The event brought together founders, venture capital investors, corporate venture arms, philanthropic organisations and policymakers to examine the state of Africa’s private capital ecosystem.

AVCA Chief Executive Officer Abi Mustapha-Maduakor opened the summit and commended the resilience of the venture capital sector through difficult funding cycles.

She said that despite tougher fundraising conditions, “venture-backed exits reached a record high in 2025,” pointing to what she described as a shift in the market. She added, “The centre of gravity is moving toward local capital, local expertise, and local conviction.”

A keynote fireside conversation followed between actor and investor Boris Kodjoe and AVCA’s CEO. Kodjoe focused on how perception influences investment decisions and market behaviour. He said, “Storytelling is economic architecture, those who control the narrative shape valuation, and perception is what drives investment.”

The AVCA VC summit then moved into deeper industry discussions on the structure of venture capital in Africa.

A panel titled From Hype to Fundamentals: Resetting the African VC Story brought together Tidjane Dème of Partech Partners, Sapna Shah of Novastar Ventures, Fatoumata Bâ of Janngo Capital, and Mohamed Eissa of the International Finance Corporation (IFC).

The session focused on whether global venture capital models align with African market realities and where expectations have not matched outcomes.

Tidjane Dème pushed back against the idea that the ecosystem is underperforming. He quoted Ido Sum, saying, “African venture capital isn’t broken, it’s just young.” 

He added, “A decade ago, we saw around 30 deals a year; today, that number exceeds 500. We’re still building, and we can’t compare ourselves to a 50-year-old U.S ecosystem just yet. We have time.”

Mohamed Eissa also highlighted the scale of growth in funding. “This ecosystem is still very young, but it has grown from about $400 million of annual investment to roughly $4 billion in just over a decade, clear evidence that the capital base is expanding, even if it’s still not enough.”

Attention later shifted to exit routes and liquidity challenges in the market. Industry participants including Patricia Rinke of AfricInvest, Ibrahim Sagna of Silverbacks Holdings, and Andreata Muforo of TLcom Capital discussed the importance of collaboration in improving exits.

They also pointed to mergers, acquisitions and strategic sales as more practical liquidity options than public listings in many cases.

Speaking on the role of domestic capital, Alex Rumanyika of Uganda’s National Social Security Fund (NSSF) called for stronger participation from African institutional investors.

He said, “If we don’t get into this space, it is going to be an existential threat for NSSF and many pension funds. We need to diversify away from overexposure to government assets and into the sectors where jobs are actually being created.”

The conference was followed by a Private Credit Summit, where investors discussed new financing approaches shaping Africa’s private capital market. The focus shifted to credit strategies and how they are expanding funding options for businesses across the region.

Nathaniel Micklem of Ninety One said, “Private credit is one of the most exciting parts of our asset management platform, but it cannot be built using imported public equity or private-equity instincts. What works in Africa is deploying into stronger, more resilient businesses and sectors, not earlier-stage ventures or smaller SME exposures.”

Walid Cherif of BluePeak Private Capital said private credit continues to gain relevance in Africa due to its flexibility in markets where exits remain limited.

He said, “Private credit is especially suited to African markets because companies continue to perform even when exits are hard to achieve. It is an easier conversation today than it was years ago.”

He added that discipline is essential in the sector, noting that credibility with investors depends on long-term execution and returns, not just strong market narratives.

The post AVCA Spotlights African Diaspora Capital, Exit Pathways and Private Credit as Key Drivers of Growth Across the Continent appeared first on Tech | Business | Economy.

During his time at TLcom, Sum contributed to early-stage investment activities and supported several portfolio companies, including uLesson, Littlefish and Zone.

Launched in 1999, TLcom has over two decades of experience in investing in technology entrepreneurs and has built one of the most experienced and diverse investment teams for the continent, with 15 professionals across its Nairobi and Lagos offices.

During his tenure with the firm, Sum supported the closing TIDE Fund I and TIDE Fund II, the latter being one of the biggest early-stage funds for the continent. 

Ido Sum, partner at TLcom Capital, said:

“I am proud of what we have built at TLcom over the last 14 years. It has been a privilege to work alongside such a talented team and to have supported and worked side-by-side with some of Africa’s most audacious entrepreneurs. I am confident that the firm will continue to lead the investment pack, and I look forward to my next chapter.”

