TLcom Capital, the Africa-focused venture capital firm best known for backing Andela and Twiga, is seeking $150 million for its second fund, which would invest in early and late-stage companies. The company raised $70 million in its first close, which is nearly the same amount as that TLcom Capital raised in its first fund, the TIDE Africa Fund, which closed in 2017 and finally in February 2022.
TLcom plans to add another 20 businesses to its portfolio. These companies’ ticket sizes will range in size from $500,000 to $15 million.
The company’s fund structure will most likely be similar to the first: some funding will go to early-stage startups, while the remainder will go to fresh rounds or follow-on rounds of growing and late-stage businesses.
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The venture capital’s first cheque from the second fund went to SeamlessHR as a main investment. TLcom’s current portfolio includes 12 companies situated in Nigeria or Kenya.
TLcom will expand its emphasis to Egypt with its new fund, as well as make further investments in East and West Africa.
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Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based lawyer who has advised startups across Africa on issues such as startup funding (Venture Capital, Debt financing, private equity, angel investing etc), taxation, strategies, etc. He also has special focus on the protection of business or brands’ intellectual property rights ( such as trademark, patent or design) across Africa and other foreign jurisdictions.
He is well versed on issues of ESG (sustainability), media and entertainment law, corporate finance and governance.
He is also an award-winning writer