An African-focused venture capital firm, LoftyInc Capital Management, has announced the closing of the third iteration of its “Afropreneurs Fund (LAF3)”.
The 10 million dollar fund, which was established in 2021 and closed at 14 million dollars, was oversubscribed by 14%, according to a statement by Ayodeji Bello, Founding Partner of LoftyInc.
LAF3, according to Bello, is a venture capital fund that invests in technology-enabled businesses that are being built by African entrepreneurs from “Seed to Series A.”
“Earlier this year, we concluded the LAF3—our third fund—which was 40% oversubscribed in order to further our mission of fostering African digital behemoths.
Incorporating the fintech, e-commerce, media, logistics, and healthcare industries, he said that the LAF3 had already invested in 52 businesses throughout the continent.