TLcom CAPITAL PLANS TO INVEST $71 MILLION AFRICA FUND IN 12 STARTUPS FROM NIGERIA, SOUTH AFRICA, AND KENYA
Africa-focused VC firm, TLcom Capital plans to invest $71 million in 12 startups over the next 18 months. However, this comes after the firm announced that its Sub-Saharan Africa-focused fund (TIDE Africa Fund) has gained an additional $31 million.
The latest funding round led by TLcom Capital witnessed the attraction of international interest, and this saw the participation of UK based CDC, IFC coupled with South Africa’s Sango Capital and Belgium’s BIO.
Meanwhile, it’s been figured out the existing TLcom’s TIDE Africa Fund’s already boasted the likes of Andela, Twiga Foods, and Kobo360. This proves that that TLcom has its sight on making additional investments in pan-African companies over the coming 18 months from the later seed.
Responding to this development, the Founder and Managing Partner at TLcom ‘Maurizio Caio’ said, “It is time for Africa VC to graduate into a world-class asset class that can generate massive returns. 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”.
Adding that, “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”.
In another dimension, Caio also made reference to African startups as being constrained by social impact factors imposed by external investors, speaking of the latest development (TLcom Capital plans) he said: “The question is not just about ensuring employment and inclusion, but also about the fact that African entrepreneurs have to be in charge of their own destiny without instructions from the West”.
Also to note is the fact that the subject venture capital focus fund is considered one of the most active funds operating in Sub Saharan Africa since its first investment in 2017 from six other companies. Meanwhile, having being named Africa Technology Investor of the Year at last year’s PE Africa Awards, TLcom claims over the last 12 months, the firm has been able to raise over $150 million for African startups, from rounds led or co-led by TIDE Africa Fund.
In the same vein, Nigeria’s former Minister of ICT and TLcom’s Senior Partner ‘Omobala Johnson’ also stressed on TLcom’s position when it comes to supporting African startups. Saying that,
“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 venture capital firm that values Africa-centric innovation, strong leadership teams and businesses who are solving real challenges in the market”.
It’s therefore important to note that the group (TLcom) with offices in London, Lagos, and Nairobi is after tech-enabled – revenue driven ventures in the continent of Africa from seed-stage to Series B, Maurizio claim.
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