TLcom Secures First Close Of USD 150 Mn Pan-African Tech Fund

Africa-focused venture capital firm TLcom Capital has announced a first close of USD 70 Mn for its USD 150 Mn tech fund, firmly positioning it to become the largest independent VC firm fully dedicated to the continent. TLcom’s second fund sees participation from Allianz through AfricaGrow, its joint venture with DEG Impact (German Investment Corporation), and a host of new and returning investors including Bertelsmann, King Philanthropies, the TLcom team, and FBNQuest. It also includes major DFIs such as CDC Group, IFC, Proparco, and Swedfund. A second close of the fund is expected later in the year.

With its new fund, TLcom plans to expand its existing focus on fast-growth, tech-enabled African startups to Egypt, as well as strengthen its long-standing presence across East and West Africa. With ticket sizes ranging from USD 500 K to USD15 Mn, TLcom expects to add an additional 20 early-stage startups to its portfolio, with an emphasis on seed and Series A.