TLcom TIDE Africa Fund, a sub-Saharan African VC fund that supports businesses that leverage technology and innovation has received a $15m investment from CDC Group, the UK’s publicly owned impact investor.
According to a CDC Group statement, the TLcom’s TIDE Africa Fund investment will support the UN’s Sustainable Development Goals 8, 9 and 10.
CDC Group CEO Nick O’Donohoe said the investment in TLcom provides an exciting opportunity for TLcom TIDE Africa Fund to support early-stage startups that are at a critical stage in their growth, as well as deepen the entrepreneurial ecosystem across Africa.
TLcom founder and managing partner Maurizio Caio, commenting in the same statement, said the venture capital (VC) firm is proud to be working with a strategic partner in CDC, which he said recognises the entrepreneurial potential of sub-Saharan Africa and is committed to leverage technology to achieve lasting impact.
CDC Group said TLcom which has Andela, Kobo360 and Twiga Foods in its portfolio, will invest between $500 000 and $10-million per venture.
These investments, it said, will enable high growth companies to achieve scale and attract later-stage funding from global VC investors, regional private equity firms and strategic partners.
