Algebra Ventures completes first close of second fund at $100m
Egyptian venture capital firm Algebra Ventures has finalised a $100 million first close of its second Egypt-dedicated fund.
Algebra’s second fund is backed by several LPs from its first fund, including IFC, EBRD and EAEF, while FMO, BII, MSMEDA, DGGF and regional family offices are new investors.
Managing partner, Tarek Assaad said, “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. 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.”
While Algebra’s second fund will explore investment opportunities in East and West Africa, the main focus remains on Egypt.