wennovation Hub, has played a key role in shaping Africa’s tech investment landscape. Under his leadership, LoftyInc has consistently delivered strong returns to investors while helping build Africa into a global tech hub.

LoftyInc has also been a pioneer in Africa’s startup ecosystem, launching local tech hubs and angel investment networks, including the Afropreneur Angel Group (AAG) and the Lagos Angel Network. Its impact dates back to 2010 with the establishment of Wennovation Hub, one of Nigeria’s first tech incubators. Through its previous funds, the firm has backed hundreds of entrepreneurs, creating jobs and economic opportunities for millions across the continent.

Scaling up for the next wave of growth

With the launch of the Alpha Fund, LoftyInc is deepening its footprint in Africa’s tech scene, providing startups with the capital and support they need to scale. The firm’s leadership team brings decades of investing and operational experience.

Managing Partner Idris Bello, the ‘Afropreneur’, an entrepreneur with an African focus as he self-describes, has backed over 100 startups across 25 markets, with more than 14 successful exits. General Partner Mariam Kamel has extensive experience in investment banking, venture capital, and startup advisory in the MENA region. Kevin Simmons, also a General Partner, has worked as a founder, operator, and investor across 15 markets on three continents.

Together, they bring a strong mix of venture capital expertise and hands-on experience to help founders navigate challenges and build lasting businesses. Their team includes investment and operations professionals spread across key African tech hubs, including emerging markets in Francophone Africa. As LoftyInc scales its impact with the Alpha Fund, it continues to position itself at the heart of Africa’s tech revolution—backing the founders who will shape the continent’s digital future.