TLcom Capital, a prominent venture capital firm with a focus on Africa, has successfully completed funding for its second technology-focused fund, TIDE Africa Fund II, amassing $154 million.

This substantial achievement makes it the largest early-stage venture capital fund dedicated to African technology ventures.

The TIDE Africa Fund II has attracted significant interest, resulting in an oversubscription. Its capital pool is more than double the size of its predecessor, TIDE Africa Fund I, which closed in 2020. The latest fund welcomes participation from several esteemed new and returning limited partners (LPs), including the European Investment Bank (EIB), Allianz and DEG Impact’s AfricaGrow, Visa Foundation, and Bertelsmann.

Expanding its geographical reach, TLcom Capital now includes Egypt along with its traditional focus areas in Sub-Saharan Africa. TIDE Africa Fund II is set to invest between $1 million to $3 million in initial funding to promising startups, with additional substantial allocations reserved for follow-up investments in successful ventures.

Maurizio Caio, Founder and Managing Partner at TLcom Capital, expressed pride in the firm’s success in securing multiple significant funds for technology in Africa, citing this as evidence of their robust team and strong partner relationships. “TLcom is primed to continue supporting exceptional African entrepreneurs early in their journey, enhancing our presence in the Egyptian market, and strengthening our position as a leading early-stage VC in Africa,” he remarked.

The firm has already made inaugural investments through the new fund in South Africa and Egypt, including into LittleFish, a software firm in Cape Town, and ILLA, a logistics platform based in Cairo.

Vice President and Head of Investments at the European Investment Bank, Ambroise Fayolle, highlighted the critical need for capital among African startups and TLcom’s role in addressing this gap, leveraging the region’s burgeoning, tech-savvy demographic. Similarly, Najada Kumbuli, Vice President & Head of Investments at Visa Foundation, commended TLcom’s effective support of visionary entrepreneurs and its alignment with Visa Foundation’s objectives to foster economic growth and societal benefits.

Furthering its commitment to diversity and inclusion, TLcom Capital continues to support female entrepreneurs, evidenced by a recent $2 million co-investment in FirstCheck Africa, a female-focused pre-seed fund. With a portfolio now exceeding $300 million under management and comprising 17 startups, TLcom’s influence spans across various high-impact sectors in the African tech ecosystem. This strategic expansion and focused investment underscore TLcom’s commitment to shaping the future of Africa’s economic landscape through technology and innovation.