African tech startups just got a major boost, thanks to LoftyInc Capital Management.

The Lagos-based venture capital firm has successfully secured $43 million in the first close of its new LoftyInc Alpha Fund—a game-changer aimed at scaling startups across the continent.

With a strong focus on Nigeria, Egypt, Kenya, and Francophone Africa, the fund is designed to help young companies move beyond early traction and achieve long-term, scalable growth.

More than just providing capital, LoftyInc will also offer strategic guidance, operational support, and access to key partnerships to help founders navigate the challenges of scaling in African markets.

Who’s Backing the Alpha Fund?

The impressive first close comes with backing from a diverse mix of African and international investors, including sovereign wealth funds, development finance institutions (DFIs), US-based family offices, and regional investment bodies. Among the key supporters are:

Egypt’s Micro, Small, and Medium Enterprises Development Agency (MSMEDA)
Tunisia’s Anava Fund of Funds
FMO (the Dutch Entrepreneurial Development Bank)
Proparco with FISEA
International Finance Corporation (IFC)
AfricaGrow (advised by DEG Impact GmbH)
Dutch Good Growth Fund (DGGF)
US-based First Close Partners
A group of African high-net-worth individuals (HNIs)

This mix of regional and global investors signals a strong vote of confidence in Africa’s growing tech ecosystem and the potential for innovation-driven economic growth.

A Leadership Team with Deep Expertise

At the heart of the Alpha Fund is a team of seasoned investors and operators with decades of experience across African and global markets. Leading the fund are:

Idris Ayodeji Bello (Managing Partner) – A veteran investor with over 100 startup investments across 25 markets and 14 successful exits.
Mariam Kamel (General Partner) – Brings a strong background in investment banking and startup advisory, particularly working with founders in the MENA region.
Kevin Simmons (General Partner) – An experienced founder, operator, and investor who has worked across 15 markets spanning three continents.

What This Means for African Startups

For ambitious startups looking to scale, the Alpha Fund represents more than just a financial boost—it’s an opportunity to tap into world-class expertise, international networks, and strategic support.

With a mission to drive innovation and economic growth, LoftyInc is positioning itself as a key player in Africa’s evolving tech landscape.

As the firm continues to raise additional capital, this first close marks a significant milestone in supporting the next generation of African tech leaders.

Entrepreneurs across the continent can now look forward to greater access to resources, mentorship, and funding opportunities that will help bring their visions to life.