TLDR:
- TLcom Capital has closed its second African fund, TIDE Africa Fund II, at $154 million, exceeding its initial target of $150 million
- The fund will focus on seed and Series A startups in Africa, with investments already made in South African fintech, littlefish, and Egyptian logistics startup, ILLA
Africa-focused VC firm, TLcom Capital, has successfully closed its TIDE Africa Fund II at $154 million, surpassing its initial target of $150 million. The fund will primarily target seed and Series A startups in Africa, with a particular focus on North Africa, starting with investments in South African fintech, littlefish, and Egyptian logistics startup, ILLA. TLcom aims to continue its strategy of supporting early-stage entrepreneurs and plans to make initial investments between $1 million and $3 million with additional capital reserved for follow-on investments.
The firm has already secured support from various LPs, including the European Investment Bank, AfricaGrow, Visa Foundation, and Bertelsmann, in addition to returning LPs IFC and CDC Group. TLcom’s successful track record includes 17 investments, including Andela, and a commitment to backing female founders. Through investments such as $2 million in the female-focused fund, FirstCheck, TLcom aims to increase the number of female founders in its portfolio and promote diversity in the African startup ecosystem.
With over $300 million in assets under management, TLcom Capital is positioned to continue its growth and support of innovative startups across the continent, leveraging its experience and network in the African tech ecosystem.
