London and Nairobi-based Venture Firm Raises $40M For Tech Startups In Sub-Saharan Africa

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Written by Staff

London and Nairobi-based venture firm TLcom Capital has raised $40 million for its new Africa fund. The target is $100 million. TIDE Africa Fund will focus on tech startups in Sub-Saharan Africa. The investors include African Development Bank, the European Investment Bank and FBN Capital. The fund will make investments between $500,000 and $10 million per company.

TLcom Capital, the VC fund started in London two decades ago with over $300m under management and tech investments spanning Europe, Israel and the US, today announced that commitments to the TIDE Africa Fund have hit US$40 million.

TIDE Africa is the first international venture capital fund focused exclusively on technology enabled solutions and innovation serving Sub Saharan Africa (SSA). The Fund will provide capital and business building support to world class African entrepreneurs developing technology driven solutions to the Continent’s biggest problems.

From The PE Hub Network. Story by  Iris Dorbian.

“In recent years the TLcom team has invested heavily in the Africa VC opportunity. We have opened offices in Nairobi and Lagos, looked at hundreds of tech entrepreneurs in Africa, and successfully invested and exited the best among the first generation of African mobile start-ups, such as Upstream (acquired by private equity group Actis) and Movirtu (acquired by BlackBerry). While the Africa tech ecosystem is still maturing, we don’t see why Africa is any different from other tech investment opportunities across the globe in terms of the magnitude of the investment upside”, says Maurizio Caio, Nairobi based Founder and Managing Partner of TLcom.

“From the high quality of entrepreneurs to the opportunity of building companies serving large markets that are highly valued by global acquirers and capital markets, all the ingredients are now in place for Africa to become the world’s next attractive tech investing destination” adds Ido Sum, London based Partner of TLcom and a former tech entrepreneur in Africa himself.

Read more at The PE Hub Network.