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Africa-Focused TLcom Eyes Egypt With $70 Million Funding Round

  • TLcom will invest in 20 early-stage startups with new fund
  • Investors include Allianz, the U.K.’s CDC group, FBNQuest

TLcom, an Africa-focused technology investment firm with a portfolio of 12 startups, raised the first $70 million of a new fund that will help it expand into countries such as Egypt. 

Backers include German financial giant Allianz SE through its AfricaGrow unit, British development-finance institution CDC Group and Nigerian private-equity firm FBNQuest Capital Ltd., Maurizio Caio, founder and managing partner, said in an interview. The final target is to attract $150 million of capital by November, he said.