TLcom Capital Raises $154M for TIDE Africa II, Backed by Prominent Institutions
TLcom Capital, a venture capital firm, has successfully raised $154 million for TIDE Africa II, its second fund dedicated to early-stage African startups. The fundraising process took over two years, securing significant investments from various institutions.
TLcom typically invests at the seed or Series A stages, with initial investments ranging from $1 to $3 million. TIDE Africa II aims to support 20-25 startups over the next three to five years. The fund has already invested in companies like LittleFish and ILLA in South Africa and Egypt, reflecting TLcom's expansion into these regions.
The fund is twice the size of TLcom's inaugural fund, which was $71 million. It has secured backing from prominent institutions such as the European Investment Bank, Allianz, AfricaGrow, Visa Foundation, and Bertelsmann. Notably, TLcom is committed to supporting female-led tech startups, as seen in its investment in FirstCheck Africa.
TIDE Africa II's successful fundraising comes amidst a dip in African startup funding, with 2023 seeing $3.2 billion, the lowest level since 2020. Despite this, TLcom's latest fund signals continued interest in Africa's tech ecosystem, with plans to invest in more startups and support their growth.
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