Venture capital firm TLcom Capital has completed its second funding round, closing the TIDE Africa Fund II with $154 million. This fund targets seed and Series A startups across Africa, marking a significant milestone in the continent’s tech investment landscape.
Initially aiming for $150 million, TLcom exceeded expectations, attracting participation from both returning and new limited partners (LPs). Established LPs like IFC, CDC Group, and FBNQuest were joined by new entrants, including the European Investment Bank (EIB), AfricaGrow, Visa Foundation, and Bertelsmann.
Expanding Across Africa
While TLcom’s earlier investments were concentrated in Sub-Saharan Africa, the new fund expands its reach into North Africa, with Egypt as an entry point. Two companies, South African fintech Littlefish and Egyptian logistics startup ILLA, have already received investments from the fund.
“Our investment approach for TIDE Africa Fund II remains consistent with the first fund, which allocated more than 80% to seed and Series A stages. This close strengthens our ability to support Africa’s most promising entrepreneurs from the start of their journeys,” stated Maurizio Caio, TLcom’s Founder and Managing Partner.
Capital Deployment and Portfolio Growth
TLcom plans to invest $1 million to $3 million in initial funding rounds, reserving additional capital for follow-on investments. The firm now manages assets worth over $300 million and has backed 17 startups, including prominent names like Kobo360, Vendease, Twiga Foods, and Ilara Health. Its portfolio also includes Andela, one of Africa’s unicorn startups.
Championing Female Founders
As part of its commitment to inclusivity, TLcom invested $2 million in FirstCheck, a female-focused fund co-founded by Eloho Omame and Odunayo Eweniyi. This initiative aligns with TLcom’s broader goal of boosting female-led ventures, supported by its predominantly female team and the annual Africa Tech Female Founder Summit.
Currently, 30% of TLcom’s portfolio companies are led by female founders. “It’s a no-brainer to back women entrepreneurs who have the talent to grow their businesses,” Caio emphasized.
This fund’s final close highlights the growing global interest in Africa’s startup ecosystem, signaling increased opportunities for innovation and growth across the continent.
