Foley & Lardner LLP acted as legal counsel to LoftyInc Capital, a pan-African VC firm, in the launch of its third fund – LoftyInc Afropreneurs Fund 3 – at $10 million for technology startups in Africa.
The firm has reached the first close of $5.5 million, and partners include those from its second fund, FBNQuest Funds; syndicates from The Green Investment Club; HNIs from Google, Facebook and ExxonMobil; and Andela CEO Jeremy Johnson, among others.
This is the firm’s third fund. Its second fund was its first formal VC fund and is primarily focused on Nigeria. LoftyInc Afropreneurs Fund 3 is differentiated by following the blueprint of the firm’s first fund: investing in startups across different markets and sectors in Africa and the diaspora. LoftyInc Afropreneurs Fund 3 is planning to make its biggest bets in markets outside the Big Four — Nigeria, Kenya, South Africa and Egypt.
The deal team was led by partner Clyde Tinnen and senior counsel Von Bryant and included partner Raj Tanden and special counsel Marina Choundas.