TLcom, an Africa-focused venture capital firm, has today announced a first close of $70 million for its $150 million Africa focused tech fund. We are investing alongside other development finance institutions, including IFC, Proparco and Swedfund.
This is TLcom’s second fund after its TIDE Africa Fund closed in 2020. We committed $15 million to that fund, which has invested in 11 start-ups across the continent.
With its new fund, TLcom will expand its existing focus on fast-growth, tech-enabled African startups to Egypt, as well as strengthen its long-standing presence across East and West Africa. With ticket sizes ranging from $500,000 – $15 million, TLcom expects to add an additional 20 early-stage start-ups to its portfolio.
Abhinav Sinha, our Director and Head of Technology and Telecoms said: “We are excited to expand our partnership with TLcom. The fund’s focus on business fundamentals coupled with deep understanding of local context has been instrumental in identifying market shaping businesses and innovative entrepreneurs in Africa. We are confident that our continued relationship will further amplify TLcom’s ambitions to accelerate impact to consumers and businesses across Africa’s diverse markets.”
