Tech in Africa
Africa focussed VC firm TLcom Capital is raising $150M for its second fund targeting both early and late-stage investments. TechCrunch reports that the firm has closed its first $70 million. Further details shared indicate this second fund – expected to close mid-year – will be the largest raised by TLcom Capital.
TLcom Capital had earlier raised the $71 million TIDE Africa Fund which achieved the first close in 2017 and final close in February 2020. TIDE Africa Fund has invested in 12 African startups all the way from seed to Series B stages. The VC firm currently has over $350 AUM across Europe and Africa – with offices in Lagos, London, and Nairobi.
Thus far the firm has invested in 12 startups among them Andela, Autocheck, Twiga, Pula, Terragon, Ilara Health, Okra, Kobo360, Shara, Ajua, and uLesson. On average, TLcom is now looking to invest in 20 early-stage startups in its portfolio with ticket sizes ranging from $500,000 to $15 million.
Among the LPs in the firm are FBN Quest, Sango Capital, AfricaGrow, King Philanthropies, CDC Group, Bertelsmann, Swedfund, IFC, and Proparco. TLcom is focused on various traditional sectors such as education, healthcare, fintech, mobility, e-commerce, and agriculture. The firm has also expressed interest in investing in firms working on web3, crypto, and DeFi technologies.
Source: TechCrunch
