AFRICA – FMO, the Dutch entrepreneurial development bank, has committed US$10 million to TLcom’s second Africa-focused VC fund, TIDE Africa II.
With its first close announced in January 2022, TLcom’s second fund invests in some of Africa’s most talented entrepreneurs from early in their company-building journeys.
In addition to FMO, which invests through the FMO Ventures Program, other LPs include the European Investment Bank, AfricaGrow, Visa Foundation, and Bertelsmann.
With TIDE Africa II, TLcom is doubling its commitment to unlocking Africa’s massive technology upside by partnering with elite founders to tackle the continent’s most pressing challenges.
The fund is sector-agnostic, with an expanded focus that now includes Egypt and South Africa, alongside TLcom’s core markets of East and West Africa.
TLcom’s portfolio includes 17 startups, including its latest investments: Zone, a blockchain-based payments infrastructure company in Nigeria; LittleFish, a merchant software company in South Africa; and ILLA, a trucking platform in Egypt. The growing 15-person team is on the ground in Lagos and Nairobi.
“We are excited to partner with TLcom, one of the most experienced and committed investors in the maturing African venture capital ecosystem,” Marieke Roestenberg, manager of the FMO Ventures Program, said.
“TLcom’s mission to partner with founders to tackle Africa’s biggest and most complex challenges with innovative solutions fits seamlessly with FMO’s Ventures Program ambitions.”
Founded in 1999 and with offices in Lagos, Nairobi, and London, TLcom Capital has US$350 million of assets under management across Africa and Europe.
TLcom Capital, the Africa-focused venture capital firm, has announced the final close of its TIDE Africa Fund II at US$154 million to expand its early-stage, multi-sector focus mandate beyond sub-Saharan Africa to North Africa, starting with Egypt.
“The final close of TLcom’s TIDE Africa Fund II at US$154 million solidifies our position as the largest Seed and Series A-focused VC fund in Africa,” Maurizio Caio, founder and managing partner at TLcom Capital, added.
“With our new fund totaling more than double the size of our first fund closed in 2020, this is not only a massive testament to the confidence and trust we’ve built with our investors but also delivers a major influx of capital during a critical period for the ecosystem’s entrepreneurs.”
At more than twice the size of TLcom Capital’s first fund, TIDE Africa Fund II is oversubscribed and sees participation from several new LPs alongside returning LPs from the firm’s first Africa-focused fund, TIDE Africa Fund I, which closed in 2020.
These include the European Investment Bank, Allianz and DEG Impact’s joint venture, AfricaGrow, Visa Foundation, and Bertelsmann.
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