TLcom’s Tide Africa fund rises to $71m after latest commitments

Africa-focused venture capital firm TLcom has secured an additional $31-million for its Tide Africa fund, bringing its Sub Saharan Africa (SSA)-focused fund to $71-million.

Announcing in a statement yesterday, TLcom said the latest investment round has attracted international interest, with TLcom confirming participation from the UK-based CDC Group, IFC as well as South Africa’s Sango Capital and Belgium’s Bio.

The announcement comes after CDC Group announced last month that it had committed $15-million to the Tide Africa Fund to support early-stage high-growth startups across sub-Saharan Africa (see this story).

TLcom now has $71m under management in its Tide Africa Fund, after the latest commitments

TLcom said in its statement yesterday that it now expects to make an additional five to six investments in pan-African companies over the coming 12 to 18 months from seed to later stage, as well as ensure capital resources for follow-on rounds for TLcom’s existing portfolio.

Since its first close in 2017, TLcom has invested in six companies in its Tide Africa portfolio, including Andela, Kobo360, Twiga Foods, Ajua, Terragon Group and uLesson.

Over the last 12 months, rounds led or co-led by TIDE Africa have raised over $150-million for African startups, it said.

Last year TLcom Capital was named Africa Technology Investor of the Year at the PE Africa Awards.

Maurizio Caio, Nairobi based Founder and Managing Partner at TLcom commented in the same statement that it is time for Africa VC to graduate into a world-class asset class that can generate massive returns.

“Attracting international investment from such renowned backers into the African VC space reflects the recognition of the work the TLcom team has already achieved in connecting some of the continent’s strongest entrepreneurs with the capital they need to scale,” he commented.

Launched in 1999, the VC firm currently has in excess of $200-million under management across primary and secondary funds.

Its team consists of senior partner Omobola Johnson based in Nigeria, and partners Andreata Muforo in Kenya, and Ido Sum in the UK.

Read more: UK’s CDC Group commits $15m to TLcom’s Tide Africa Fund
Read more: TLcom Capital raises $40m for TIDE Africa Fund to support entrepreneurs

Featured image: TLcom managing director Maurizio Caio, partner Andreata Muforo, partner Ido Sum, senior partner Omobola Johnson (Supplied)