TPG Growth

Breaking down France’s new $76M Africa startup fund

Jake Bright Contributor More posts by this contributor Africa Roundup: African startup investments turn to fintech this winter season Nigeria’s Piggybank.ng raises $1.1M, announces group investment product Weeks after French President Emmanuel Macron unveiled a $76M African startup fund at VivaTech 2018, TechCrunch paid a visit to the French Development Agency (AFD) — who will administer the new fund — to get more details on how le noveau fonds will work. The $76M (or €65M) will divvy up into three parts, according to AFD Digital Task Team Leader Christine Ha. “There are €10M [$11.7M] for technical assistance to support the African ecosystem… €5M will be available as interest free loans to high potential, pre seed startups…and…€50M [$58M] will be for equity-based investments in series A to...

Lessons from cybersecurity exits

Dear F0und3r: What a month this has been for cybersecurity! One unicorn IPO and two nice acquisitions – Zscaler’s great debut on wall street,  a $300 million acquisition of Evident.io by Palo Alto Networks and a $350 million acquisition of Phantom Cyber by Splunk has gotten all of us excited. Word on the street is that in each of those exits, the founders took home ~30% to 40% of the proceeds. Which is not bad for ~ 4 /5 years of work. They can finally afford to buy two bedroom homes in Silicon Valley. Evident.IO Investment Rounds and Return estimates Date Select Investors Round Size Pre Post Dilution Estimated Returns / Multiple of Invested Capital Sep 2013 True Ventures $1.5m $5.25m $6.75 m 22% 44X Nov 2014 Bain Capital $9.8 m $18.1m $28.0 m 35% 10.7X Apr 2016 Venrock $15.7 m $35.0 m $50...

Africa Roundup: Partech Ventures launches $70M fund, TPG Growth acquires TRACE, Rensource raises $3.5M

Jake Bright Contributor Jake Bright is a writer and author in New York City. He is co-author of The Next Africa. More posts by this contributor: Last month we characterized 2017 as the year Sub-Saharan Africa’s startup scene found its stride. 2018 looks to be the year of numerous VC investments. TPG acquires TRACE January got the funding party started. U.S.-based private equity firm TPG Growth acquired a majority stake (of an undisclosed value) in entertainment company TRACE. TRACE is a global multimedia giant for African music and film content with 200 million viewers and listeners in 160 countries, 30 mobile services, 21 pay TV channels and 7 FM radio stations. TPG Growth will “partner with TRACE’s co-founder and management to build a global leader for Afro-urban music and entertainment,...

TPG Growth and CAA’s investment firm Evolution Media buy into Africa’s music business

Private equity and media giants from the U.S.  are starting to pay attention to Africa’s burgeoning online media and culture scene. TPG Growth, the middle market and growth equity investment arm of private equity giant TPG, and Evolution Media, the investment and advisory services firm created by Creative Artists Agency and TPG, have acquired a majority stake in the South African multimedia entertainment company, TRACE. With 200 million viewers and listeners across 160 countries, TRACE has created a media empire in Sub-Saharan Africa. The company owns and operates 30 digital and mobile services, 21 pay TV channels and seven FM radio stations. Through over 400 concerts, web simulcasts, and talent search competitions, the company’s programming reaches viewers on the continent and throughout ...