Algebra Ventures, Egypt’s leading VC firm, early this month announced the launch of its $90M second fund, dedicated to investing in Egyptian startups with an allocation for the bigger MEA region.
Algebra Ventures II is targeting a first closing in Q3 of 2021 to double down on its home market and continue to support founders who are transforming industries and addressing long-standing problems in the region.
In a statement to TechMoran, Karim Hussein, Managing Partner at Algebra Ventures said, “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.”
Notable investments by Algebra Ventures include Sakneen, an Egyptian property portal; Dsquares, a data-driven loyalty and rewards platform; La Reina-Egypt’s first online platform for fashion items rental; Brimore-an End to End Social Distribution Platform, Khazna which is extending digital financial services to underbanked Egyptians; Eventtus- an events ticketing and audience engagement platform; Elmenus- a food discovery platform that help you decide what to eat and Halan-the first ride-hailing application in Egypt to offer two and three-wheeler vehicle rides and on-demand logistics. Others include Yodawy-a Pharmacy Delivery App; FilKhedma- a booking platform for home repair and services specialists among others.
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. However, it will continue to pursue co-investments with some of the strongest local, regional and international venture investors who have been instrumental to its success.
Algebra Ventures fund I raised funding from EAEF, EBRD and IFC among others.
The VC fund works closely with its portfolio companies, providing capital, assisting with strategy and operations, as well as helping build portfolio star teams. Moreover, Algebra has supported the hiring of a number of C-level executives for its portfolio companies and will continue to invest in growing its talent pool, ensuring that the most qualified and ambitious individuals continue to join Algebra’s portfolio. In addition, Algebra continues to expand its team to enable its continued growth and to ensure that the fund’s vision is executed by a talented and driven team.
“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,” said Tarek Assaad, Managing Partner at Algebra Ventures.