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TLcom Capital closes second fund at $154M to back early-stage startups across Africa
African VC firm TLcom Capital reaches final close of its second fund, TIDE Africa Fund II, at $154 million to back early-stage startups.
While the broader slowdown affecting venture capital and startups globally contributed to the prolonged fundraising period, the VC firm can count a few positives, managing partner Maurizio Caio told TechCrunch in an interview. Additionally, the firm has expanded its portfolio to include ILLA, a middle-mile logistics platform, and Littlefish, which enable payments and banking products for SMEs, marking its first investments in Egypt and South Africa, respectively. “For us, the Big Four markets always continue to produce the most valuable companies, so it was important to add Egypt and South Africa as destinations of our capital,” said Caio, noting that TLcom’s portfolio before now has primarily been startups based in Nigeria and Kenya, countries where the firm has since expanded its operational capacity and expertise.
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