TLDR:
- TLcom Capital closes TIDE Africa Fund II at US$154mn, exceeding target
- Fund will focus on early-stage investments in African technology startups
Summary:
TLcom Capital, an African-focused venture capital firm, has successfully closed TIDE Africa Fund II at US$154mn, surpassing its target. The fund is believed to be the largest early-stage venture capital fund in Africa. With this new fund, TLcom Capital plans to continue its focus on early-stage, multi-sector investments and expand its mandate to include Egypt. TIDE Africa Fund II, which is more than twice the size of the firm’s first fund, will be making initial investments ranging from US$1mn to US$3mn and will provide significant follow-on support to portfolio companies. The oversubscribed fund has attracted participation from new high-profile limited partners, including European Investment Bank, Allianz, DEG Impact’s joint venture AfricaGrow, Visa Foundation, and Bertelsmann.
The fund’s founder and managing partner, Maurizio Caio, expressed his confidence in TLcom Capital’s ability to support Africa’s most talented entrepreneurs from the early stages of their companies. The firm has a track record of supporting successful startups like uLesson, Autochek, Pula, Fairmoney, and Andela, one of Africa’s six unicorn companies. TLcom Capital has also attracted successful repeat founders to its portfolio, including Sim Shagaya, Etop Ikpe, and Grant Brooke.
TLcom Capital’s alignment with Visa Foundation’s mission to support visionary entrepreneurs in Africa has been recognized, with Visa Foundation highlighting the firm’s ability to contribute to Africa’s economic potential. The successful close of TIDE Africa Fund II reaffirms TLcom Capital’s position as a leading early-stage VC in Africa, poised to support the next generation of successful entrepreneurs on the continent.
