TLcom Capital secures $154 million backed by IFC to help boost seed and Series A startups in Africa. This development came in as TLcom Capital announced the final close of TIDE Africa Fund II, a $154 million fund for seed and Series A startups on the African continent.
TLcom Capital Secures $154 Million
TLcom Capital, a venture capital firm, has surpassed its initial fundraising target, securing an impressive $154 million for its second fund. Originally aiming for $150 million, TLcom’s success in exceeding this goal demonstrates growing investor confidence in Africa’s startup ecosystem.
Expanded Investor Base
The firm’s second fund, known as the TIDE Africa Fund II, attracted a diverse group of investors, including prominent entities such as the International Finance Corporation (IFC), the European Investment Bank (EIB), AfricaGrow, Visa Foundation, and Bertelsmann.
These new investors join returning Limited Partners (LPs) like CDC Group and FBNQuest, signaling broad support for TLcom’s investment strategy.
Geographical Expansion
While TLcom’s previous investments primarily focused on Sub-Saharan Africa, the new fund will extend its reach into North Africa, with Egypt as the initial target market. This expansion reflects TLcom’s commitment to identifying and supporting high-potential startups across the continent.
Investment Strategy
TLcom remains steadfast in its investment approach, with a focus on early-stage startups at the seed and Series A stages. Founder and Managing Partner, Maurizio Caio, emphasizes the importance of partnering with Africa’s most promising entrepreneurs from the outset of their ventures.
Track Record of Success
With over $300 million in assets under management, TLcom has already made significant contributions to Africa’s startup ecosystem. The firm has invested in 17 startups to date, including the unicorn company, Andela, and has a track record of backing successful ventures such as Kobo360, Twiga Foods, and Okra.
Empowering Female Founders
TLcom is also committed to increasing representation of female founders in its portfolio. With 30% of its current portfolio companies led by female entrepreneurs, TLcom’s partnership with female-focused fund, FirstCheck, and the addition of Eloho Omame as a Partner aim to further support and elevate women-led startups.
Conclusion
As TLcom Capital embarks on its next phase of growth, it remains dedicated to driving innovation and fostering entrepreneurship across Africa. With its expanded funding and unwavering commitment to supporting diverse founders, TLcom is poised to continue making a significant impact on the continent’s startup landscape.
MORE RELATED POSTS
- Did You Know: YouTube Reportedly Expands Ad Blocker Enforcement to Include Third-Party Applications
- Starlink Is Set to Disconnect its Subscribers in South Africa, Botswana, and Ghana
- Did You Know: Sony Confirms Existence of PS5 Pro and Developers are Poised to…
- South Africa Grants Crypto Licenses to VALR, Luno, and Zignaly Accelerating Cryptocurrency Adoption in…
