TLcom Capital Raises $154M for TIDE Africa Fund II, Backed by Major Investors
TLcom Capital has successfully raised $154 million for TIDE Africa Fund II, more than double its inaugural fund. The early-stage fund, focusing on disruptive tech startups across Africa, saw significant backing from major investors like TPG and Apax Digital Funds, with Ido Sum playing a key role.
TIDE Africa II aims to invest in 20-25 startups, with over 80% at Seed or Series A stages. This is a notable increase from TLcom's first fund, which was $71 million. The fund has expanded its reach, investing in companies like LittleFish and ILLA in Egypt and South Africa.
TLcom, known for supporting female-led tech startups, was an initial investor in FirstCheck Africa. Despite a downturn in venture capital funding in Africa in 2022 and 2023, with funding dropping to $3.2 billion in 2023, TLcom has successfully raised funds for TIDE Africa II. Backers include the European Investment Bank, Allianz, DEG Impact's AfricaGrow, Visa Foundation, and Bertelsmann.
TLcom Capital has completed fundraising for TIDE Africa Fund II, securing $154 million. The fund, managed by TLcom, will focus on early-stage startups, aiming to support 20-25 companies. Despite market challenges, TLcom has exceeded its funding goal, demonstrating strong investor confidence in Africa's tech ecosystem.
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