UK development finance institution and impact investor CDC Group has committed $15-million to TLcom’s Tide Africa fund to support early-stage high-growth startups across sub-Saharan Africa.
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.
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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.
TLcom has completed six investments in startups that include Kobo360, Andela and Twiga Foods.
Read more: TLcom Capital raises $40m for TIDE Africa Fund to support entrepreneurs
Featured image: CDC Group chief executive Nick O’Donohoe (CDC)
