EGYPT – Algebra Ventures, a venture capital firm, has finalized a US$100 million first close of its second Egypt-dedicated fund.
Algebra plans to invest US$15 million in startups by the end of 2022, within the first year of operation, and is expecting to make the final close by the end of Q1 2023.
Algebra’s second fund is supported by existing limited partners from the first fund including IFC, EBRD, and EAEF have invested larger tickets in Algebra’s second fund, while FMO, BII, MSMEDA, DGGF, and regional family offices are new investors in Algebra.
“Algebra’s investors were among the first believers in the potential of the Egyptian VC market, having invested in our first fund six years ago when there was almost no venture capital to speak of in Egypt,” Tarek Assaad, Managing Partner at Algebra Ventures, said.
“We’re delighted to continue working with returning investors as well as our new LPs who are supporting Algebra’s local and regional growth plans.
“We have learned from experience that technological innovation, especially in turbulent times, has tremendous potential to change people’s lives and create significant economic value. This is a great time to build companies.”
The fund’s vision is to support and finance bold entrepreneurs that build innovative and scalable high-growth companies that will advance sustainable economic growth across Egypt.
Algebra’s managing partners are Tarek Assaad and Karim Hussein and the general partners are Laila Hassan and Omar Khashaba.
Algebra has already invested in four startups as part of its second fund including online used-car retailer Sylndr and is finalizing a few other investments. Algebra has previously invested in startups and category leaders including Trella, Khazna, Mozare3, Shift EV, elmenus, Halan, and Yodawy.
Last April, Egyptian and MENA-focused venture capital firm Algebra Ventures announced the launch of its US$90 million second fund. It was the sequel to its first: a US$54 million fund invested in 21 startups
Algebra Ventures is one of the few firms that have recently reached the first or final close of large funds targeting the Middle East, including ADQ-backed Further Ventures and Endure Capital.
It is also arguably the largest indigenous fund in Africa and lists alongside Partech Africa, TLcom Capital, Norrsken22 and Novastar Ventures as well-established funds investing in African growth-stage companies.
Liked this article? Subscribe to DealStreet Africa News, our regular email newsletter with the latest news, deals, and insights from Africa’s business, economy, and more. SUBSCRIBE HERE
