TLcom Capital, a London, UK and Nairobi, Kenya-based venture capital firm, raised $40m in the first close of its newest Africa fund.Investors in TIDE Africa Fund, which has a target of $100m, include African Development Bank, the European Investment Bank and FBN Capital. Other investors are currently working with a view to join the final close of the Fund scheduled in June 2018.
As the first international venture capital fund focused exclusively on technology enabled solutions and innovation serving Sub Saharan Africa (SSA), the vehicle will provide capital and business building support to African entrepreneurs developing technology driven solutions to the continent’s biggest problems.
The fund will make investments between $500k and $10m per each tech startup in such areas of focus as financial services, commerce, energy, health and education.
Started in London two decades ago and led by Nairobi-based Managing Partner Maurizio Caio, and also led by Ido Sum, Omobola Johnson, Andreata Muforo and Mauro Pretolani, TLcom Capital has over $300m under management with tech investments spanning Europe, Israel and the US.