TLcom Capital Closes $154M TIDE Africa II Fund, Backed by EIB, Allianz, Visa Foundation
TLcom Capital has successfully closed its second Africa-focused venture capital fund, TIDE Africa II, with a total of $154 million. The fund, which is more than double the size of its predecessor, has received backing from prominent investors such as the European Investment Bank, Allianz, and Visa Foundation.
The fundraising process for TIDE Africa II began in January 2022, initially securing $70 million in its first close. Despite taking longer than anticipated, the fund ultimately raised $150 million, surpassing its target. This is a significant achievement, considering the decrease in venture capital funding in Africa over the past two years, with only $3.2 billion raised in 2023.
TIDE Africa II has already started operations in South Africa and Egypt, investing in promising startups like LittleFish and ILLA. The fund is dedicated to supporting early-stage tech startups across Africa, with TLcom Capital focusing on female-led ventures. The firm typically invests between $1 to $3 million at the seed or Series A stages.
With TIDE Africa II, TLcom Capital aims to foster growth and innovation in Africa's tech ecosystem. The fund's substantial backing from international investors signals confidence in the continent's tech potential. As operations continue, TIDE Africa II is expected to support more early-stage startups, contributing to Africa's digital and tech growth.
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