TLcom, an Africa-focused venture capital (VC) firm, has announced the final close of TIDE Africa Fund II, its second fund for technology in Africa, at $154 million.
With its new fund, “TLcom Capital plans to deploy significant additional capital into female-founded African tech startups, building on the firm’s June 2022 co-investment commitment of $2 million to FirstCheck Africa, a female-focused pre-seed fund. TLcom Capital’s commitment to gender balance is reflected in its majority-female partnership and investment committee.”
The firm said its second fundraise would help it expand its mandate beyond Sub-Saharan Africa to Egypt.
Breaking down how it would spend the fund, the VC stated that it would make initial investments of $1 million to $3 million, maintaining significant follow-on capacity to support strong portfolio performers into their growth stages, where the fund continues to see massive upside potential.
Maurizio Caio, Founder and Managing Partner at TLcom Capital, said, “TLcom now counts among a small number of venture capital firms that have raised multiple substantial funds for technology in Africa. This is a testament to the quality of our team and the trust we’ve established with our limited partners. It’s also a major endorsement of our long-term view on Africa’s massive upside.”
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The VC noted that since it announced its first close in January 2022, it has significantly expanded its team, adding investment and operational capacity by doubling its headcount to 15 employees, including new investment professionals in Nigeria and Kenya.
