A venture capitalist firm, LoftyInc Afropreneurs, which have invested in a number of Nigerian startups including fintech firm Flutterwave, said it plans to raise $25 million for tech investment that backs African social entrepreneurs.
In a chat with BusinessDay, Marsha Wulff, founder of LoftyInc Afropreneurs Fund, the organisation behind African Venture Fund explained that the goal is to empower venture solving African development challenges. “LoftyInc Afropreneurs Fund backs impressive local teams whose companies are ready to scale via smart, disruptive technology. We harness our regional and global networks to invest in teams most likely to succeed.
READ ALSO: Africa’s Startup needs more impact investment- LoftyInc Capital Mgt
“We will like to raise $25 million so the fund can invest into disruptive technology scale-ups, equity and debt,” she said. The fund will borrow Silicon Valley’s model of small first investments and larger follow-on “as the stars emerge.” LoftyInc Afropreneurs currently have three innovation hubs (i-Hubs) in Nigeria. There is a technology hub in Lagos, an agriculture technology hub in Ibadan, and a digitising government and government initiatives in Abuja.
Participating tech start-ups for the funding get on-the-ground managing partners and mentors, robust deal flow pipelines and the preferred partner of elite entrepreneurs, attractive deal terms and built venture ecosystem. Some of the companies that received funding support from LoftyInc Afropreneurs include Flutterwave, Printivo, Kangpe, Andela among others.
