E-Financial
TLcom Secures First Close of $150mn Pan-African Tech Fund
TLcom, the Africa-focused venture capital firm, has today 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.”
The third edition of the annual cybercrime exposure and prevention event, The Hackers Secret Conference 2025 (THSC2025) is slated to be held on Friday, July 25, 2025.
The event, which aims to bring stakeholders together to keep them abreast of prevailing criminal activities in cyberspace and the required preventive measures, will host key industry players and speakers from different ICT platforms to real out intriguing information that will aid crime fighting in this cyber era.
The event, which is organized annually by IIMONEX ICT LTD, a prominent ICT firm in Nigeria, will be held at the Prestigious Sheba Event Centre at number 20, Mobolaji Bank Anthony Way, Ikeja, Lagos, Nigeria at 9 am.
Keynote speaker expected at the event is Dr. Harrison Nnaji (Ph’D), Group CISO, First Bank.
Other guests expected at the event are Obiora Awogu, CISO, MTN PSB, Prayer Ufot, Cybersecurity, Data Protection Expert and AI Generalist; Adesola Oguntimehin, Founder, Cyber Patron Network, Delight Hamilton, Information Security Officer, Piggyvest and
Chief Executive Officer of iiMONEX, Mr. Udoh Michael Essiet describes the event as a cyber defence conference that brings together Cyber Experts, thought leaders, cyber security students, technology companies and technology vendors to discuss the latest cyber threats and how to defend against them.
According to him, “This year’s edition we are focusing on skills acquisition, we want to create opportunities for cyber security beginners, intermediate and advanced level professionals to network with industry leaders and kick start their career as cyber security Analyst and ethical hackers.
“We also want to create a live penetration testing session during THSC2025, Participants will watch ethical hackers break down attacks and provide expert solutions.
“In this year’s edition, we also invite Software Brands to authorize our ethical hackers to test their digital products live to gain users trust and Brand exposure.”
The THSC initiator however urged industry players to braze up for the event and throw their weights behind it for an effective impact on the industry and across the globe.
The Securities and Exchange Commission (SEC) has issued a strong advisory, warning the Nigerian public against participating in the presale or promotion of a new cryptocurrency known as Punisher Coin, or $PUN, citing regulatory breaches and a high risk of investor fraud.
In a public notice released on Sunday, the capital market regulator described the ongoing presale of Punisher Coin as “unauthorized and illegal,” warning that the asset and its promoters are not registered to operate within Nigeria’s capital market ecosystem.
“The attention of the Securities and Exchange Commission has been drawn to several online publications blatantly advertising the unauthorized presale of a cryptocurrency termed Punisher Coin, also known as $PUN,” the SEC stated, citing a report in the Daily Trust e-paper which claimed the coin could rival established tokens like Avalanche and Chainlink.
The Commission categorically disassociated itself from the coin and emphasized that neither it nor its promoters have received regulatory approval.
“Punisher Coin aka $PUN and its promoters are not registered by the Commission to promote, launch, sell, trade, or solicit investments from the Nigerian public,” the statement read.
According to preliminary findings, the SEC said Punisher Coin qualifies as a “meme coin”—a type of digital asset typically lacking intrinsic value, utility, or a defined project roadmap. These coins are often driven by social media hype and influencer promotion, which the Commission warned makes them especially vulnerable to manipulation and sudden collapse.
“Further investigation has revealed that Punisher Coin or $PUN is a meme coin. Meme coins generally have no use case or intrinsic value. Their price movements are usually driven by social media buzz and influencer promotion, which are prone to manipulation and abrupt collapses,” the SEC added.
The Commission cautioned that such tokens are commonly used in “pump-and-dump” schemes, where promoters artificially inflate a coin’s value through hype before selling off their holdings at a profit—leaving unsuspecting investors with worthless tokens.
“In light of these findings, any person who invests in such a scheme does so at his or her own risk,” the SEC warned.
Reaffirming its investor protection mandate, the Commission urged Nigerians to verify the legitimacy of any crypto asset offering, as well as the registration status of promoters and platforms, via its official fintech verification portal: SEC Fintech Verification Portal
This latest warning reflects the SEC’s growing concern over the proliferation of unregistered digital asset schemes targeting Nigerian investors amid a global cryptocurrency boom.
