TLcom’s TIDE Africa Fund secures an additional $31 million, looking to invest in more pan-African startups

by | Feb 5, 2020

Africa-focused venture capital firm, TLcom, has secured an additional $31 million for its TIDE Africa Fund, bringing its sub-Saharan Africa-focused fund to $71million.

This latest investment round has attracted international interest, with TLcom confirming participation from the UK based CDC, which injected $15 million into the fund last month, IFC as well as South Africa’s Sango Capital and Belgium’s BIO.

Speaking on the new investments in its TIDE Africa Fund, Maurizio Caio, Nairobi based Founder and Managing Partner at TLcom says, “We are excited to bring on board new strategic institutional investors, such as CDC, IFC, Sango Capital and BIO into the fund that share this view.

“Attracting international investment from such renowned backers into the African VC space reflects the recognition of the work the TLcom team has already achieved in connecting some of the continent’s strongest entrepreneurs with the capital they need to scale.”

Advertisement

Since its first close in 2017, the fund has invested in six companies — Andela, Kobo360, Twiga Foods, Ajua, Terragon Group and uLesson, and over the last 12 months, rounds led or co-led by TIDE Africa have raised over $150 million for African startups.

To drive this home, Nigeria’s former minister of ICT and TLcom’s senior partner, had this to say.

“We are bullish on supporting and investing in tech-enabled African companies due to the opportunities for value generation that they provide. We are known for being an entrepreneur-led VC firm who values Africa-centric innovation, strong leadership teams and businesses who are solving real challenges in the market.”

The venture capital firm with over $200 million under management across primary and secondary funds is now looking to make an additional five to six investments in pan-African companies over the coming 12 to 18 months from seed to later stage, as well as ensure capital resources for follow-on rounds for TLcom’s existing portfolio.

Tage Kene-Okafor
Tage Kene-Okafor

Endlessly amused by technology. @ulonnaya

Advertisement

On January 22, 2022, be part of the largest gathering of innovators, startup founders, thinkers, programmers, policymakers, and investors in West Africa. Register free.

Subscribe
Notify of
guest
0 Comments
Inline Feedbacks
View all comments

Recent News

Subscribe to Techpoint Digest!

A daily 5-minute roundup of happenings in African and global tech, sent directly to your email inbox, between 5 a.m. and 7 a.m (WAT) every week day!

Please check your email to confirm your subscription.

Subscribe to Crypto Explorer

A monthly series featuring in-depth analysis on the cryptocurrency sector in Africa

Please check your email to confirm your subscription.

Subscribe to The Experts

A bi-weekly where tech career specialists take us on their journey from newbie to expert, and how they became successful in the industry.

Please check your email to confirm your subscription.

Subscribe to Founder's Table

A monthly series, where we catch up with founders in the startup ecosystem, learn about their failures, successes and a few tricks of the trade

Please check your email to confirm your subscription.

Copy link
Powered by Social Snap