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The CDC Group said in a statement yesterday that the investment will support the UN’s Sustainable Development Goals 8, 9 and 10. These are decent work and economic growth, reduced inequalities and industry, innovation and infrastructure, respectively.
CDC Group chief executive Nick O’Donohoe (pictured above) said the investment in TLcom provides an “exciting” opportunity for the institution to support early-stage companies that are at a critical stage in their growth, as well as deepen the entrepreneurial ecosystem across Africa.
TLcom will invest between $500 000 and $10-million per venture
TLcom founder and managing partner Maurizio Caio, commenting in the same statement, said the venture capital (VC) firm is proud to be working with a strategic partner in CDC, which he said recognises the entrepreneurial potential of sub-Saharan Africa and is committed to leverage technology to achieve lasting impact.
TLcom’s TIDE Africa fund achieved a $50-million close last June and is the first Africa-focused fund raised by the London-based VC firm.
CDC Group said TLcom will invest between $500 000 and $10-million per venture.
These investments, it said, will enable high growth companies to achieve scale and attract later-stage funding from global VC investors, regional private equity firms and strategic partners.
Featured image: CDC Group chief executive Nick O’Donohoe (CDC)