European LP FMO Approves USD 7 M Investment For LoftyInc Alpha Fund

Dutch development finance institution FMO has disclosed an approved USD 7 M investment in the LoftyInc Alpha Fund, a pan-African generalist early-stage venture capital fund investing across Africa from Seed to Series A stage. The fund is managed by LoftyInc Capital Management, which operates out of offices in Nigeria, Egypt and Kenya. It  intends to focus on early-stage startups building tech-enabled solutions for the ‘everyday economy’ with high growth potential.

According to FMO, the intended investment in LoftyInc Alpha Fund is a strong fit with FMO’s objectives to empower entrepreneurs and their local communities, to support innovation and sustainable economic development in emerging markets, and to reduce inequalities. The fund is classified with an E&S risk rating of B. The fund will invest in early-stage technology (enabled) companies, which are associated with low E&S risk because of the limited number of employees and limited environmental impacts.