TLcom Capital raises $154M for tech investment across Africa
Updated 4/23/2024 8:13:00 AM
Arab Finance: TLcom Capital, the Africa-focused venture capital firm, has closed its second fund for technology in Africa, TIDE Africa Fund II, at an impressive $154 million, as per a statement.
This milestone cements TLcom's position as Africa's largest Seed and Series A investor.
The oversubscribed fund, which is more than double the size of TLcom's first fund, attracted participation from new high-profile investors, alongside returning limited partners.
Notable contributors include the European Investment Bank (EIB), Allianz, DEG Impact's AfricaGrow, Visa Foundation, and Bertelsmann.
Expanding its mandate beyond Sub-Saharan Africa to include Egypt, TIDE Africa Fund II will focus on early-stage investments ranging from $1 million to $3 million.
The fund prioritizes sectors with significant growth potential, aiming to support portfolio companies into their growth stages.
TIDE Africa Fund II has already made strategic investments in South Africa and Egypt, backing companies like LittleFish and ILLA.
TLcom Capital's commitment extends beyond financial support, with a focus on gender balance reflected in its majority-female partnership and investment committee.
It also has plans to deploy additional capital into female-founded African tech startups.
TLcom Capital has over $300 million under management and a portfolio of 17 startups,
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