One of Africa’s leading venture capital firm that focuses on the continent TLcom has secured an additional US$31 million for its TIDE Africa Fund to bring the total fund size to US$71 million and allowing for a further five or six investments. Sources at TLcom say that the Fund has now grown to US$71 million after a new round of investment that attracted international interest, with TLcom confirming participation from the IFC, the UK-based CDC, South Africa’s Sango Capital and Belgium’s BIO.
TLcom was founded 20 years ago and has US$200 million of VC assets under management across Africa, Europe and Israel, and in 2017 announced the US$40 million first close of the TIDE Africa Fund, dedicated to technology and innovation for Sub-Saharan Africa at all stages of venture capital. TLcom now expects to make additional five or six investments in pan-African companies over the coming 12 to 18 months from seed to later stage, as well as ensure capital resources for follow-on rounds for TLcom’s existing portfolio. So far TIDE Africa has six companies in its portfolio – Andela, Kobo360, Twiga Foods, Ajua, Terragon Group and uLesson.
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“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. 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,” said managing director Maurizio Caio.
Kelechi Deca
Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry