FirstCheck Africa has received a $2 million investment from TLcom Capital, a venture capital firm with an emphasis on Africa. Oname Eloho, one of FirstCheck Africa’s founders, has also joined TLcom Capital as a Partner.
In order to solve the issue of financial access for female digital entrepreneurs in Africa, Eloho and Odun founded FirstCheck Africa as an angel fund in January 2021.
The goal of FirstCheck Africa is to use technology and entrepreneurship to improve equity, capital, and leadership for a generation of African women.
FirstCheck Africa will invest $12 million as a single pool of money in addition to its $10 million debut fund to support its aim of supporting high-growth, technology-driven firms with at least one female founder or cofounder.
The female-focused African venture firm will now put up to $250,000 into early-stage rounds for female-led firms as high conviction first checks.
“We’re pleased that what started as personal promises to invest up to $25k apiece in six female-led firms has turned into an institutional fund with millions of dollars under management,” FirstCheck Africa said in a statement. FirstCheck Africa has made investments in 10 female-led enterprises across four nations during the past 18 months.
By giving them access to greater capital, the funding enables FirstCheck Africa to help more businesses with female founders.
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