TBL Mirror Fund

TBL Mirror Fund is a venture capital and private equity firm based in Nairobi, Kenya, with an additional office in Kortenhoef, Netherlands. It focuses on investing in small and medium-sized enterprises in East Africa and Nigeria, primarily through equity or quasi-equity instruments and does not engage in debt financing. The firm targets early to mid-stage companies across information and communications technology, healthcare, and consumer goods sectors, including software, business process outsourcing, IT services, telecom infrastructure, mobile operator services, pharmaceuticals and medical services, clinics and hospitals, and logistics and retail. Typical investment sizes range from €100,000 to €3.5 million, with a preference for €500,000 to €1 million, and investments often accompany board representation and significant minority stakes. The partnership aims for five to seven-year hold periods and seeks to co-invest with strategic investors and partners to add value through hands-on involvement and expertise.

Moses Kimani

Investment Analyst

Robert-Jan Van Ogtrop

Co-Founder, Chairman (Fund 1 and 2) and Investment Committee Member

Past deals in Kenya

Cellulant

Series C in 2018
Cellulant Corporation is a prominent multinational payments company headquartered in Nairobi, Kenya, focused on digitizing payments across Africa's major economies. Founded in 2004, Cellulant offers a comprehensive mobile payments platform that connects businesses and governments, facilitating various consumer payment solutions. Its key products include Mula, a versatile payment platform; Agrikore, a blockchain-based tool designed for the agriculture sector that streamlines contracting and digital payments; and Tingg, which enables users to manage card, bank, and bill payments seamlessly. By providing locally relevant payment solutions, Cellulant addresses the intricate needs of global, regional, and local merchants, making it easier for them to collect and make payments in multiple currencies.

Amadiva

Venture Round in 2013
Amadiva Beauty is a professional chain of beauty salons based in Africa, primarily focused on serving the aspirational black middle class. Operating numerous salons across Kenya, Amadiva provides a range of grooming services that cater to the diverse beauty needs of its clientele. The company is committed to delivering quality services at affordable prices, thereby addressing the growing demand for accessible beauty care in the region.

Cellulant

Venture Round in 2011
Cellulant Corporation is a prominent multinational payments company headquartered in Nairobi, Kenya, focused on digitizing payments across Africa's major economies. Founded in 2004, Cellulant offers a comprehensive mobile payments platform that connects businesses and governments, facilitating various consumer payment solutions. Its key products include Mula, a versatile payment platform; Agrikore, a blockchain-based tool designed for the agriculture sector that streamlines contracting and digital payments; and Tingg, which enables users to manage card, bank, and bill payments seamlessly. By providing locally relevant payment solutions, Cellulant addresses the intricate needs of global, regional, and local merchants, making it easier for them to collect and make payments in multiple currencies.

Research Solutions Africa

Venture Round in 2009
Research Solutions Africa is an agency specializing in custom-designed research services within the region, particularly in Kenya. The company offers a range of market and social research services, including survey design, data collection, analysis, and reporting. By focusing on specific client needs, Research Solutions Africa delivers actionable insights and thorough analysis, assisting customers in making informed decisions based on robust data. The agency's expertise allows it to effectively address particular questions and challenges faced by organizations, contributing to their strategic objectives through comprehensive research solutions.

KenCall

Venture Round in 2007
KenCall EPZ Limited is Kenya's largest contact center, specializing in call center and business process outsourcing (BPO) services for organizations globally. Founded in 2005 and based in Nairobi, the company provides a comprehensive range of services, including customer care, telesales, technical support, customer acquisition, and web chat services. KenCall also addresses specific needs such as Level 1 tech support, billing, admin and data management, as well as specialized helplines for famine relief and farmers in Kenya. The company serves various industries, including telecommunications, financial services, publishing, media, non-governmental organizations, and utilities. KenCall prides itself on developing highly skilled employees who possess in-depth knowledge of client businesses, ensuring that its quality assurance processes and intensive training exceed client expectations.
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