African venture capital firm LoftyInc Capital has announced the launch of its LoftyInc Afropreneurs Fund 3, which will invest around $10 million in tech businesses across Africa. According to media reports, the fund will focus its investments in key African markets which include Nigeria, South Africa, Kenya, and Egypt.
LoftyInc Capital recently completed its first $5.5 million closure. It operates all three of its funds simultaneously, and so far, it has invested in nearly 20 startups across Africa. It has invested in the logistics, finance, e-commerce, healthcare, and media sector. It is noteworthy that LoftyInc Capital’s first formal venture capital fund and the second fund are primarily focused on Nigeria.
According to a report titled ‘African tech startups funding report 2020 and full startup list’, technology startups in Africa have raised $1.6 billion so far in 2021 so far. This is significantly higher when compared to the $701.5 million raised in 2020.
The report, which was published in August, reveals that a total of 303 African tech startups had raised a total of $1.18 billion during the period, an increase of 69 percent when compared to the 2020’s figure.
The report further reveals that the number of tech startups in Africa has grown significantly over the years. In 2015, around 125 tech startups in Africa secured investments, however, in 2016, it grew to 146; 159 in 2017; and 210 in 2018.