TLcom Capital, a venture capital firm focused on Africa, has closed its second fund, TIDE Africa Fund II, at $154 million. This milestone solidifies TLcom as Africa’s largest Seed and Series A investor, aiming to tackle the continent’s challenges with innovative solutions.
The oversubscribed fund sees participation from new high-profile investors alongside returning ones. Notable participants include the European Investment Bank (EIB), Allianz, DEG Impact’s AfricaGrow, Visa Foundation, and Bertelsmann.
TIDE Africa Fund II expands TLcom’s focus beyond Sub-Saharan Africa to include Egypt. It plans initial investments of $1 million to $3 million, with significant follow-on capacity to support portfolio growth.
The fund’s first investments include South African-based LittleFish and Egyptian-based ILLA, reflecting TLcom’s commitment to diverse tech ecosystems across Africa.
Maurizio Caio, TLcom’s Founder, expresses pride in the firm’s evolution into a leading venture capital player in Africa. He emphasizes the trust established with limited partners and TLcom’s long-term vision for Africa’s potential.
TLcom remains dedicated to early-stage investments, with over 80% of its first fund directed at Seed or Series A companies. The firm aims to support Africa’s most talented entrepreneurs from the outset of their ventures.
Noteworthy TLcom portfolio companies include uLesson, Autochek, Pula, Fairmoney, and Andela, one of Africa’s unicorn companies.
Since the fund’s initial close in January 2022, TLcom has expanded its team and operational capacity, doubling its headcount to 15 employees.
Ambroise Fayolle, Vice President of the European Investment Bank, underscores the importance of supporting Africa’s startup ecosystem, highlighting TLcom’s role in providing capital to high-growth companies.
Najada Kumbuli, Vice President of the Visa Foundation, commends TLcom’s track record in backing visionary entrepreneurs, aligning with Visa Foundation’s mission to foster economic growth in Africa.
TLcom plans to allocate significant capital to female-founded African tech startups, building on its commitment to gender diversity.
With over $300 million under management, TLcom’s portfolio includes 17 startups, reflecting its deep commitment to driving innovation and economic growth across Africa.
