TLcom Capital raises its second $150 million fund

TLcom capital, a VC firm that focuses on Africa, has raised $150M to fund its second fund. It will be investing in both early- and late-stage projects. TechCrunch has learned that the firm closed its first $70million. Additional details indicate that this second fund – which is expected to close in the middle of the year – will be TLcom Capital’s largest.

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TLcom Capital had previously raised $71 million for the TIDE Africa Fund. The Fund closed its first close in 2017 with the final close in February 2020. TIDE Africa Fund invested in 12 African startups, from seed to Series B. The VC firm has more than $350 AUM in Europe and Africa, with offices in Lagos and London.

The firm has made investments in 12 startups so far, including Twiga and Twiga, Pula and Terragon, Ilara Health (Okra), Kobo360, Shara and Ajua). TLcom currently seeks to invest in 20 startups at the early stages of their portfolio, with ticket sizes ranging between $500,000 and $15 million.

FBN Quest and Sango Capital are among the LPs of the firm. TLcom focuses on traditional sectors like education, healthcare and fintech. The firm is also interested in investing in companies working in web3, crypto, or DeFi technologies.

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