Gambaryan, Binance Executive Leaves Company after 8-Month Detention in Nigeria
Tigran Gambaryan, Binance executive, is leaving the exchange after four years of service, eight months of which were marked by detention in Nigeria for money laundering allegations.
Tigran Gambaryan, Binance executive Pix created by photogrid
Gambaryan, praises Changpeng Zhao’s commitment to building a stronger compliance framework.
Having been cleared of all charges, Gambaryan’s departure from Binance marks the end of a tumultuous chapter for both him and the company.
Earlier yesterday, Tigran Gambryan shared an X post, announcing his departure from Binance. He wrote, “Today is my last day at Binance, marking the end of a chapter I’m deeply proud of.”
In a heartfelt farewell, Gambaryan reflected on his four-year tenure at Binance, where he built and led the company’s global investigations function.
Addressing founder Changpeng Zhao, he praised his commitment to building a stronger compliance framework. He noted,
“[CZ] was committed to bringing in experienced leadership to help the company engage more constructively with law enforcement. His support for our mission never wavered, and I’ll always be grateful for the trust he placed in me and the team.”
Further, he highlighted the team’s notable achievements during his tenure. Notably, the team handled over 57,000 law enforcement requests and provided critical support in cases involving financial crimes. He has also led the training of thousands of officials worldwide.
To exemplify, he highlighted cases like assisting the Royal Thai Police.
The team helped them in taking down a massive $270 million crypto fraud scheme targeting citizens in Thailand and the US. He also pointed to the collaboration with Nigeria’s EFCC to recover over $400,000 in illicit funds and provide advanced training to their agents.
Notably, his departure comes following Coinbase’s recent data breach.
The incident exposed personal details of prominent figures like Sequoia Capital’s Managing Partner, Roelof Botha.
Tigran Gambaryan was the Head of Financial Crime Compliance at Binance, who served the exchange for four years.
During a business trip to Nigeria, Gambryan was arrested along with another Binance executive over money laundering allegations.
During his nearly eight-month detention, Gambaryan reportedly endured harsh conditions that took a toll on his health.
Though Gambaryan suffered from malaria and pneumonia, he reportedly received inadequate medical care.
In addition, in a September 2, 2024, court hearing, Gambaryan was subjected to ‘inhumane treatment’ by Nigerian authorities, as evidenced by a video.
However, following consistent requests from his family and influential figures, Gambaryan was finally released and cleared of all charges in October 2024.
It is noteworthy that the Nigerian government sued Binance when the exchange was facing a lawsuit from the US SEC.
While Nigeria is still pursuing the case, the SEC recently dismissed its lawsuit against the exchange.
Cyber Crime: Hackers to Hold Secret Conference 3.0 July 25
FG Enrolls 59,786 Inmates on NIN Platform
Gaps on Phone Number Recycling Fuel Identity Theft, Data Breaches- ICIR
Wema Bank Workers, Others Arraigned over Alleged N8.9Bn Cybercrime
Music Stars, Comedians Light Up “Evening with Glo” in Ijebu Ode
Telecom2 days agoAirtel Recommits to Fraud Prevention after NCC’s N104m Fine for SIM Registration Breaches
Telecom2 days agoMTN’s Female Leadership Surges to 41.4%, Doubles Industry Average
Broadcasting2 days agoNCC Warns DJs: Playing Music Without License Could Lead to 5-Year Jail Term
Telecom2 days agoTikTok Rolls Out Personalization Tools for Nigerian Users
News2 days agoIHS Nigeria Reaffirms Commitment to raising Nigeria’s Next Tech Giants from the Ilorin Innovation Hub
General News2 days agoInterswitch, Bank of Sierra Leone Champion Financial Inclusion @ Sierra Leone Fintech Forum 2.0
General News2 days agoNITDA Makes Case for Inclusive Tech for Special Needs
E-Financial2 days agoGambaryan, Binance Executive Leaves Company after 8-Month Detention in Nigeria