TLcom Closes Africa's Largest Early-Stage VC Fund
The oversubscribed fund, more than double the size of its predecessor, garnered support from both new high-profile investors and returning LPs.
TLcom Capital, the Africa-focused venture capital firm, has concluded its second fund, TIDE Africa Fund II, at $154 million.[1]
The oversubscribed fund, more than double the size of its predecessor, garnered support from both new high-profile investors and returning limited partners (LPs). Noteworthy contributors include the European Investment Bank (EIB), Allianz, DEG Impact's AfricaGrow, Visa Foundation, and Bertelsmann.
In a significant expansion of its reach, TIDE Africa Fund II extends its mandate to include Egypt, in addition to Sub-Saharan Africa. The fund targets early-stage investments ranging from $1 million to $3 million.
Already, TIDE Africa Fund II has made strategic investments in South Africa and Egypt, supporting promising companies like LittleFish and ILLA.
Beyond financial backing, TLcom Capital is committed to fostering gender balance, evident in its majority-female partnership and investment committee, which has plans to allocate additional capital to female-founded African tech startups.
TLcom Capital has over $300 million under management and a portfolio comprising 17 startups.