The signing of a $10 million commitment for the fund manager’s second fund was announced by an Egyptian VC firm, Algebra Ventures and FMO, a Dutch bank, that develops entrepreneurship.
The announcement of the second fund from Algebra Ventures was made in April of 2021, which invests in technology start-ups in Egypt with an eye toward the wider Africa and Middle East area as a whole. In addition to FMO, other financial partners are the European Bank for Reconstruction & Development and the International Finance Corporation.FMO’s investments are made through the FMO Venture Program.
4 years into the first USD 54 million funds, Algebra Ventures has backed world-class entrepreneurs that are establishing market-leading firms by investing in twenty-one start-ups.
Through their new fund, managing partners of Algebra Venture, Karim Hussein and Tarek Assad will continue to give money and expertise to digitalized start-ups, thereby stimulating innovation and contributing to the growth of employment opportunities, mostly in Egypt.
Omar Khashaba and Laila Hassan have recently become general partners for Algebra Ventures’ second fund. They bring a significant amount of experience investing in venture capital locally and internationally.
Karim Hussein, the managing partner of Algebra Venture, was quoted as saying that it is a pleasure for the company to have FMO participate in their new fund.
The considerable expertise as well as experience of the African continent that FMO possesses, in addition to the organization’s competence in fintech and agritech, are of significant assistance to Algebra.
Our team is excited to work alongside FMO to assist successful companies located in Egypt and throughout the African continent.FMOs have made early investments in Middle Eastern SME lenders and Dopay (2019), Liwwa (2019) and Paymob (2020),
All three of these businesses are headquartered in the Middle East, in 2018. The fund will focus on early-stage investment prospects in start-ups in financial technology, agricultural technology, educational technology, healthcare technology, logistics technology and e-commerce technology by collaborating with high-potential entrepreneurs to tackle various market gaps in these industries.
Through investing in Algebra Ventures and other projects, FMO is continuing to support the growth of the venture capital ecosystem in Egypt.