London and Nairobi-based venture firm TLcom Capital has raised $40 million for its new Africa fund. The target is $100 million. The TIDE Africa Fund will focus on tech startups in Sub-Saharan Africa. The investors include African Development Bank, the European Investment Bank and FBN Capital. The fund will make investments of between $500,000 and $10 million per company. TLcom Capital, the VC fund started in London two decades ago with over $300 million under management and tech investments in Europe, Israel and the US. TLcom team has invested heavily in the Africa and opened offices in Nairobi and Lagos.