Predict your next investment

Venture Capital
tlcomcapital.com

See what CB Insights has to offer

Investments

48

Portfolio Exits

7

Funds

2

About TLcom Capital

TLCOM Capital invests in tech entrepreneurs in Europe, Israel, the United States and Africa across all technology sectors and at all stages of development, from seed to growth capital.

TLcom Capital Headquarters Location

5th Floor, Senteu Plaza, Galana Road

Kilimani,

Kenya

+254 207 640217

Predict your next investment

The CB Insights tech market intelligence platform analyzes millions of data points on venture capital, startups, patents , partnerships and news mentions to help you see tomorrow's opportunities, today.

Latest TLcom Capital News

Pastel secures $5.5m in seed funding, lead by TLcom, to help African SMEs thrive

Aug 16, 2022

Pastel secures $5.5m in seed funding, lead by TLcom, to help African SMEs thrive by 24 Views Share Because of a lack of digitalization and sub-optimal business practices, eighty percent of Nigeria’s forty million micro, small, and medium enterprises (MSMEs) struggle to survive beyond their fifth year. Pastel is a company that three graduate students founded at Stanford University. These students, Abuzar Royesh, Olamide Oladeji, and Izunna Okonkwo, are attempting to find a solution to this challenge through their company. They just finished raising $5.5 million for that purpose. TLcom Capital, a pan-African VC firm, led the charge in raising $5.5 million for the seed round of funding for Pastel.DFS labs Plug and Play, Global Founders Capital (GFC), Ulu Ventures, Golden Palm Investments, and Soma Cap participated in the funding effort. The firm had raised a pre-seed round of 620 thousand dollars in 2021. Pastel positions itself in the market as a provider of solutions for business management. It was in school that its founders first connected, and it was there that they realized they had a desire to alleviate the difficulties faced by small enterprises in developing economies. The value of micro, small, and medium-sized enterprises (MSMEs) in Nigeria, for example, is estimated to be over $200 billion; as a result, the three individuals concentrated on Nigeria’s growing MSME industry. For example, the value of micro, small, and medium-sized enterprises (MSMEs) in Nigeria is estimated to be over $200 billion; hence, the three individuals concentrated on Nigeria’s growing MSME industry. They made their debut as SabiCash in the Nigerian city of Lagos, which is also the location where they introduced their flagship bookkeeping app. SabiCash is now called Pastel, and it lets small businesses keep a close eye on transactions, manage customers, look at cash flow, and deal with debt. Pastel’s objective is that by putting small businesses online and digitizing their operations, they will be able to remove the obstacles that are connected with time-consuming and antiquated bookkeeping practices. Okonkwo says that more than 100,000 merchants  signed up for the Sabi bookkeeping app by the end of 2021. The app already has more than 45,000 active merchant users. Quick Receipt is an easy-to-use invoicing and receipt application developed by Pastel. It currently has more than 60,000 active users. Pastel Financing is another product developed by Pastel, a division of Pastel whose primary mission is to serve micro, small, and medium-sized businesses with innovative digital financial solutions. The Swift Money app, which is now in development at the company, is one example of such a solution. When launched, the Swift Money app will focus on digitizing the Ajo system, a popular traditional savings scheme in Nigeria. Okonkwo, when asked why the company decided to embrace a multi-app strategy rather than creating a super app, as is more customary with their competition, replied the following to TechCrunch: We planned to gain traction as early as possible by easing a merchant’s suffering through the provision of a simple and cost-free solution. The following stage was to actualize the value. As a result, we improved the Sabi app by adding the value capture features that our users adore. We are making a lot more now. The way we’ve been approaching it is this: rather than developing a “super app” like a lot of other fintech companies already have or are working toward; we’re going to focus on something else. We are adopting a more platform-based strategy, which means that any user of Pastel can register an account with any of our other apps. They can access all our solutions with the same login information.” In a statement shared with TechCabal, Pastel stated that it would use the money received to extend its product offerings for small and medium-sized enterprises in Africa by developing new features and capabilities revolving around group savings and loans, and payments.

