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LoftyInc secured the $10 million for tech startups in Africa funding syndicates such as FBNQuest Funds, The Green Investment Club, High Networth Individuals Andela CEO Jeremy Johnson and from multinationals like Facebook, Google and ExxonMobil, among others. Over the years, LoftyInc has funded loads of startups since its inception cutting across various industries like healthcare, logistics, e-commerce, fintech, and media. LoftyInc spun off the first technology hub in Nigeria and venture accelerator by the name Wennovation Hub. By 2012, the firm launched the first fund, a pre-seed-stage investment vehicle, tagged LoftyInc Afropreneurs Fund 1. Since then, LoftyInc Capital has successfully invested in big names from Nigeria and Egypt including unicorn Flutterwave, and others like Andela, Trella, Chefaa and Koniku, Teladoc. Between 2017 to 2020 alone, LoftyInc wrote successive cheques worth more than $1.2 million for six Nigerian startups namely YouVerify, Shyft Power Solutions and Flutterwave (at pre-Series A), Printivo, RelianceHMO, and Epump.
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LoftyInc opines that what differentiates it from other VC firms is the portfolio of startups in which it has invested. This year alone, the syndicate investment group has sealed over 50 pre-seed funding deals, and for the counterpart Seed to Series A deals, LoftyInc’s deal size is an average of $250,000. Consequently, according to Bello, LoftyInc’s robust deal flow earns it about 30 pitch decks from startups per week. According to Idris Bello, LoftyInc Managing Partner, the VC firm doubles as an angel investor and venture scout because the firm usually invests early before other major investors do so. Therefore, LoftyInc holds the hand of new founders whereby the startups are able to source their initial clients among over 65 African startups in LoftyInc’s large portfolio. Although LoftyInc is reputed to be sector agnostic, it has displayed some affinity for startups operating in IoT, Fintech and Healthtech. However, for startups to earn the attention of LoftyInc, they have to meet minimum requirements such as building products targeted at a large market with little to or no competition. Startups looking to earn LoftyInc’s attention will also have to be building the type of product that users will love and achieve network effect sooner. Another relevant benefit LoftyInc offers new startups is providing meaningful introductions to mentors, partners, regulators, top talents and experienced board directors. Featured Image Source: LoftyInc Capital
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