General News
TLcom Secures First Close of $150mn Pan-African Tech Fund
TLcom, the Africa-focused venture capital firm, on Thursday announced a first close of $70mn for its $150mn Africa focused tech fund, firmly positioning the investor to become the largest independent VC firm fully dedicated to the continent.
With a first close in line with the total size of its TIDE Africa Fund closed in 2020, TLcom’s second fund sees participation from Allianz, the world’s largest insurance company, through AfricaGrow, its joint venture with DEG Impact (German Investment Corporation), as well as a host of new and returning investors including Bertelsmann, King Philanthropies, the TLcom team and FBNQuest from the private sector, and major DFIs such as CDC Group (the UK’s development finance institution), IFC, Proparco and Swedfund. A second close of the fund is expected later in 2022.
With its new fund, TLcom will expand its existing focus on fast-growth, tech-enabled African startups to Egypt, as well as strengthen its long-standing presence across East and West Africa.
With ticket sizes ranging from $500,000 – $15mn, TLcom expects to add an additional 20 early-stage startups to its portfolio with an emphasis on Seed and Series A stages and will target entrepreneurs tackling some of the continent’s most complex challenges in sectors including fintech, mobility, agriculture, healthcare, education and ecommerce.
Speaking on the launch of the new fund, Maurizio Caio, Nairobi-based Founder and Managing Partner at TLcom, says, “Since the closing of our previous fund, African tech has secured more high-value financing rounds, exits and M&As than ever before and this is only just the beginning.
“It is becoming increasingly evident that our sector has broken into a new era of maturity driven by very strong business fundamentals that African founders are demonstrating not only in the fintech space, but across a huge number of the continent’s largely underserved markets.”
“As we partner with some of the world’s leading global investors for our new fund, this is not only an endorsement of the massive value generation upside on the continent, but also of our proven track record in identifying and supporting entrepreneurs successfully winning and redefining Africa’s key verticals.
“In order to contribute to unlocking the next phase of Africa’s huge economic upside, we’ll be mobilizing our new fund to strengthen our partnership with African founders, with a special emphasis on female entrepreneurs, as well as our role as the leading local partner of choice for global VCs increasingly looking at Africa.”
The entrepreneurs supported by the TIDE Africa Fund have amassed huge traction in recent years with total revenues across its portfolio growing 3x since investment, over 2,300 jobs created and significant up-rounds secured with participation from leading global investors including Softbank, Owl Ventures and Index Ventures.
To-date, TLcom’s portfolio companies have raised more than half a billion dollars of capital in addition to funding issued by the TIDE Africa Fund and on average, new investments secured from these startups were priced at 5x the valuation of the initial investment received from TLcom. In 2021, the investor also announced the first unicorn in its portfolio following Andela’s $200mn Series E funding at a valuation of $1.5bn.
Abhinav Sinha, Director and Head of Technology and Telecom at CDC (soon to become British International Investment (BII)), says “We are excited to expand our partnership with TLcom.
“The fund’s focus on business fundamentals coupled with deep understanding of local context has been instrumental in identifying market shaping businesses and innovative entrepreneurs in Africa.
“We are confident that our continued relationship will further amplify TLcom’s ambitions to accelerate impact to consumers and businesses across Africa’s diverse markets.”
Martin Ewald, Lead Portfolio Manager Impact Investments, AfricaGrow/Allianz Global Investors, adds “One thing is clear to those who are close to the African VC market: it will grow.
“We at AfricaGrow believe much more is possible in terms of capital influx into the continent especially in the VC space.
“There is considerable upside for everyone if investment activities accelerate even more: African businesses can boost productivity, gain in terms of competitiveness and technological edge and tens of millions more Africans could gain stable employment while generating returns for investors.”
Launched in 1999, TLcom currently has in excess of $350mn worth of funds under management across primary and secondary funds and boasts one of the leading portfolios in African tech featuring 12 startups including Andela, Ajua, Autochek, Ilara Health, Kobo360, Okra, Pula, Seamless HR, Shara, Terragon Group, Twiga Foods and uLesson.