Maurizio Caio, managing partner at TLcom Capital, commented:

“We thank Ido for his commitment and dedication over the past 14 years and for his contribution to build TLcom as the preferred partner for Africa’s most ambitious entrepreneurs, and the wider African tech ecosystem. It has a been a pleasure working with him, and we wish him the very best for his next endeavors”. 

The post Ido Sum Leaves TLcom Capital after 14-year Tenure appeared first on Tech | Business | Economy.

With its most recent investment in TurnStay, the South African travel payment platform, which has just closed a $2M seed round, TAPSI has now deployed 50% of its capital.

TAPSI was launched in 2022 to extend TLcom’s investment reach to pre-seed stage companies, providing up to $200,000 in funding alongside access to the firm’s global network, operational expertise, and over two decades of experience in African venture investing.

The fund acts as an upstream feeder vehicle for TLcom’s core $154M TIDE Africa Fund II, enabling portfolio companies that perform well to progress to larger funding rounds.

In addition to Turnstay, the TAPSI portfolio currently includes Talstack [Nigeria], Bright Financial [Sudan and Ethiopia], Tradehub [Egypt], Agrails [Kenya] and three startups backed through its partnership with First Check Africa, which focuses on delivering early-stage capital to female founders.

Through TAPSI, TLcom expects to close on up to ten additional pre-seed investments before the end of 2026 and will continue to invest in diverse founding teams across Africa’s major innovation hubs.

Building on the investment approach of TLcom’s TIDE Fund I and TIDE Fund II, TAPSI is sector-agnostic and focuses on key sectors where TLcom sees strong early-stage potential for outsized impact.

Talstack’s journey demonstrates this approach in practice, leveraging its TAPSI pre-seed funding to validate its model and achieve early traction, culminating in a subsequent seed round from TIDE Fund II in 2024.

This dedicated pre-seed fund strengthens TLcom’s position as a multi-stage investor, reflecting the firm’s deep understanding of the funding lifecycle of the African tech ecosystem and the critical role early capital plays in setting African startups on a path to scale and create impact.

Eloho Omame, partner at TLcom Capital, says,

“Pre-seed investments allow us to expand our portfolio and allocate capital across multiple stages of a company’s lifecycle. Our goal is to create massive value in underserved markets and collaborate with African founders to build from the start all the way to exit; be it an acquisition or in the form of an IPO. This is by no means easy for any start-up, in any sector; building in Africa is not for the faint-hearted. However, the likelihood of success significantly increases if we support and work with founders earlier on in their journeys and we grow alongside them”.

TLcom boasts one of African tech’s most impressive early-stage portfolios, including Pula, uLesson, Autochek, FairMoney, Educatly, HUB2, ILLA, Littlefish, Seamless HR, and Andela – one of the continent’s tech unicorns.

With approximately $250 million under management, including the $154M TIDE Africa II, TLcom is dedicated to empowering ambitious entrepreneurs who are solving critical challenges in large, underserved markets.

Eloho Omame concludes,

“With TAPSI as a dedicated pre-seed arm of our investment platform, TLcom is uniquely positioned to back companies across their entire growth journey from ideation and product-market fit to scaling and maturity, reinforcing our role as a long-term partner to Africa’s most ambitious founders. As we progress with this fund, we look forward to speaking with and supporting more early-stage start-ups from across the continent”.

The post TLcom’s TAPSI Pre-Seed Fund Hits 50% Deployment appeared first on Tech | Business | Economy.

Its cloud infrastructure product, Nebula, is also no more. And with both gone, one of the continent’s most ambitious tech stories has come to a quiet and unexpected end.

Okra Introduces Nebula: Africa’s Own Cloud Solution

The company, which raised over $16 million from global investors, officially ceased operations in May 2025. Fara Ashiru Jituboh, the co-founder and former CEO/CTO, confirmed the closure in a statement to Techpoint Africa:

“The company made the decision to wind down operations in May. It was an incredible journey; we built impactful technology, worked with some of the biggest brands across the continent, and helped pioneer open banking in Africa. I’m proud to have worked alongside some of the smartest and most talented people, and I’m deeply grateful for the community, customers, investors, and team who supported us over the past five years.”

Jituboh has since moved on to take up a new position as head of Engineering at the UK-based startup, Kernel, according to her LinkedIn profile. 

Her exit followed a series of quiet internal changes at Okra, including the departure of her co-founder, David Peterside, in 2022. Since then, no successor was publicly named, and by mid-2025, the startup was already off the radar of most in the ecosystem.

