Dr Omobola Johnson, Nigeria’s former Minister of Communication Technology and now Lead Partner of TLcom, says TLcom has raised $40 million seed funds to grow technology-enabled services and entrepreneurial innovations across Africa.
According to Dr Omobola Johnson, the seeds funds will provide both funding support and business development models to help entrepreneurs build sustainable businesses.
TLcom is an international venture capital in Lagos, Nairobi, and London that help African entrepreneurs work closely with portfolio companies and access a network of global investors, technology experts, and advisors.
The target fund is $100 million. This fund is with the African Development Bank (AfDB), European Investment Bank (EIB), and African, American, and European corporate investors and family offices such as FBN Capital and Founder of the Stanford’s SEED Institute, Bob King.
“It’s a great initiative”, says Senator Iyere Ihenyen, Lead Partner of Infusion Lawyers. “Mobile penetration is growing fast in sub Saharan Africa. Investors are taking advantage of this growth by investing in African businesses in commerce, education, finance, health, and other sectors that mobile technology can change fast.”