TIDE Africa II Fund

Equity : November 2022

The SDG Frontier Fund has invested USD 2.5 M in equity in the TIDE Africa II Fund, a venture capital fund focusing on technology-enabled services and innovation for Africa.

This is an investment by SDG Frontier Fund

Amount

$ 2,500,000.00

Type of investment

Equity

Development impacts

  • Local economic growth
  • Private sector consolidation/innovation

Beneficiary locations

Sub-Saharan Africa: Kenya, Nigeria

Investment field

Investment Companies & Funds

Activity

KK.64.300 SME Fund

Organisation

TIDE Africa II Fund

Domicile

Mauritius

More investments in

TIDE Africa II Fund

  • Equity € 7,212,033.79 (2022)

The SDG Frontier Fund has invested in the TLcom Technology and Innovation for Developing Economies Africa II Fund (TIDE Africa II Fund), a venture capital fund focusing exclusively on technology-enabled services and innovation for Africa (and predominantly SSA) across all stages of the venture capital cycle.

The fund is the successor to the TIDE Africa Fund, in which BIO has committed USD 5M. Similarly to its predecessor fund, TIDE Africa II will make equity investments into tech-enabled, fast growth enterprises founded by outstanding management teams, serving the African market, with either the potential to scale globally or the ability to profitably serve customers at the base of the economic pyramid, which continue to represent the vast majority of consumer demand in the region and in other developing and emerging economies.

Development impacts

  • Local economic growth

    TLcom aims to provide capital funding to innovative companies whose activities improve the conditions of economic agents and individuals across formal and informal sectors. It supports the creation of jobs in the digital sector.

    TLcom focuses on highly scalable businesses with strong expansion to multiple African countries, including the least developed countries.

  • Private sector consolidation/innovation

    The fund will support the emergence of a digital economy in Africa by enabling the occurrence of recognised success stories on the continent, reinforcing the African VC ecosystem and creating a virtuous innovation cycle.

    The fund will support the growth of leading disruptors, that use technology and/or innovative business models to either (i) increase access and affordability to key goods and services for low- and middle-income people (ii) contribute to find innovative solutions to local problems (iii) optimize the value chain and processes in key industries and (iv) leverage local talents.

E&S Impact

TIDE II will

  • publish its E&S values on its website,
  • review the exclusion list to cover fossil fuels, and
  • adapt its ESG questionnaire for clients to widen the scope.

Also, the fund will systematically request a retrenchment plan for collective dismissals at the level of its investees and will share more detailed information for the first investments with the investors.

Situation at the time of investment

The venture capital fund has already adopted an Environmental and Social Management System aligned to the EDFI requirement, covering all the steps of the investment life cycle. Recently, upon request of other EDFI it has widened the scope of its E&S assessment to include gig workers risks and mandatory external E&S due diligence for medium-risk projects with higher risks (i.e. warehouse, agriculture etc.).

Risk Category: B

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SDG Frontier Fund

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