Founded in 2019, Okra set out to do something few African startups dared; build the core infrastructure powering open finance. Its APIs enabled users to link their Nigerian bank accounts to third-party applications in real time, offering services from identity verification to income and transaction data sharing.

That initiative attracted early backing, including $1 million from TLcom Capital and a $3.5 million seed round led by Susa Ventures, eventually pushing total funding beyond $16.5 million.

But scale didn’t guarantee survival. In October 2024, in response to high foreign exchange costs that made services like AWS and Azure increasingly expensive, Okra launched Nebula, a naira-denominated cloud platform aimed at local businesses.

Designed to offer Tier 3 and Tier 4 data centres, compliant with African data regulations and billed in local currency, Nebula was intended to reduce dependence on costly international services. It was an aggressive bet on infrastructure, competing against the likes of Nobus and Layer3.

However, tech giants quickly responded by enabling local billing and slashing prices, with AWS and Microsoft reportedly cutting rates by up to 20%. With that, any price advantage Nebula hoped to offer was gone, and customer adoption remained underwhelming.

By March 2025, Jituboh publicly admitted what many in tech were privately whispering, cloud expenses had become unsustainable: salaries aside, server costs were swallowing most of Okra’s revenue. 

The competitive space added further challenges. Startups such as Mono and Stitch, which raised $17.6 million and $52 million respectively, raced ahead in distribution, partnerships, and product sophistication. These rivals had deeper war chests and were able to move faster, often capturing the very market segments Okra once aimed for.

With no external capital infusion publicly announced after 2021, and an economic environment that continued to worsen, the signs were there. Few noticed.

What’s perhaps most notable is how quietly it all ended. No press release or farewell post. Just an update on LinkedIn and a quote to a reporter. For a company that once called itself the “Plaid of Africa,” it was a soft landing that belied the size of its dreams.

Before founding Okra, Jituboh had worked at Canva, BMW, and JP Morgan. She returned to Nigeria to solve a problem she’d experienced first-hand, fintech apps that didn’t connect to local banks. 

Okra’s solution was commendable, building the rails of open finance. And for a while, it worked. Its API usage surged by 175% in early 2020. Partnerships with platforms like Renmoney, Branch, Bamboo, and AIICO Insurance came quickly. Regulators took notice, investors followed.

But between currency depreciation, infrastructure strain, and the leadership vacuum post-2022, Okra’s speed slowly faded. The fintech space had grown more crowded and more difficult. Scaling in Africa without a deep-pocketed backer or profitable model remains a fierce challenge.

Okra’s closure repeats the fact that startups need staying power, but in Nigeria’s current economic situation, even the brightest ideas are fighting for breath.

The post Okra Closes Down: What Happened to Nigeria’s Open Banking Pioneer? appeared first on Tech | Business | Economy.

The Summit – Africa’s largest gathering of women tech entrepreneurs – has now opened applications for participants. 

Themed “Transformative Leadership: Redefining Success in Tech”, the 2024 Africa Tech Female Founder Summit is designed to unite, inspire, and empower female founders across Africa, offering a platform to learn from each other and establish supportive networks. 

The theme will also emphasise the importance of transformative leadership and strategic partnerships in scaling businesses within the tech industry. 

This year’s event boasts an exciting lineup of speakers including female founders Nelly Chatue-Diop [Ejara],  Nneile Nkholise [Thola], Rasha Rady [Chefaa] and Sneha Mehta [Uncover], who will hold a panel on “Scaling and Sustaining Growth”. 

The Summit will also hold a series of workshops and mentoring sessions on topics including “Budgeting and KPI Design” by Daisy Liech, [TLcom], and “Growth Strategies and Scaling Successfully” by Wandia Gichuru [Vivo]. 

Additionally, pre-selected startups will have the unique opportunity to pitch their companies and gather feedback from Africa’s leading investors such as Yemi Keri [Rising Tide Africa] and Joyce-Anne Wainai [Chui Ventures].

Speaking on the upcoming event, Omobola Johnson, Senior Partner at TLcom Capital, says, “After navigating one of the toughest years for the tech ecosystem, founders now face a completely new landscape. Capital is still scarce and investors are increasingly pushing entrepreneurs to build, move to profitability faster and scale. But amidst all these demands, we’re missing a crucial discussion—what does it take to succeed in this context, especially as a woman? This Summit will highlight the high-performance qualities that will empower female founders to rise to the forefront as industry leaders in this demanding environment.”

