TLcom names new partner, commits $2 mn to FirstCheck Africa

 TLcom names new partner, commits $2 mn to FirstCheck Africa

TLCom’s leadership team

TLcom Capital, one of the most prominent Africa-focused early- to mid-stage venture capital firms, has committed $2 million to an early-stage gender balance investor FirstCheck Africa and appointed Eloho Omame as a new partner.

The capital injection will enable FirstCheck Africa to support more tech startups that have at least one female founder or co-founder with a focus on signing first cheques for such ventures. Since January 2021, the firm has been providing capital via its $10 million debut fund.

With the new infusion of capital, the angel fund can now invest up to $250,000 as opposed to $25,000 commitment it made when it started.

In the last 18 months, FirstCheck Africa has invested in 10 female-led startups. These include Uncover, Pivo, Tushop, Akiba Digital, MoneyHash, Foondamate, Zoie Health and Healthtracka across four countries.

TLcom, which marked the first close of a new VC fund for Africa earlier this year, said this investment will expand its deal flow generation strategy to pre-seed investments, building on its traditional remit of seed to Series B investments in high-growth, tech-enabled startups. Some startups in its portfolio include uLesson, Andela, Autochek, Ilara Health, Kobo360, Twiga, Okra, Terragon group and Ajua.

New partner

Meanwhile, the firm has named Eloho Omame, who had teamed up with Odunayo Eweniyi to start FirstCheck Africa, as a partner. Prior to FirstCheck Africa, she was the founding managing director of Endeavor Nigeria.

The appointment consolidates TLcom Capital’s position as one of the few VC firms with more female partners on the team. Women now occupy three of five senior leadership roles at the Africa-focused venture capital firm.

Besides Omame, it has Omobola Johnson and Andreata Muforo.

The other partners are Ido Sum and founder and managing partner Maurizio Caio.

Vivek Sinha

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