Egypt-based venture capital firm Algebra Ventures recently announced that it had successfully closed the first $100 million of its second fund and expects the fund to close by the end of Q1 2023.
The most recent funding comes from IFC, EBRD, and EAEF, limited partners from the first fund and have invested into Algebra’s second fund. FMO, BII, MSMEDA, DGGF, and regional family offices are new investors.
When looking for new companies to invest in, Algebra Ventures looks for entrepreneurial teams with the expertise, foresight, and ability to execute the necessary to build scalable enterprises.
Investing in companies in their early stages or other MENA countries is not impossible, but the focus is on Series A and Series B rounds in Egypt. As the startup’s potential grows, they like to meet the team early and get to know them.
Algebra’s investors were among the first to realize the potential of the Egyptian VC sector, having invested in our first fund six years ago when there was no venture capital to speak of in Egypt.
We are thrilled to work with our new limited partners (LPs) and our existing investors to support Algebra’s goals for domestic and international growth.
Experience has taught us that technical innovation, especially in troubled times, has a lot of power to improve people’s lives and the economy. Creating new companies at this time is strongly encouraged, said Algebra Ventures’ managing partner, Tarek Assaad,
The venture capital firm wants to invest $15 million by the end of its first year of business. Although Egypt will continue to be Algebra’s primary focus, the company’s second fund will broaden its investment scope to cover East and West African countries.