Over 500 African female tech entrepreneurs have attended previous editions of the Summit with last year’s event in Lagos spotlighting Planet FWD’s Julia Collins, the first black woman to build a unicorn, as a headline speaker. 

Previous speakers have also featured Julia Gillard, former prime minister of Australia and chair of Andela, as well as Meg Whitman, former CEO of eBay, Hewlett-Packard and current US Ambassador to Kenya and Funke Opeke, founder and CEO of MainOne, a technology infrastructure company in Nigeria that successfully exited to one of the largest tech infrastructure companies on the continent.

Andreata Muforo, Partner at TLcom Capital, adds, “As women leaders, we often find ourselves navigating uncharted territories where traditional models of success don’t always resonate with our values. This year’s Summit is about exploring what it truly means to lead from within. We’re focusing on the skills that shape our influence—how we hire, how we cultivate culture, and how we make decisions that are authentically our own. The event will go far beyond business performance metrics; it’s about reconstructing leadership on our terms and inspiring the next generation to see themselves in these roles.”

TLcom is one of Africa’s largest early-stage investors and boasts of a leadership team which is 60% female. The firm has consistently demonstrated a strong commitment to female founders, supporting them through its annual summit and backing some of Africa’s most prominent female-led startups such as Okra, Andela, Kobo360 and Pula.

In 2022, TLcom reinforced its efforts to tackle the severe funding gap for Africa’s female tech entrepreneurs with a co-investment commitment to support the launch of FirstCheck Africa’s debut fund. 

Currently, TLcom has approximately $300mn in assets under management invested across Africa, holding several startups in its portfolio including Andela, Ajua, Autochek, Educatly, Fairmoney, Ilara Health, ILLA, Kobo360, Littlefish, Okra, Pastel, Pula, Seamless HR, Shara, Talstack, Terragon Group, uLesson, Vendease and Zone.

With an exclusive focus on Africa, the firm invests across all stages of the venture capital cycle with a focus on Seed and Series A. 

With an on-the-ground presence in Kenya and Nigeria as well as offices in the UK, TLcom also invests across a wide range of industries including agriculture, education, fintech, data analytics and logistics targeting high-growth, tech-enabled startups across Africa.    

The post TLcom Capital to Host 6th Africa Tech Female Founder Summit appeared first on Tech | Business | Economy.

The fund will invest in seed and Series A companies across various sectors, with a focus on Sub-Saharan Africa and Egypt. TLcom Capital plans to use the funds to support talented entrepreneurs and high-growth startups that are tackling Africa’s biggest challenges.

This new fund doubles the size of TLcom Capital’s first fund and has attracted participation from both new and returning investors. 

The firm is focused on providing early-stage funding and supporting portfolio companies throughout their growth journey.

TLcom Capital has a portfolio of African startups, including uLesson, Andela — one of Africa’s six unicorns, Autochek, and Pula. The firm currently has over $300 million under management and is actively expanding its team across Africa.

Maurizio Caio, Founder and Managing Partner at TLcom Capital, says “TLcom now counts among a small number of venture capital firms that have raised multiple substantial funds for technology in Africa. This is a testament to the quality of our team and the trust we’ve established with our limited partners. It’s also a major endorsement of our long-term view on Africa’s massive upside”.

“We are maintaining the same investment strategy for TIDE Africa Fund II as we had for our first fund, which made over 80% of its investments at Seed or Series A. With this final close, we’re thrilled that TLcom is in an even stronger position to continue to partner with Africa’s most talented entrepreneurs from early in their company-building journeys. 

“We’re also excited to spend more time in the Egyptian ecosystem, co-investing alongside the most active local funds. TLcom is well on its way to realizing our ambition of becoming Africa’s most sought-after early-stage VC and a truly pan-African firm”.

Since TLcom Capital announced TIDE Africa Fund II’s first close in January 2022, the firm has also significantly expanded its team, adding investment and operational capacity by doubling its headcount to 15 employees, including new investment professionals in Nigeria and Kenya.

“Across Africa, access to capital remains limited, especially for early-stage startups,” says Ambroise Fayolle, Vice-President at the European Investment Bank. 

“At the same time, a young, technology-savvy population provides fertile ground for young companies. Africa’s startup ecosystem has the potential to drive inclusive economic growth and foster positive social change, which the EIB is happy to support. Through our investment in TLcom’s TIDE Africa II Fund, we expect to build and expand on the success and impact of the first TIDE Africa Fund, delivering much-needed capital to the most promising high-growth companies.

