European LP discloses investment in tech fund

The European Bank for Reconstruction and Development (EBRD) has disclosed a proposed equity commitment of up to $15 million in favour of Algebra Ventures II. The fund has a target size of $90 million.

Algebra Ventures II will make equity and equity-related venture capital investments in early-stage technology companies in Egypt.

The investment will form part of EBRD’s Early-Stage Innovation Facility, a €100 million facility through which the EBRD selectively invests in early-stage venture capital funds.

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