TLcom Capital Investments

48 Investments

TLcom Capital has made 48 investments. Their latest investment was in Pastel as part of their Seed VC on August 8, 2022.

CBI Logo

TLcom Capital Investments Activity

investments chart

Date

Round

Company

Amount

New?

Co-Investors

Sources

8/15/2022

Seed VC

Pastel

$5.5M

Yes

5

1/12/2022

Series A

SeamlessHR

$10M

Yes

10

12/9/2021

Series B

uLesson

$15M

No

13

11/1/2021

Series C

Subscribe to see more

$99M

Subscribe to see more

10

10/26/2021

Seed VC - III

Subscribe to see more

$99M

Subscribe to see more

10

Date

8/15/2022

1/12/2022

12/9/2021

11/1/2021

10/26/2021

Round

Seed VC

Series A

Series B

Series C

Seed VC - III

Company

Pastel

SeamlessHR

uLesson

Subscribe to see more

Subscribe to see more

Amount

$5.5M

$10M

$15M

$99M

$99M

New?

Yes

Yes

No

Subscribe to see more

Subscribe to see more

Co-Investors

Sources

5

10

13

10

10

TLcom Capital Portfolio Exits

7 Portfolio Exits

TLcom Capital has 7 portfolio exits. Their latest portfolio exit was Beintoo on March 31, 2020.

Date

Exit

Companies

Valuation
Valuations are submitted by companies, mined from state filings or news, provided by VentureSource, or based on a comparables valuation model.

Acquirer

Sources

3/31/2020

Acquired

$99M

1

9/11/2014

Acquired

Subscribe to see more

$99M

Subscribe to see more

10

10/16/2010

Acquired

Subscribe to see more

$99M

Subscribe to see more

10

12/29/2008

Acquired

Subscribe to see more

$99M

Subscribe to see more

10

8/18/2007

Acquired

Subscribe to see more

$99M

Subscribe to see more

10

Date

3/31/2020

9/11/2014

10/16/2010

12/29/2008

8/18/2007

Exit

Acquired

Acquired

Acquired

Acquired

Acquired

Companies

Subscribe to see more

Subscribe to see more

Subscribe to see more

Subscribe to see more

Valuation

$99M

$99M

$99M

$99M

$99M

Acquirer

Subscribe to see more

Subscribe to see more

Subscribe to see more

Subscribe to see more

Sources

1

10

10

10

10

TLcom Capital Fund History

2 Fund Histories

TLcom Capital has 2 funds, including TIDE Africa Fund II.

Closing Date

Fund

Fund Type

Status

Amount

Sources

1/27/2022

TIDE Africa Fund II

$70M

1

2/9/2020

TIDE Africa Fund

$99M

10

Closing Date

1/27/2022

2/9/2020

Fund

TIDE Africa Fund II

TIDE Africa Fund

Fund Type

Status

Amount

$70M

$99M

Sources

1

10

TLcom Capital Team

2 Team Members

TLcom Capital has 2 team members, including current Founder, Managing Director, Maurizio Caio.

Name

Work History

Title

Status

Maurizio Caio

Founder, Managing Director

Current

Omobola Johnson

Accenture, and Arthur Andersen

Senior Partner

Current

Name

Maurizio Caio

Omobola Johnson

Work History

Accenture, and Arthur Andersen

Title

Founder, Managing Director

Senior Partner

Status

Current

Current

Discover the right solution for your team

The CB Insights tech market intelligence platform analyzes millions of data points on vendors, products, partnerships, and patents to help your team find their next technology solution.

Request a demo

CBI websites generally use certain cookies to enable better interactions with our sites and services. Use of these cookies, which may be stored on your device, permits us to improve and customize your experience. You can read more about your cookie choices at our privacy policy here. By continuing to use this site you are consenting to these choices.