Funding

FBNQuest Supports Africa Tech Startups, Backs TLcom Capital’s TIDE Africa Fund II – TAF 2

Story Highlights
  • The new fund gives TLcom the opportunity to expand its existing focus on fast-growth tech-enabled African startups to markets like Egypt, as well as strengthen its long-standing presence across East and West Africa

TLcom Capital LLP, an Africa-focused venture capital firm recently announced a first close of $70 million for its $150 million Africa focused tech fund (TIDE Africa Fund II -TAF2), this achievement firmly positions the firm as one of the largest independent Venture Capital (VC) fund managers fully dedicated to the continent. 

Most of this capital has come from returning Limited Partners (those who backed the first fund), indicating their confidence in the fund manager. 

These Limited Partners (LPs) include Development Finance Institutions (DFIs) like Sango Capital, IFC, Proparco, and CDC Group (now known as British International Investment), as well as private sector and philanthropic investors like FBNQuest Funds and King Philanthropies, respectively.

A new investor backing TAF 2 is AfricaGrow – a joint venture platform backed by Allianz (the world’s largest insurer) and DEG (the German DFI). 

The new fund gives TLcom the opportunity to expand its existing focus on fast-growth tech-enabled African startups to markets like Egypt, as well as strengthen its long-standing presence across East and West Africa.

In the manager’s first Africa-focused VC fund (TIDE Africa Fund I – TAF 1) which closed at US$71Mn, FBNQuest’s capital contribution in TAF 1 helped TLcom back and catalyse eleven companies directly via co-investments of over US$200Mn into these companies in subsequent funding rounds. 

Source
TechEconomy

Nichole Manhire

Is the media and brand manager at GFA News. She works very closely with editors and podcasters that contribute to telling the African business success story. For marketing and advertising send Nichole an email: nichole@getfundedafrica.com

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