Lofty Alpha, a pan-African venture capital fund targeting early-stage technology startups, has secured a $6 million equity investment from the International Finance Corporation (IFC) as part of its $50 million funding round. The fund, domiciled in the United States, aims to support seed-stage technology and tech-enabled businesses across Africa.

This investment follows LoftyInc Capital Management’s successful close of its previous fund, the LoftyInc Afropreneurs Fund 3 (LAF3), which raised $14.2 million — 40% above its $10 million target. LAF3 has already invested in over 50 startups spanning fintech, e-commerce, logistics, media, and healthcare, with a particular focus on Nigeria and Egypt’s growing tech ecosystems.

The IFC’s involvement underscores its confidence in Lofty’s strong track record and its potential to drive innovation and job creation in Africa. In 2022, LoftyInc achieved its first unicorn exit through its investment in Flutterwave via the LoftyInc Afropreneurs Fund 2 (LAF2).

Lofty Alpha Fund plans to extend its reach across the African continent while leveraging its extensive network of investors and partners. The firm’s leadership team, with over 70 years of combined venture experience, includes Idris Ayodeji Bello, Founding Partner, Marsha Wulff, and Michael Oluwagbemi, who have collaborated for more than a decade to foster African tech innovation.

With the backing of the IFC and other investors, Lofty Alpha Fund aims to catalyze growth for African startups, creating jobs and scaling disruptive tech solutions to improve lives across the continent.