African venture capital firm TLcom Capital has raised $70 million for the first closing of its $150 million Africa-focused technology fund. The new fund should allow TLcom to expand its activities to fast-growing, technology-focused African startups, and strengthen its presence in East and West Africa.
The deal saw Allianz participate through AfricaGrow, its joint venture with DEG Impact (German Investment Corporation), as well as a host of new and returning investors, including Bertelsmann, King Philanthropies, the TLcom team and FBNQuest. private sector, and major development finance institutions such as UK CDC Group, IFC, Proparco and Swedfund.
The fund’s second closing is expected to be reached before the end of 2022. Once closed, it will represent the largest fundraising round yet for the two-decade-old company, which has $350 million in assets. in Africa and Europe with offices in Lagos, Nairobi and London. It will also allow the investor to become one of the largest independent venture capital firms entirely dedicated to the continent.
“Since the closing of our previous fund, African Tech has secured more financing rounds, exits and high-value M&As than ever before and this is just the beginning. It is becoming increasingly clear that our sector has entered a new era of maturity driven by very strong business fundamentals that African founders are demonstrating not only in the fintech space, but in many of the continent’s largely underserved markets. “Said Maurizio Caio (photo), founder and managing partner of TLcom.
To date, the fund has invested in 12 startups based in Nigeria or Kenya. With its new fund, TLcom is expected to expand its activities to Egypt while making more investments in East and West Africa, with a new target of 20 startups to support.
