TLcom Capital, a prominent Africa-focused seed to series B venture capital firm, has committed $2 million to FirstCheck Africa and appointed Eloho Omame as a partner.
The capital injection will enable FirstCheck Africa to support more high-growth, technology-driven startups that have at least one female founder or co-founder with high-conviction first checks. Since January 2021, Eloho and Odunayo Eweniyi have been providing capital access for female tech entrepreneurs in Africa with FirstCheck Africa’s $10m debut fund.
With the new infusion of capital, the angel fund can now invest up to $250,000 (as opposed to $25,000 commitments they made when started) in high conviction first checks into early-stage rounds for female-led startups.
FirstCheck Africa focuses on technology-enabled companies solving important problems in large markets. It throws the weight of its network and platform behind female-led startups with category-leadership potential to be the next generation of entrepreneurial role models for Africa. In the last 18 months, FirstCheck Africa has invested in 10 female-led startups (such as Uncover, Pivo, Tushop, Akiba Digital, MoneyHash, Foondamate, Zoie Health, Healthtracka, etc) in four countries.
TLcom Capital partners with Africa’s best entrepreneurs to tackle the continent’s biggest challenges. It invests in early to growth-stage companies in sub-Saharan Africa through its Tide fund, by supporting innovative founders that leverage technology to find market solutions to significant challenges.
This investment comes at a time when the firm is doubling down on its commitment to Africa’s thriving tech opportunity. It will also 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 uLesson, Andela, Autochek, Ilara Health, Kobo360, Twiga, Okra, Terragon group, Ajua. The appointment consolidates TLcom Capital’s position as one of the few VC firms with more female partners on the team. Senior leadership at the Africa-focused venture capital firm is now 60% female (Omobola Johnson, Andreata Muforo and Eloho Omame.
Before teaming up with Odunayo Eweniyi and founding FirstCheck Africa, Eloho Omame was the founding Managing Director of Endeavor Nigeria, where she led a community of high-impact founders on the continent.