LoftyInc Announces $25 million Fund To support African startups
LoftyInc Capital Management and partners has announced a new $25 million Afropreneur Fund II, following the unveiling of Afropreneur Fund 1.
The seond phase of the programme was announced at the recently concluded Africa Diaspora Network’s Annual Investment Symposium, ADIS 2017 held in Silicon Valley.
The Afropreneur Fund will focus on early stage Africa-facing enterprises that leverage technology to create social impact and tackle big problems.
The primary goal of the LoftyInc Afropreneur Fund is to capitalise on the strengths of its ground game in Sub-Sahara Africa to identify, support and drive the growth of next generation of ‘frontier market unicorns’ while leveraging these investments for social impact and contributing as much to social change.
“Afropreneur Fund 1 is a closed fund, that immediately provides our portfolio a source of critical follow-on funding in their critical phase of growth, while powering innovation across critical social impact sectors including financial integration, bridging the digital divide and underemployment gaps, housing and literacy among many others,” LoftyInc said in a statement.
Currently, not much is revealed as to how the new fund will be disbursed or what sector is eligible to apply. However, it is worth noting that LoftyInc’s work, in terms of investment, cuts across infrastructure, energy and social impact sectors (education, healthcare and agriculture).
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