Algebra Ventures, an Egyptian venture capital fund, has finalized a $100 million first close of its second Egypt-dedicated fund, exceeding the targeted $90 million fund – its biggest to date.
Algebra’s second fund is backed by established institutional investors. Existing LPs from the first fund including IFC, EBRD, and EAEF have invested larger tickets in Algebra’s second fund, while FMO, BII, MSMEDA, DGGF and regional family offices are new investors in Algebra.
Algebra’s managing partners Tarek Assaad and Karim Hussein, as well as general partners Laila Hassan and Omar Khashaba, manage the fund and bring to Algebra their collective expertise in multi-stage investment, portfolio support and a strong, ever-expanding regional and international network. The fund’s vision is to support and finance bold entrepreneurs that build innovative and scalable high-growth companies that will advance sustainable economic growth across Egypt.
Algebra has backed numerous exceptional businesses and category leaders including Trella, Khazna, Mozare3, Shift EV, elmenus, Halan and Yodawy – all transformative companies with positive impact.
Algebra plans to invest $15 million in startups by the end of 2022, within the first year of operation and is expecting to make the final close by the end of Q1 2023 continuing its legacy as a market pioneer.
General Partner Omar Khashaba said: ”Over the last six years, we had the privilege of working with visionary founders who meaningfully improved the lives of hundreds of thousands of Egyptians. As we celebrate the launch of our second fund, we continue to stand firm in our conviction that Egypt is the land of opportunity and its founders the custodians of a long legacy of progress and innovation.”
While Algebra’s second fund will explore investment opportunities in East and West Africa, the main focus remains on Egypt.
Algebra has already invested in four startups as part of its second fund including online used-car retailer Sylndr and is finalizing a few more promising investments.
Author: News