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Image used for illustrative purpose. Seed funding or seed stage funding is a very early investment which aims at helping a business grow and generating its own capital. Also referred to as seed money or seed capital, investors often get equity stake in exchange for the capital invested.
ArabFinance: VC firm TLcom Capital plans to enter Egypt with its new fund, which hit a first close of $70 million, TechCrunch reports.
The firm, whose portfolio companies are all based in Nigeria or Kenya, is looking to use the fund to branch out to other areas of the continent, with Egypt as one of its prime targets.
The firm also plans to raise $150 million in the funds final close by November. The company will use the fund to add 20 early-stage startups to its portfolio, with individual investments ranging from $500,000 to $15 million.
TLcom is focused on start-ups in fintech, mobility, agriculture, healthcare, education and e-commerce, though Caio told TechCrunch that it is also interested in venturing into Web3.0 (explainer), crypto and DeFi (explainer). The firms first fund, the $71 million TIDE Africa Fund, invested in 11 startups from seed to series B stages. The startups include Andela, Ajua, Autochek, Ilara Health, Kobo360, Okra, Pula, Shara, Terragon Group, Twiga and uLesson.
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