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TLcom set to invest $71M in 12 African-base start-ups. Here are the 3 eligible countries

As part of TLcom’s plan for the next 18 months, the venture capital firm has announced its intent to invest $71M in 12 new start-ups from Africa.

The $71M capital comes from a round of funding led by the company with financial supports from from UK’s CDC, IFC and others.

TLcom has revealed that it’s interest for the funding opportunity is to fund start-up in three countries namely Nigeria, Kenya and South Africa.

According to Maurizio Caio, CEO, TLcom, the firm seeks to fund tech start-ups operating as an infrastructure facility company against the common “commoditized” start-ups.

READ ALSO: Nigeria’s CeedCap opens up investment opportunities for African start-ups, joins America’s Global Startup Studio Network

Ciao stated: “We’re rather a sector agnostic, but right now we are looking at companies that are more infrastructure type tech rather than super commoditized things like consumer lending.”

Apart from the support from the financial commitments received from the UK firms, TLcom was also sponsored in raising the $71M capital by South Africa’s Sango Capital and the Belgium’s BIO.

Considering the increase in funds being made available to African start-ups, lately, the economy is expected to swell as more VC firms inject more funds into African centred start-ups.

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Ridwan Adelaja

Ridwan Adelaja is a multimedia journalist with a special interest in business news analysis

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