LoftyInc Capital, a pan-African venture capital firm, has secured the first close of $43 million for its LoftyInc Alpha Fund, aimed at late-seed investments in promising tech startups across Nigeria, Egypt, Kenya, and Francophone Africa. This fund responds to a 29% decline in venture funding for African startups in 2024, highlighting the urgent need for local capital solutions. The fund will focus on sectors like financial services, healthcare, and climate tech, attracting diverse investors including Middle Eastern and African sovereign wealth funds. LoftyInc has a strong track record, supporting over 100 startups across the continent.