TLcom Capital Closes $154M Fund, Becoming Africa’s Largest Investor in Seed and Series A

TLcom Capital, an African VC firm, has successfully closed its second fund, TIDE Africa Fund II, at $154 million, making it Africa’s largest investor in seed and Series A startups. The oversubscribed fund attracted over 20 limited partners, including the European Investment Bank and Visa Foundation. Despite the challenges faced during the fundraising period, TLcom Capital’s managing partner, Maurizio Caio, attributes the success to an improved understanding of venture capital in Africa and a strong portfolio of companies.

Unlike other VC firms, TLcom Capital maintains a consistent strategy of investing in early-stage opportunities, with a focus on seed and Series A stages. The firm has already backed six companies from its new fund, with initial investments ranging from $1 million to $3 million. Additionally, TLcom Capital has expanded its portfolio to include startups in Egypt and South Africa, in addition to Nigeria and Kenya.

The success of TLcom Capital and other notable VC firms in Africa highlights the growing interest in the continent’s tech ecosystem. However, the focus now shifts to the exit opportunities and tangible returns these investments will deliver. Caio emphasizes the importance of generating value and returns in Africa to attract more global capital and drive overall growth in the tech sector.