TLcom Capital's Tide Africa II Fund Hits $154 Million Mark, Fuels Innovation Drive

TLcom Capital's Tide Africa II Fund Hits $154 Million Mark, Fuels Innovation Drive

By Staff Writer, 24 April 2024

TLcom Capital, a prominent venture capital firm with a focus on Africa, has declared the successful closure of its Tide Africa II early-stage fund, amassing a substantial sum of US$154 million.

This fund is specifically tailored for seed and Series A ventures, reflecting the company's dedication to fostering innovation and entrepreneurship on the continent.

Established in 1999, TLcom Capital operates from offices in Lagos, Nairobi, and London, managing assets worth US$350 million spread across Africa and Europe.

Renowned as Africa's leading seed and Series A investor, the firm's latest achievement marks the completion of an oversubscribed Tide Africa Fund II, attracting considerable interest from investors.

The impressive figure of US$154 million represents a significant leap from TLcom's previous fund, underscoring the firm's commitment to catalyzing technological advancements in Africa.

This substantial capital injection is poised to propel TLcom's collaborative efforts with visionary founders, addressing Africa's most pressing challenges with innovative solutions.

Participation in Tide Africa II extends beyond established investors, with notable newcomers such as the European Investment Bank (EIB), Allianz, DEG Impact’s AfricaGrow, Visa Foundation, and Bertelsmann joining returning LPs from the firm's earlier Africa-focused fund.

Expanding its reach, TLcom Capital's Tide Africa Fund II now encompasses Egypt in addition to Sub-Saharan Africa, demonstrating a widened scope and strategic vision. Initial investments ranging from US$1 million to US$3 million reflect the firm's dedication to nurturing promising ventures while maintaining flexibility for subsequent funding rounds.

TLcom Capital remains steadfast in its pursuit of identifying and supporting high-potential startups across various sectors, with a keen eye on amplifying their growth trajectory.

With Tide Africa II, the firm continues to position itself as a catalyst for transformative change in Africa's technology landscape, unlocking substantial value in key sectors across the continent.

Source: Tom Jackson / Disrupt Africa

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