Tide Africa Fund rises to $40m

The fund has been backed by LPs including the African Development Bank and the European Investment Bank, with a final target size set at $100m.

UK-based VC firm TLcom Capital announced the first close of its Tide Africa Fund at $40m on Thursday with the support of the multilateral development finance institution African Development Bank and the EU-owned European Investment Bank.

The fund, which as a target size of $100m, has also secured cash from corporate investors and family offices based in Europe, America and Africa. Most of these remain unnamed, though Tide has revealed FBN Capital and Bob King are among the limited partners.

Additional investors are in talks with TLcom with a view of joining a final close expected in June next year.

The Tide Africa Fund will focus on technology startups focused on sub-Saharan Africa. It will back African entrepreneurs working on products and services that tackle the continent’s major challenges.

The fund will provide between $500,000 to $10m in funding, with a particular focus on verticals such as financial services, commerce, energy, health and education. It has selected its first candidates for investments and is currently undertaking a due diligence process on these.

The fund’s team include Maurizio Caio, Nairobi-based founder and managing partner of TLcom, and Omobola Johnson, Lagos-based senior partner of TLcom, and former minister of communication technology in the Nigerian government.

The team also features Ido Sum, London-based partner of TLcom and a former tech entrepreneur in Africa, and Andreata Muforo, Nairobi-based Partner of TLcom who was previously with African Development Bank.

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