Algebra Ventures launches $90m second fund
Algebra Ventures, an Egyptian VC firm, announced the launch of its $90 million second fund, dedicated to investing in startups with a focus on Egypt with an allocation for the MEA region. Algebra Ventures is targeting a first closing in Q3 of 2021.
Four years into its first $54 million fund, Algebra has invested in 21 startups.
Grounded in its continued belief in Egyptian tech entrepreneurs, Algebra Ventures is doubling down on its home market, while still opportunistically investing in the rest of the MEA region. The VC will continue to support founders who are transforming industries and addressing long-standing problems that only technology can provide solutions for. Furthermore, Algebra will continue to pursue co-investments with some of the strongest local, regional and international venture investors who have been instrumental to its success.
Karim Hussein, managing partner at Algebra Ventures commented, “Having built a couple of successful technology companies in the US, I see tremendous opportunities for tech transformation in the Egyptian economy and continue to meet exceptional entrepreneurs who address these challenges. I am also encouraged by the significant steps taken by the government to facilitate the growth of tech-enabled businesses in Egypt.”
Tarek Assaad, managing partner at Algebra Ventures commented, “I am grateful for the LPs of fund I, specifically EAEF, EBRD and IFC who supported us back when there was no venture capital to speak of in Egypt. Over the ten years I have worked in venture capital, I have witnessed the evolution of the tech entrepreneurship ecosystem in Egypt which has grown steadily over that period and exponentially in the past three years – vastly exceeding our expectations. Growth rates, capital deployed, sophistication of investors, track record of entrepreneurs are all pointing to unparalleled growth moving forward.”
Algebra Ventures’ new fund will pursue opportunities in fintech, agritech, edutech, logistics and healthcare by partnering with high-potential founders to address specific market gaps in these sectors.
Are you seeking private equity or venture capital investment to grow your company? Africa Private Equity News now offers you the opportunity to connect with investors backing African businesses. Contact us at editor@africaprivateequitynews.com for our rate card and more information.