Swedfund backs African VC investor
The Swedish development finance institution, Swedfund, has invested $10 million in TIDE Africa Fund II, a venture capital fund dedicated to financing the development of scalable and innovative business models. The fund is focusing on developing young companies and supporting entrepreneurs working with digital business models spun out of local needs in Africa.
TLcom is the fund manager behind Tide Africa Fund II. TLcom’s first African fund, Tide Africa Fund I, has invested in small and unlisted growth companies in sub-Saharan Africa since 2017 and the firm has extensive experience in supporting entrepreneurs working with sustainable, scalable and innovative business models.
”Investments are needed to facilitate the use of new technologies as accelerator for development and poverty reduction. By providing funding to entrepreneurs at an early stage, we can support the development of digital business models based on local needs,” says Maria Håkansson, CEO of Swedfund.
”This is a milestone because we have been working persistently for a long time to find a partner with a strong position and experience of growing and developing digital solutions from an early stage spun out of local needs. As a development finance institution, we can contribute with long-term capital in combination with knowledge and long experience of working with sustainability,” adds Håkansson.
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