The firm has thus far reached the first close of $70 million, almost the same amount of what it raised in its first fund, TIDE Africa Fund.
Stirring up investor interest in a venture capital market on the rise, TLcom Capital, an Africa-focused venture capital firm is currently raising $150 million for its second pan-African fund targeted at early and late-stage investments. The firm has thus far reached the first close of $70 million, almost the total amount of what it raised in its first fund, TIDE Africa Fund.
Founded by Maurizio Caio and based out of Nairobi, TLcom boasts a 12-strong portfolio of companies, all of which are based in Nigeria or Kenya. This new fund will allow TLcom to expand its scope to include Egypt as well as other countries in East and West Africa. Just like its first fund, capital will be injected partially into early-stage startups as well as for follow-on rounds for growth and late stage companies.
Upon reaching its close later this year, the fund will be considered the TLcom’s largest fundraising yet, positioning it as one of the leading independent VC firms wholly dedicated to Africa. TLcom is looking to add 20 early-stage startups to its portfolio, with ticket sizes ranging from USD 500,000 to 15 million. It will focus primarily on key sectors including fintech, agriculture, healthcare, education and e-commerce; however, it will also look into startups dabbling in web3, crypto and DeFi.
Companies that are backed by TLcom have all witnessed a threefold increase in their revenues since receiving investments from the firm.