“Our investment in TIDE Africa Fund II demonstrates our dedication to helping build strong economies where businesses can prosper and generate substantial financial and impact returns. We are impressed by TLcom’s track record of supporting visionary entrepreneurs in developing high-growth business models that can capitalize average on Africa’s considerable economic potential,” says Najada Kumbuli, Vice-President & Head of Investments, Visa Foundation. 

“The firm’s alignment with Visa Foundation’s mission reinforces our confidence that, through this partnership, our capital will help create the next generation of successful and diverse entrepreneurs that will shape the future of the continent”.

With its new fund, TLcom Capital plans to deploy significant additional capital into female-founded African tech startups, building on the firm’s June 2022 co-investment commitment of $2 million to FirstCheck Africa, a female-focused pre-seed fund. 

TLcom Capital’s commitment to gender balance is reflected in its majority-female partnership and investment committee.

The post TLcom Capital Raises $154 Million for Africa’s Largest Early-Stage Tech VC Fund appeared first on Tech | Business | Economy.

Truth be told, many are an inch close to giving up due to the dynamism of both technology and venture capital getting more complicated as the future approaches daily.  Interestingly, there are trailblazers ready to untangle this complication for both women and even male entrepreneurs.

Eloho Omame is one inspiring in great numbers and shaping the future. As a Partner at TLcom Capital, a seasoned technology venture capital investor, and the Co-Founder of FirstCheck Africa, a female-focused pre-seed firm, Eloho Omame stands as a unique push for those seeking to thrive in this unpredictable ecosystem.

Before we go further, it’s important to note that Eloho Omame’s journey has not been without challenges. She has faced rejection and discouragement and this can be seen in episode 8 of ‘They Said I Couldn’t’ – a docu-series by Sunlight Nigeria in collaboration with Under 40 CEOs.

Despite facing skepticism and discouragement from those she sought permission from, Eloho refused to wait for validation, forging ahead with her dreams.

Eloho Omame: Advocating for Diversity, Equity, and Inclusion

Eloho Omame is not just an investor; she embodies a fervent commitment to diversity, equity, and inclusion in Africa’s technology sphere. She is a driving force behind the success stories of numerous entrepreneurs. As a Partner at TLcom Capital, a firm managing around $250 million, she actively supports high-growth companies across Nigeria, Kenya, and Egypt, addressing some of the continent’s most pressing challenges.

FirstCheck Africa: Pioneering Female-Led Venture Capital

In 2021, Eloho co-founded FirstCheck Africa, breaking ground as one of the few female-led and female-focused technology venture capital firms in Africa. Through this initiative, she dedicates herself to nurturing the extraordinary female entrepreneurial talent across the continent, empowering them to build remarkable companies.

Shaping Africa’s Technology Ecosystem

Eloho’s influence extends beyond her investment roles. As an inaugural member of Nigeria’s Startup Consultative Forum, established under the Nigeria Startup Act in 2022, she holds a key position on the National Council for Digital Innovation and Entrepreneurship. Chaired by the President of Nigeria, General Muhammadu Buhari, this council reflects Eloho’s zeal in representing the interests of Africa’s largest technology and innovation ecosystem.

Endeavors of Eloho Omame Beyond Investment: Lagos Innovates and More

Eloho’s impact is not confined to boardrooms. From 2018 to 2021, she served as the inaugural Managing Director & CEO of Endeavor in Nigeria, creating a sought-after support network for early-growth stage entrepreneurs in West Africa. Additionally, she played an essential role in delivering “Lagos Innovates” under the Lagos State Employment Trust Fund, supporting innovation-driven enterprises and fostering job creation.

Expertise in Global Growth Equity

With a career spanning various prominent institutions, including General Atlantic and Credit Suisse, Eloho has boosted her investing efforts. As a Vice President at General Atlantic in the U.K., she sourced and led technology investments in Nigeria, Kenya, and South Africa.

Her academic achievements include an MBA from the London Business School and a BSc. in Economics from the London School of Economics and Political Science. Her leadership roles, such as being the Co-President of the London Business School Africa Club, reflect her dedication to fostering growth and mentorship.

Today Eloho will be holding a masterclass at TLcom’s Africa Tech Female Founder Summit with a focus on empowerment. In her upcoming masterclass, she aims to demystify the venture capital sector, providing valuable insights on fundraising for pre-seed and seed-stage female founders.