The company’s highly experienced and growing team – which is also 50% female at a senior leadership level – consists of Founder and Managing Partner Maurizio Caio based in Kenya, Senior Partner Dr. Omobola Johnson based in Nigeria, and Partners Andreata Muforo in Kenya, and Ido Sum in the UK. With its offices based in Kenya, Nigeria as well as the UK, TLcom invests across all stages of the venture capital cycle and manages a broad portfolio of tech-enabled startups addressing a range of sectors including agriculture, education, data analytics and logistics.
Ijeoma Agboti, Managing Director at FBNQuest Funds, closes “FBNQuest Funds is pleased to have participated in the first close of TLcom’s 2nd edition 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 back TLcom on its second fund was based on the fund manager’s demonstrated 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.
“At FBNQuest Funds, we recognize the transformational role that technology must play in narrowing the gap between industries in Africa and the rest of the world, and we are keen to play a pivotal role in enabling this growth.”
PalmPay, a leading fintech platform and neobank driving financial inclusion in Nigeria, is joining the global celebration of Customer Service Week 2025 under the theme “Mission: Possible.” The theme reflects the dedication of PalmPay’s customer service team, who are committed to turning every user interaction into a success story.
As part of the week-long celebration, PalmPay offered free health checks to customers who visited its Customer Experience Office in Ikeja, Lagos. The initiative highlights the company’s human centered approach to customer relations, demonstrating empathy and appreciation while enhancing the overall brand experience.
“At PalmPay, our mission is to ensure that every customer receives professional, timely, and responsive support at all times” said Yetunde Abubakar, Customer Service Team Lead at PalmPay. “Customer Service Week gives us an opportunity to celebrate our dedicated agents who go above and beyond daily to deliver seamless 24/7 assistance across all touchpoints; whether online, over the phone, or via in-app chats.”
PalmPay’s unwavering focus on customer satisfaction continues to earn industry recognition. The company was recently honored with the Consumer Friendly Business of the Year (2025) award by the Lagos State Consumer Protection Agency (LASCOPA) and was featured in the 2024 KPMG West Africa Banking Industry Customer Experience Survey for outperforming traditional banks in key areas of service delivery.
These accolades reaffirm PalmPay’s commitment to a customer first culture built on reliability, support and trust. With over 35 million active users and a growing nationwide footprint, PalmPay continues to elevate service delivery while providing tools that make money management easy, rewarding, and accessible for every Nigerian.
Federal Government has unveiled the Nigerian Digital Trustmark Seal, a cybersecurity initiative aimed at enhancing trust, transparency, and safety across Nigeria’s digital ecosystem.
The launch, which coincided with Cybersecurity Awareness Month, was announced during a press conference organised by the National Information Technology Development Agency (NITDA) in Abuja.
The event drew participation from key stakeholders including the National Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA), the Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ), media representatives, and digital economy experts.
Speaking at the event, Director-General of NITDA, Kashifu Inuwa, CCIE, said the initiative was designed to verify the authenticity of online platforms, businesses, and organisations, thereby protecting consumers from fraudulent and cloned websites.
“The digital economy has been Nigeria’s fastest-growing sector for almost five years, surpassing oil and gas in GDP contribution,” Inuwa said. “However, as we digitise, challenges emerge.
“Technology is a double-edged sword. While good actors use it to drive efficiency, bad actors exploit it to cause harm and erode public trust.”
He explained that the Digital Trustmark Seal was co-created by NITDA, NACCIMA, and GIZ to serve as a visible indicator of authenticity.
The seal will be displayed on verified websites, enabling citizens to easily distinguish between genuine platforms and malicious ones often used for scams and identity theft.
“This initiative is designed to build trust within our digital ecosystem. Every company, e-commerce platform, business, and government organisation will have a Trustmark seal on their website to ensure authenticity,” he added.
Inuwa noted that the project aligns with President Bola Ahmed Tinubu’s Renewed Hope Agenda, which prioritises rebuilding public trust through inclusive governance and promoting transparency in the digital space.
