TLcom, Africa-focused Venture Capital firm, has on Wednesday morning announced it has secured an additional USD$31 million for its TIDE Africa Fund, bringing its Sub Saharan Africa (SSA)-focused fund to USD$71 million.
The latest investment round attracted international interest, with TLcom confirming participation from CDC, IFC, Sango Capital and BIO.
“We’re excited to bring on board new strategic institutional investors, such as CDC, IFC, Sango Capital and BIO. Attracting international investment from renowned backers into the African VC space reflects the recognition of the work the TLcom has achieved in connecting the continent’s strongest entrepreneurs with the capital needed to scale,” Maurizio Caio; Managing Partner at TLcom said in a press statement.
“The investment in TLcom provides a critical foundation in our endeavour to plug the funding gap for early-stage companies. And bolster entrepreneurship across Africa,” said, Nick O’Donohoe, CEO of CDC.
He added that CDC is excited to work with TLcom, leveraging technology and innovation to intervene in critical sectors such as education or agriculture and helping to address important consumer and business challenges.
TLcom plans to make an additional 5-6 investments in pan-African companies over the coming 18 months from Seed to Later stage. In addition, ensure capital resources for follow-on rounds for TLcom’s existing portfolio.
TIDE Africa remains one of the most active funds operating in Sub Saharan Africa since its first close in 2017. So far has six companies; Andela, Kobo360, Twiga Foods, Ajua, Terragon Group and uLesson in its portfolio.
Over the last 12 months, rounds led or co-led by TIDE Africa have raised over USD$150 million for African startups.
TLcom in 2019 was named Africa Technology Investor of the Year at the Private Equity Africa Awards. The award was collected by Maurizio Caio.
Launched in 1999, the Venture Capital firm currently has in excess of USD$200M under management across primary and secondary funds.
Its highly experienced team has consistently leveraged its on-the-ground presence in Africa. They are developing a broad portfolio in agriculture, education, data analytics and logistics. Thereby focusing exclusively on technology-enabled services and innovation across all stages of the venture capital cycle.