Egyptian Algebra Ventures concluded first closure of $100 M for its second fund
The second Egypt-focused fund’s first closure was completed with a US $100 million total, beating the US $90 million objective set by Algebra Ventures, the country’s top venture capital company.
Algebra Ventures, founded in 2016, offers multi-stage finance to businesses, helps them with strategy and operations, and develops elite teams. Startups such as Trella, Khazna, Mozare3, Shift EV, elmenus, Halan, and Yodawy have received funding from the company.
Established institutional investors support its second fund. IFC, EBRD, and EAEF, which are already LPs from the previous fund, have made greater investments in Algebra’s second fund. New investors include FMO, BII, MSMEDA, DGGF, and regional family offices.
By the end of 2022, Algebra intends to invest $15 million in startups, and by the end of the first quarter of 2023, it expects to complete the transaction. As part of its second fund, it has already made investments in four firms, including Sylndr, an online reseller of old cars.
“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. 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,” said managing partner Tarek Assaad.
“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.”
