IFC proposes $15m commitment to VC fund
The IFC has proposed an equity investment of up to $15 million in Algebra Ventures II, a venture capital fund domiciled in the Netherlands with a target size of $90 million. The fund will be managed by Algebra Ventures.
Algebra II will invest in technology startups in Egypt and opportunistically in the broader Middle East and Africa region. A separate co-investment envelope of up to $15 million will also be part of the project.
The proposed IFC equity commitment of up to $15 million, will not exceed 20% of total fund commitments.
Algebra II will be operating out of Cairo, Egypt.
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.