TLcom closes tech VC fund at $154mn

TLcom Capital has announced the final close of TIDE Africa Fund II at $154 million aimed at supporting African tech start-ups. The firm says the new fund will be used to make initial investments of $1 million to $3 million, maintaining significant follow-on capacity to support strong portfolio performers into their growth stages. Maurizio Caio, Founder and Manager Partner at TLcom, discussed the highlights of the fund, emphasizing the growing confidence of global capital in Africa's technology sector. Caio highlighted that the Fund II's size has more than doubled compared to Fund I, showcasing the increasing interest and optimism towards Africa as an emerging market with significant potential for growth. TLcom Capital's investment strategy focuses on early-stage, multi-sector companies, with a particular interest in supporting African tech start-ups. The firm has already backed several successful ventures such as ULS Intake, AutoCheck, and Andela. In efforts to expand their reach, TLcom has extended their investments to South Africa and Egypt, backing companies like LittleFish and ILA. Caio stressed the firm's commitment to identifying potential unicorns outside of the traditional tech hubs in Africa, highlighting the technology-focused approach to their investments. Furthermore, TLcom Capital is dedicated to supporting women-led businesses, recognizing the untapped potential in this segment. Caio pointed out that female entrepreneurs have been historically overlooked, and the firm is actively working to promote diversity and inclusivity in their investment approach. With a majority of the team being female, TLcom has established credibility and a unique ability to attract a diverse range of entrepreneurs. In closing, Caio shared his thoughts on the long-term potential of the African tech market, emphasizing the value generation and growth opportunities present in the region. He highlighted the strong business fundamentals and the increasing number of successful exits in the market, signaling a positive trajectory for the industry. Looking ahead, TLcom Capital plans to continue expanding its investment portfolio, with Caio projecting a significant increase in fund size for future rounds. TLcom's TIDE Africa Fund II represents a significant milestone in the firm's journey towards supporting African tech start-ups and fostering innovation in the region. With a clear focus on early-stage investments, sector diversification, and inclusivity, TLcom Capital is poised to play a key role in shaping the future of Africa's technology landscape.