Eloho Omame is a Partner at TLcom Capital LLP, based in Lagos. Eloho is on the Board of Pastel. She is also a mentor for Endeavor in Nigeria and supports African startups as a co-founder/GP of FirstCheck Africa, a female focused pre-seed venture capital fund. Prior to joining TLcom, Eloho was launch Managing Director & CEO at Endeavor Nigeria, where she built West Africa’s largest support organization for tech startups at the scale-up stage. She was previously a Vice President at General Atlantic, where she led sourcing and execution for the global growth equity firm in Sub-Saharan Africa. Eloho started her career in investment banking and has supported and advised on transactions across multiple sectors in Nigeria and the UK. She holds an MBA from the London Business School and an undergraduate degree in Economics from the London School of Economics and Political Science
- Please tell us a bit about yourself / background?
As a Partner at TLcom Capital, a leading Africa-focused technology venture capital firm, I have the privilege of investing in the continent’s best entrepreneurs who are tackling its most significant challenges. With over $250 million in capital under management, our investment portfolio includes high-growth companies across multiple sectors in Nigeria, Kenya, and Egypt, such as Andela (unicorn), Autocheck, uLesson and Fairmoney. Outside of TLcom, I am also the Co-Founder and General Partner at FirstCheck Africa, a female-focused pre-seed firm, where I am committed to helping Africa’s exceptional female entrepreneurial talent build great companies. I began my career as an investment banker advising clients mostly in the TMT and FMCG sectors in Europe and Nigeria.
- What are the reasons for the increased VC investments in Africa and the rise of African unicorn companies?
The increased VC investments in Africa and the rise of African unicorn companies can be attributed to several factors. Firstly, Africa is home to a growing number of young, tech-savvy, and entrepreneurial individuals who are driving innovation and disruption across multiple sectors. Additionally, there has been a significant improvement in infrastructure, particularly in the areas of mobile and internet connectivity, which has enabled companies to scale faster and more efficiently. Finally, African governments and regulators are increasingly recognizing the importance of fostering a conducive environment for startups to thrive, which has helped to attract more investment capital into the region.
- What trends are most exciting to you as an investor?
As an investor, I am most excited about the potential for technology to drive transformational change across various sectors, particularly those that have traditionally been underserved. Areas such as fintech, healthtech, edtech, and agritech have enormous potential for innovation and impact, and I am particularly interested in startups that are leveraging technology to address specific pain points in these industries. Additionally, I am excited about the emergence of new business models that are unique to the African context, such as mobile-first solutions and platform businesses that cater to the needs of the informal economy.
- What does your fund look for when considering making an investment, and what are the key characteristics of a successful entrepreneur or founding team?
When considering making an investment, our fund looks for a strong founding team, a large addressable market, a unique product or service, scalability potential, a clear strategy for value generation, and exceptional execution ability. A successful entrepreneur or founding team should possess technical expertise, business acumen, strong leadership skills, and exceptional execution ability.
- What advice do you have for founders seeking investors?
My advice for founders seeking investors would be to focus on building a strong team, product, and business model. Investors are typically looking for companies that can demonstrate a clear understanding of their target market, a unique value proposition, and a sustainable competitive advantage. Additionally, it is important for founders to have a clear vision for how they plan to use the investment capital to scale their business and generate returns for their investors. Finally, it is important to remember that fundraising is a relationship-building exercise, so founders should take the time to build strong relationships with potential investors and be transparent and honest about their progress and challenges.