TLcom holds first close of USD150m Pan-African Tech Fund

TLcom, thane Africa-focused venture capital firm, has held the first close of its USD150 million-Africa focused tech fund at USD70 million, positioning the firm to become the largest independent VC investor fully dedicated to the continent.
With a first close in line with the total size of its TIDE Africa Fund which closed in 2020, TLcom’s second fund sees participation from Allianz, the world’s largest insurance company, through AfricaGrow, its joint venture with DEG Impact (German Investment Corporation), as well as a host of new and returning investors including Bertelsmann, King Philanthropies, the TLcom team and FBNQuest from the private sector, and major DFIs such as CDC Group (the UK’s development finance institution), IFC, Proparco and Swedfund. A second close of the fund is expected later in 2022.

With its new fund, TLcom will expand its existing focus on fast-growth, tech-enabled African startups to Egypt, as well as strengthen its long-standing presence across East and West Africa. With ticket sizes ranging from USD500,000-USD15 million, TLcom expects to add an additional 20 early-stage startups to its portfolio with an emphasis on Seed and Series A stages and will target entrepreneurs tackling some of the continent’s most complex challenges in sectors including fintech, mobility, agriculture, healthcare, education and ecommerce.

Source: PE Wire