Cairo – Sharikat Mubasher: LoftyInc Capital Management announced the $43 million first close of its new Alpha Fund, targeting high-potential tech startups across Nigeria, Egypt, Kenya, and Francophone Africa.

According to a recent press release, the Alpha Fund will focus on seed-stage investments in sectors including fintech, retail enablement, logistics, healthcare, climate tech, and AI-building on LoftyInc’s experience from previous funds.

Operating in these key markets, LoftyInc is one of Africa’s earliest VC players, with investments in major names like Flutterwave, Andela, Wave Mobile Money, RelianceHealth, Thndr, OmniRetail, and Moove.

Investors in this first close include Egypt’s MSMEDA, Tunisia’s Anava Fund of Funds, development finance institutions like FMO, Proparco, IFC, and AfricaGrow, alongside US-based First Close Partners, African high-net-worth individuals, and European family offices.

Led by Idris Ayodeji Bello, managing partner, Mariam Kamel, and Kevin Simmons as general partners, the fund aims to empower “Afropreneurs” to build transformative solutions for Africa’s everyday economy.

Institutional backers praised LoftyInc’s deep local expertise and its role in strengthening Africa’s venture capital ecosystem, particularly in underserved regions like Francophone Africa.