TLcom Capital, under Eloho’s leadership, is actively addressing the gender gap in venture capital. The firm’s TIDE Africa Fund II asserts a leadership team that is 60% female, setting a remarkable example in an industry traditionally dominated by men. TLcom’s mission extends beyond rhetoric, as evidenced by its co-investment with FirstCheck Africa to support the launch of its debut fund.

With total commitments of approximately $350 million, TLcom manages a diverse portfolio of African startups, including Andela, Ajua, Autochek, Ilara Health, Kobo360, Okra, Pastel, Pula, Seamless HR, Shara, Terragon Group, Twiga Foods, uLesson, and Vendease. The firm’s on-the-ground presence in Kenya and Nigeria, coupled with offices in the UK, positions TLcom as a key player across all stages of the venture capital cycle.

Eloho Omame’s journey from a Vice President at General Atlantic to a Partner at TLcom Capital and Co-Founder of FirstCheck Africa emphasizes her resilience, expertise, and dedication to enhancing positive change. For those seeking a female mentor for inspiration in the space of technology, venture capital, and entrepreneurship, Eloho Omame emerges as a perfect fit—an apt leader, an advocate for diversity, and a forerunner reshaping Africa’s technology sector.

The post Do You Seek a Female Mentor for Inspiration? Here’s Eloho Omame, a Perfect Fit appeared first on Tech | Business | Economy.

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. 

This has helped produce successful tech companies such as Andela, Kobo360, Twiga Foods, uLesson, Okra and Autochek.

In addition to the above, TLcom has built a robust network in the Africa tech ecosystem with over ten years of direct participation in the space. 

The fund manager has established ecosystem initiatives such as a CEO Summit – a summit to catalyse synergy and collaboration between CEOs of portfolio companies, and a Tech Female Founders Summit – an event designed to build a collaborative network of African female tech founders.

Speaking on the TAF 2 first close, Ijeoma Agboti, the Managing Director, FBNQuest Funds stated: “We recognise the transformational role that technology must play in narrowing the gap between industries in Africa and the rest of the world, and we are proud to have played a key role in enabling this growth.

FBNQuest is pleased to have participated in the first close of TLcom’s 2nd pan-African Tech Fund (TIDE Africa Fund II). 

This follows our first close commitment to the manager’s maiden fund (TIDE Africa Fund I). Our decision to support TLcom on its second fund was based on the fund manager’s track record of investing in high growth tech companies with strong business fundamentals and implementing value creation strategies that improve the operations and profitability of these companies. 

We remain confident that TLcom is well-positioned to continue to deliver on our shared objective to provide capital, the required operational support and access to international partnerships to technology companies in the Africa region through the TIDE Africa Fund II.”

As a leading Alternative Investments manager, backing the TIDE Africa Fund II adds to the organisation’s selective portfolio of tech focused funds, and once again highlights its capabilities in the high growth technology venture capital space.

The post FBNQuest Supports Africa Tech Startups, Backs TLcom Capital’s TIDE Africa Fund II – TAF 2 appeared first on Tech | Business | Economy.

The first close of $70,000,000 is almost the equivalent of the TIDE Africa Fund raised by TLcom Capital, its first fund used to achieve its first close in 2017 and final close in February 2020.

The second fund, projected to be the largest fundraising yet for the two-decade-old firm, which has $350,000,000 AUM across Africa and Europe with offices in Lagos, Nairobi and London, is expected to reach a second close later this year. It will also position the investor to become one of the largest independent VC firms fully dedicated to the continent.

Following TLcom Capital’s $71,000,000 TIDE Africa Fund raised in 2020, invested in 12 African startups; seed to Series B stages, the firm was only able to invest in 11 startups including Andela, Ajua, Autochek, Ilara Health, Kobo360, Okra, Pula, Shara, Terragon Group, Twiga and uLesson.

TLcom Capital’s average investment per startup is around $6, 000,000; but this number varies according to investments made in its portfolio companies. Andela’s $40 million Series C was TLCom’s first African investment. This was way before its first fund closed in 2020, and is the latest stage at which TLcom invested; Twiga’s $20 million Series B in 2019 is another.

Imminently, TLCom Capital targets adding an extra 20 early-stage startups to its portfolio, with investments ranging from $500,000 to $15,000,000.

