TLcom Capital, a VC firm that focuses on Africa, put $2 million into FirstCheck Africa. One of the founders of FirstCheck Africa, Name Eloho, has also become a Partner at TLcom Capital.
In January of 2021, Odun and Eloho established FirstCheck Africa as just an angel fund to resolve the limited access to capital for digital businesses owned and operated by African women.
A generation of African women will benefit from increased capital leadership and equity if FirstCheck Africa is successful in its mission to empower them via the use of technology and entrepreneurialism.
In addition to its $10 million inaugural funds, FirstCheck Africa plans to invest a total of $12 million from a single pool of capital to further its mission of assisting high-growth, technology-driven companies with at least a female co-founder or founder.
As high conviction first checks, the African venture capital business focusing on women entrepreneurs will now invest up to 250,000 dollars in early-stage funding rounds for companies managed by women.
First Check Africa said What began as personalized promises to invest up to $25,000 each in six female-led businesses has now transformed into an institutional fund with millions of dollars under control, and we couldn’t be happier about it.
In the past 18 months, check Africa has put money into ten women-run businesses in four different countries.
The financing helps FirstCheck Africa assist a more comprehensive number of companies that women entrepreneurs started by providing them access to more significant capital.