Media contacts
For questions about financing or funding possibilities, business offerings and acquisition, please use the contact form.
The number below is for media inquiries only.
Monica Beek
Media Spokesperson
T: +31 70 314 9130
M.Beek@fmo.nl
FMO, the Dutch entrepreneurial development bank, has committed USD 10 mln to TLcom’s second Africa-focused VC fund, TIDE Africa II, which announced its final close at USD 154 mln on 22 April 2024. With its first close announced in January 2022, TLcom’s second fund invests in some of Africa’s most talented entrepreneurs from early in their company-building journeys. In addition to FMO, which is investing through the FMO Ventures Program, other LPs include the European Investment Bank (EIB), AfricaGrow, Visa Foundation and Bertelsmann.
With TIDE Africa II, TLcom is doubling down on its commitment of unlocking Africa’s massive technology upside by partnering with elite founders to tackle the continent’s most pressing challenges. The Fund is sector-agnostic, with an expanded focus that now includes Egypt and South Africa, alongside TLcom’s core markets of East and West Africa. TLcom’s portfolio counts 17 startups with its latest investments including Zone, a blockchain-based payments infrastructure company in Nigeria, LittleFish a merchant software company in South Africa, and, ILLA, a trucking platform in Egypt. The growing 15-person team is on the ground in Lagos and Nairobi and is in a strong position to deploy meaningful capital toward new investment opportunities.
Marieke Roestenberg, Manager of FMO Ventures Program, said: “We are excited to partner with TLcom, one of the most experienced and committed investors in the maturing African venture capital ecosystem. TLcom’s mission to partner with founders to tackle Africa’s biggest and most complex challenges with innovative solutions fits seamlessly with FMO’s Ventures Program ambitions.”
Maurizio Caio, Founder and Managing Partner at TLcom Capital, added: “The final close of TLcom’s TIDE Africa Fund II at USD 154 mln solidifies our position as the largest Seed and Series A-focused VC fund in Africa. With our new fund totalling more than double the size of our first fund closed in 2020, this is not only a massive testament to the confidence and trust we’ve built with our investors but also delivers a major influx of capital during a critical period for the ecosystem’s entrepreneurs."
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About TLcom
With teams on the ground in Lagos and Nairobi, TLcom Capital is an Africa-focused venture capital investor managing over USD 300mln in AUM. The firm invests in critical sectors across key markets in sub-Saharan Africa (primarily Nigeria, Kenya, South Africa) and Egypt. Across two Africa-focused funds, TIDE Africa I and TIDE Africa II, TLcom’s portfolio companies include Andela, Autochek, Fairmoney, ILLA, LittleFish, Pula, Shara, Twiga Foods, uLesson and Zone.