The firm will most likely tailor its fund structure like its first: part of the capital for early-stage startups, while the rest will be for new or follow-on rounds of companies at growth and late stage. Its first check from the second fund was a lead investment in SeamlessHR.

So far, the 12 companies invested in by TLcom Capital are based in Nigeria or Kenya. The Venture Capitalist firm will expand focus to Egypt while making more investments across East and West Africa, with the new fund.

TLCom Capital focuses on sectors such as the fintech, mobility, agriculture, healthcare, education and e-commerce sectors, but is willing to invest in startups venturing into web3, crypto and DeFi, as well as newer industries which include African startups playing in the same field as other regions.

The post TLCom Capital announces first close of $150m pan-African tech fund to be invested across 20 startups appeared first on Tech | Business | Economy.

The funding round led by TLcom Capital, also received major contributions from global VC firm, Capria Ventures, existing investors, Lateral Frontier Ventures, Enza Capital, and Ingressive Capital, as well as several strategic private investors.

This new capital will be used to further strengthen SeamlessHR’s position as Africa’s leading cloud HR and payroll platform. It will provide means to grow the team, fuelling expansion across the continent to Southern and East Africa, with South Africa and Kenya as operation hubs respectively. 

The company will also add new product functionalities around artificial intelligence and HR data analytics. Leveraging its rich HR and Payroll data, SeamlessHR will also be launching new embedded finance products that will improve the lives of working people in Africa.

The endorsements of TLcom and Capria Ventures and the follow-on investments by Lateral Frontier Ventures, Enza Capital, and Ingressive Capital is significant for SeamlessHR, as it reflects the huge market opportunity, and the company’s potential to remain the leading HR SaaS company in the continent.

“Thanks to our customers, we have become the leading cloud HR and Payroll SaaS in Africa in such a short time. But this is only the beginning. We are fanatical about customer success and this funding will enable us to invest in the continuous optimization of customer experience across all touchpoints, adding new features and functionalities to empower enterprises as they continue their incredible growth,” says Dr Emmanuel Okeleji, SeamlessHR’s co-founder and CEO.

Founded in 2018 by Emmanuel Okeleji and Deji Lana, SeamlessHR deploys world-class cloud technology solutions to manage and streamline HR data and workflow end to end. Their solution automates HR processes and is the only enterprise-grade HR/Payroll SaaS designed in Africa to meet African enterprises’ demanding requirements to manage the entire HR lifecycle from hire to retire. 

SeamlessHR’s product suite includes a Core HR Management system, Performance and Competency Management, HR Analytics, Leave Management, Payroll Management, and Recruitment Management.

The company caters to hundreds of companies, and its client base cuts across multiple sectors in Africa, including renowned brands like PwC, Flutterwave, Sterling Bank, TGI Group, Lagos Business School, AXA, and Chapel Hill Denham. SeamlessHR’s cloud platform equips these clients and their people with the cutting-edge tools required to remain ahead of the rapidly changing HR management curve.

Andreata Muforo, partner at TLcom Capital, says “Over the last few years, SeamlessHR has consistently demonstrated its ability to deliver a robust HR and payroll platform for Africa’s medium and large businesses. The strong execution shown by Emmanuel and his team is a vital ingredient required to build a successful business and as they expand their products to include embedded finance and launch their solutions to new markets, we’re proud to partner alongside them and strengthen their push to unlock more value within Africa’s B2B space. At TLcom, we believe SeamlessHR can be the preferred platform for businesses to digitize workplaces and support their personnel.”

As e-connectivity and bandwidth capacity increase on the continent, there is a large appetite for efficient cloud computing solutions, and businesses are increasingly able to leverage cloud technologies to drive business transformation. 

The continent’s growing cloud computing industry reflects this opportunity – cloud computing in the Middle East and Africa is expected to grow from its current estimated market size of $14.2billion in 2021 to $31.4billion in 2026. SeamlessHR’s mission is to help African businesses leverage the continent’s greatest asset – its abundant human capital – with their cloud HR & Payroll software.

Will Poole, managing partner at Capria, said “SeamlessHR is addressing the needs of African enterprises in ways that the global giants can’t compete with by building customer-centric SaaS designed from the ground-up to address complexity unique to the continent”. 

He added, “Now that they’ve proven they can address the needs of disparate countries across Africa, we are confident that they will be the solution provider of choice to support their customers that are expanding globally.”

The company understands its position as a catalyst for business growth on the continent and remains committed to helping companies optimize their human capital through relentless innovation.

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