Venture capital firm TLcom Capital (TLcom) has 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 start ups in 2014the 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.
The appointment was part of TLcom’s effort 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 vital 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 start-ups businesses, and angel investors and VC companies have been watching the developments and increasingly supporting start-ups across the African continent.
TLcom has managed to choose its investments well and proving that VC exits from African start-ups 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 at 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.
TLcom Capital is a venture capital firm based in London, Nairobi and Lagos, managing approximately $300 million in technology and innovation from early stage to expansion and growth.
TLcom delivers equity capital as part of a larger strategic and operational support to entrepreneurs, leveraging a senior team of business building investment professionals combining global industry expertise with local transaction and management experience.
Before joining TLcom, Omobola was Minister of Communication Technology, Nigeria from 2011 to 2015, focusing on the launch and execution of the National Broadband Plan, and the support of the Nigerian technology industry, including the pioneering involvement of the government in a local VC fund and a network of start-up incubators.
Before serving in the Nigerian government, she gained over 25 years of consulting experience with Accenture including five years as Country Managing Director, working with companies in a variety of industries, transforming them into more competitive and dynamic organizations.
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