FirstCheck Africa receives US$2m from TLcom Capital to support female-led startups
FirstCheck Africa has received a US$2 million investment from TLcom Capital, one of the most notable Africa-focused seed to series B venture capital firms.
The most recent commitment will enable FirstCheck Africa to support even more female-led startups by providing access to more finance.
FirstCheck Africa will invest US$12 million as a single pool of capital in high-growth, technology-driven firms with at least one female founder or co-founder, including its US$10 million debut fund.
Eloho Omame, one of FirstCheck Africa’s founders, has joined TLcom Capital as a Partner, in addition to her current day-to-day work as Co-Managing Partner at FirstCheck Africa.
FirstCheck Africa will now invest up to US$250,000 in early-stage rounds for female-led firms as high-conviction first checks.
“We remain sector-agnostic and focused on technology-enabled companies that are solving important problems in large markets,” FirstCheck Africa noted in a statement.
“Our strategy is to invest in female-led companies with category-leadership potential while throwing the weight of FirstCheck Africa’s networks and platform behind the founders that will be the next generation of entrepreneurial role models for Africa.”
Africa’s digital and venture capital ecosystem is at an exciting crossroads in terms of talent, capital access, firm formation, and diversity. FirstCheck Africa has invested over the past 18 months, honing its theory and putting its investment method to the test.
Eloho and Odun created FirstCheck Africa as an angel fund in January 2021 to solve finance access for female digital entrepreneurs in Africa.
