Africa-focused venture capital firm TLcom Capital has announced the final close of its $154 million Tide Africa II Fund, dedicated to seed and Series A investments.
Founded in 1999, TLcom Capital manages $350 million in assets from its bases in Lagos, Nairobi, and London. The firm is known as Africa’s premier investor for seed and Series A stages, and this latest fund, TIDE Africa Fund II, was oversubscribed, reflecting robust investor confidence.
The final close of Tide Africa II, totaling $154 million, is more than double the size of its predecessor, enabling TLcom to intensify its mission to collaborate with standout founders. These partnerships aim to address Africa’s significant challenges with innovative solutions that open up substantial value in pivotal sectors.
The fund attracted several new high-profile limited partners (LPs) as well as repeat investors from the firm’s inaugural Africa-focused fund, TIDE Africa Fund I, which closed in 2020. Notable new participants include the European Investment Bank (EIB), Allianz and DEG Impact’s joint venture AfricaGrow, Visa Foundation, and Bertelsmann.
Expanding its geographical footprint, TIDE Africa Fund II will now also target Egypt in addition to Sub-Saharan Africa. Initial investments will range from $1 million to $3 million, with ample capacity for follow-on funding to support portfolio companies as they scale.
Among its early investments, the fund has already backed South Africa’s LittleFish, a software company facilitating payments and banking products for SMBs, and Cairo-based ILLA, a logistics platform optimizing middle-mile delivery.
Maurizio Caio, founder and managing partner at TLcom Capital, highlighted the firm’s track record and the strategic vision for TIDE Africa Fund II: “With the final close of our second fund, TLcom strengthens its position to support Africa’s brightest entrepreneurs from the outset of their ventures. We’re also eager to deepen our involvement in Egypt’s vibrant ecosystem, collaborating with the region’s active funds.”
TLcom Capital has a history of supporting rapidly growing startups such as uLesson, Autochek, Pula, Fairmoney, and Andela.
Ambroise Fayolle, vice president and head of investments at the EIB, commented on the potential impact: “In Africa, where access to capital is scarce, especially for early-stage startups, there is a dynamic, tech-savvy demographic ripe for innovative businesses. Through our investment in TLcom’s TIDE Africa II Fund, we aim to build on the achievements of the first fund and deliver essential capital to high-growth companies poised for significant impact.”
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