Venture capital firm TLcom Capital (TLcom) yesterday announced the appointment of Omobola Johnson the ex-Minister of Communications in Nigeria, as a general Partner to open and head their new office in Lagos, Nigeria – their second in Africa.
With two profitable exits from African startups in 2014 the sale of virtual identity solutions provider for mobile operators Movirtu to global mobile communications leader Blackberry, and the acquisition of mobile marketing company Upstream on behalf of private equity group Actis, it was the obvious next step for TLcom to further strengthen their geographical footprint in Sub Saharan Africa by adding an office in Nigeria. TLcom’s first office in Africa was opened in Nairobi to allow the launch of TLcom TIDE Africa – its new Sub Saharan Africa focused Tech fund..
“Based on my 25 year career at Accenture and my tenure as Nigeria ICT Minister, I am convinced that local entrepreneurship and private capital are key to unleash the power of technology to create jobs and further economic and social development in the continent. My goal to assist African tech entrepreneurs’ access venture capital investment can be best achieved by joining a well-established investor such as TLcom. My main focus will be on deal flow generation, investment and value generation, and to bring industry level experience and network opportunities to support the scalable, sustainable and profitable growth of African tech companies in the TLcom portfolio” said Omobola Johnson, the new Partner of TLcom Capital LLP.
Africa has been noted as a growing hub for tech/mobile startup businesses, and angel investors and VC companies have been watching the developments and increasingly supporting startups across the African continent. TLcom has managed to choose its investments well and proving that VC exits from African startups are possible. Adding an office in Lagos allows TLcom to have a firmer footprint on the African continent, and work closer with its portfolio companies helping them to expand across Africa and internationally.
“We are excited about Omobola joining our team and leading our efforts in West Africa as we look forward to exploring businesses in fundamental markets such as Nigeria and finding entrepreneurs building scalable investable companies. Our main priority is to further explore Africa related opportunities associated with technology and innovation for value generation,” said Maurizio Caio, Managing Partner, TLcom Capital LLP.
“Our recent exits validate TLcom’s belief that relevant venture backed technology and innovation can accelerate inclusive access to basic services in Africa and other developing markets, while attracting the strategic interest of global technology leaders and achieving profitable investment returns,” concludes Caio.