He emphasised that the initiative encourages collaboration between the public and private sectors to jointly design and implement solutions that make Nigeria’s digital environment safer and more trustworthy.
“This initiative will also work closely with the private sector. They are the main drivers of adoption, and it won’t be a challenge because, for them, it helps build reputation and customer confidence,” Inuwa said.
“For citizens, it builds confidence and trust that when they interact and transact online, they are dealing with authentic websites and providers,” he added.
Representing NACCIMA, Mr Suleiman Adebayo Audu, an Advisor to the Association, commended NITDA and GIZ for initiating the project, describing it as “a timely and impactful effort” that will improve business confidence and international perception.
“Many genuine Nigerian businesses lose customers due to a lack of trust. This seal will help restore credibility and make Nigerian SMEs more competitive globally. NACCIMA will work with our state chambers to sensitise members and support them through the verification process,” Audu said.
Mr Chinedu Albert, a consultant with GIZ, reaffirmed the organisation’s support, noting that the initiative aligns with GIZ’s broader mission of promoting safe, inclusive, and transparent digital ecosystems across Africa.
“Trust is the foundation of every digital transaction. Without it, progress slows down. Our role is to provide technical expertise and international best practices to ensure the seal serves all, including women-led businesses and startups,” Albert said.
In his remarks, Director of NITDA’s Cybersecurity Department, Dr Mohammed Lawan, described the initiative as a significant milestone in establishing a robust digital trust infrastructure for Nigeria.
“Trust is the currency of the digital economy. This seal will serve as a verifiable digital signature, reducing fraud and enhancing Nigeria’s reputation globally,” Lawan said.
He announced that NITDA would soon roll out stakeholder engagements, capacity-building workshops, and sensitisation programs to drive nationwide adoption of the Digital Trustmark Seal.
The event concluded with a call to action for all stakeholders, including the media, to play a vital role in amplifying awareness and reshaping Nigeria’s image on the global stage.
This year’s observance of the International Day of the Girl Child began on Wednesday with Glo Foundation, the social responsibility arm of telecommunications company, Globacom, charging secondary school girls across the country to pay attention to their menstrual and mental health.
The Foundation reasoned that this has become imperative if the girls would grow into adulthood with confidence while embracing the future without inhibitions. It made this its focal point of engagement with girls in select schools. This year’s observance, with the theme: “The GIRL I am, the changes I lead: GIRLS on the frontline of crisis”, was an opportunity for the Foundation to reach out to students with information to promote the well-being of the girls.
The health awareness campaign in conjunction with the Health Aid for All Initiative (HAFAI), an NGO, sought to educate 100 girls from each of the selected schools in Lagos, Abuja, Port Harcourt, Benin, Owerri and Kaduna.
The schools included Community Secondary School, Port Harcourt; Methodist Government Junior High School, Agege, Lagos; LGEA Upper Basic School Kudansa, Maraban Rido, Kaduna; Oba Ewuare Grammar School, Oko Central, Benin City; Orogwe Secondary School, Owerri; and Junior Secondary School Dutse Sagwari, Abuja.
According to the Foundation, “Menstrual periods should never be a reason for a girl to lose confidence, miss school, or feel held back. That’s why we put this initiative together where we also provided menstrual care kits to the young girls in these selected states, to ensure that they have not just what they need, but also the reassurance that their growth and dignity matter”.
Dr Ugorchi Ohajuruka, a medical doctor and public health specialist and Mrs Lara Rowland took the students of Methodist Government Junior High School, Agege, Lagos through basic tips on menstrual health management and hygiene, gender based violence, mental health and allied issues of importance. They also encouraged the girls to ask pertinent questions relevant to the topic as well as their overall health and well-being.
The Principal of the school, Mr Olawale Adebakin, reiterated the importance of placing premium on the health and well-being of the girl child. “There is a need to take care of the girl child. We need to protect them so they will be useful for the development of the country,” he added.
The sessions witnessed similar experiences in the other locations selected by Glo Foundation for the observance in Abuja, Kaduna, Benin, Owerri, and Port Harcourt.
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