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African Startup Funding Tracker

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TLcom Capital Closes Second Fund At USD 154 M To Back African Early-Stage Startups
TLcom Capital Closes Second Fund At USD 154 M To Back African Early-Stage Startups

 TLcom Capital, an African VC firm with offices in Lagos and Nairobi and a focus on early-stage startups, has concluded fundraising for its second fund, TIDE Africa Fund II, totaling USD 154 M. The oversubscribed fund, initially targeted to close at USD150 M, attracted participation from over 20 limited partners. Notable investors include the European Investment Bank (EIB), Visa Foundation, Bertelsmann, and AfricaGrow, a joint venture between Allianz and DEG Impact.

The firm prioritizes early-stage opportunities, particularly at the seed and Series A stages, while also considering opportunistic deals at growth and later stages. TLcom Capital, which focuses on traditional sectors like fintech, mobility, agriculture, healthcare, education, and commerce, has already backed six companies from its new fund, making initial investments ranging from USD 1 M to USD 3 M. They include SeamlessHR, FairMoney, Zone, and Vendease. Additionally, the firm has expanded its portfolio to include ILLA, a middle-mile logistics platform, and Littlefish, which enable payments and banking products for SMEs, marking its first investments in Egypt and South Africa, respectively..