Venture firm Tlcom secures extra Sh3.1 billion fund for tech startups in Africa
Tlcom has secured an additional $31 million for its Technology and Innovation for Developing Economies (TIDE) Africa Fund, bringing its Sub Saharan Africa (SSA) fund to $71million, a move which has attracted international investment into the African venture capital firms.
Speaking during the new investments, Nairobi based founder and managing partner at Tlcom, Maurizio Caio encouraged African VC firms to graduate into a world-class asset class that can generate massive returns.
Over the last 12 months, TIDE Africa has risen over $150million for African startups connecting some of the continent’s entrepreneurs with the capital they need to scale.
“The investment in TLcom provides a critical foundation in our endeavor to plug the funding gap for early-stage companies and bolster entrepreneurship across Africa. CDC is excited to work with TLcom, leveraging technology and innovation to intervene in critical sectors.” Chief Executive of CDC, Nick O’Donohoe, said.
The team expects to make an additional five to six investments in pan-African startups over the coming 12 to 18 months from Seed to Later stage, as well as ensuring capital resources for follow-on rounds for TLcom’s existing portfolio.
Last year TLcom capital was named Africa Technology Investor of the year at the PE Africa awards.
The venture capital firm’s latest investment has attracted international interest, with TLcom confirming participation from UK, IFC as well as Sango capital and Belgium.