TLcom Capital has announced the first close of $70 million for its new pan-African venture fund, TIDE Africa Fund II, aimed at supporting early-stage technology startups across the continent. The new fund builds on the firm’s track record of investing in Africa’s digital economy and positions TLcom as one of the most prominent independent venture capital firms focused solely on African markets.
The fund’s initial close has drawn backing from a mix of development finance institutions and global investors. Contributors include AfricaGrow, a joint venture between Allianz and DEG, along with institutions such as the International Finance Corporation (IFC), British International Investment, Proparco, and Swedfund. Additional capital came from private investors including Bertelsmann, King Philanthropies, and FBNQuest, underscoring growing global confidence in the long-term prospects of Africa’s tech ecosystem.
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TIDE Africa Fund II is targeting a final close of $150 million and aims to invest in approximately 20 early-stage companies. The fund will issue investments ranging from $500,000 to $15 million in seed and Series A rounds. While TLcom already has an established presence in Nigeria and Kenya, the new fund will expand its geographic focus to include Egypt and South Africa, reflecting the increasing importance of these markets in Africa’s startup landscape.
With over $350 million in assets under management, TLcom has invested in some of Africa’s most notable startups across various sectors including fintech, agriculture, mobility, e-commerce, healthcare, and education. Its portfolio includes companies such as Andela, Twiga Foods, uLesson, and Kobo360. The firm aims to use its new fund not only to back new ventures but also to provide follow-on capital to scale its most promising portfolio companies.
The successful first close of TIDE Africa Fund II signals strong investor appetite for African innovation, even amid global economic headwinds. TLcom plans to complete the fund’s final close later this year, with a broader goal of deepening the continent’s technology ecosystem and unlocking sustainable long-term value for founders and investors alike.
