TIDE Africa Fund (IFC-42091)

Countries
  • Kenya
Geographic location where the impacts of the investment may be experienced.
Financial Institutions
  • International Finance Corporation (IFC)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Proposed
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
U
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
Voting Date
Apr 27, 2019
Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.
Borrower
TLCOM CAPITAL LLP
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Finance
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Equity
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 6.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Project Cost (USD)
$ 6.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Bank Documents
Primary Source

Original disclosure @ IFC website

Updated in EWS Feb 22, 2019

Disclosed by Bank Feb 15, 2019

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Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

IFC is considering an equity investment of upto US$6 million in TIDE Africa Fund (“TIDE”). TIDE is an Africa-focused venture capital fund making investments in early to growth stage tech and tech-enabled companies in SSA, investing between US$0.5 million and US$8 million with a particular emphasis on Series A and Series B financing rounds. Majority of TIDE’s investments will be concentrated in Anglophone Africa: Kenya, Nigeria, Ghana and South Africa, and the remaining allocation will be deployed in other Western, Eastern and Southern African countries, with a sectoral focus on consumer services, financial services, and enterprise technologies. TIDE has already made investments in five high growth digital companies in Kenya and Nigeria. TIDE Africa reached first close at US$40 million in July 2017 and is expecting to get to final close by June 2019. Anchor investors include: European Investment Bank, Africa Development Bank, Proparco and Thrive Charitable Remainder Trust. TIDE is managed by a team of four investment professionals, led by Maurizio Caio with on-the-ground presence in Sub-Saharan Africa.

Investment Description
Here you can find a list of individual development financial institutions that finance the project.
Private Actors Description
A Private Actor is a non-governmental body or entity that is the borrower or client of a development project, which can include corporations, private equity and banks. This describes the private actors and their roles in relation to the project, when private actor information is disclosed or has been further researched.

TIDE is an Africa-focused venture capital fund making investments in early to growth stage tech and tech-enabled companies in SSA, investing between US$0.5 million and US$8 million with a particular emphasis on Series A and Series B financing rounds. Majority of TIDE’s investments will be concentrated in Anglophone Africa: Kenya, Nigeria, Ghana and South Africa, and the remaining allocation will be deployed in other Western, Eastern and Southern African countries, with a sectoral focus on consumer services, financial services, and enterprise technologies. TIDE has already made investments in five high growth digital companies in Kenya and Nigeria.

TIDE Africa reached first close at US$40 million in July 2017 and is expecting to get to final close by June 2019. Anchor investors include: European Investment Bank, Africa Development Bank, Proparco and Thrive Charitable Remainder Trust.

TIDE is managed by a team of four investment professionals, led by Maurizio Caio with on-the-ground presence in Sub-Saharan Afric

Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
- - - - TIDE Africa Fund Client -

Contact Information
This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.

Company: TIDE Africa Fund

Point of Contact: Maurizio Caio

Title: Managing Partner

Telephone: +254 719 723 433

Email: info-ke@tlcomcapital.com

Mailing Address: Chaka Place Argwings Kodhek Road, Nairobi, (Kenya)

Website: http://www.tlcomcapital.com/

ACCOUNTABILITY MECHANISM OF IFC

The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at CAO@worldbankgroup.org. You can learn more about the CAO and how to file a complaint at http://www.cao-ombudsman.org/

How it works

How it works