Algebra stated that the $90 million fund is aiming for a first close in Q3 2021, however has not disclosed when it will begin drawing on the fund
Venture capital unit Algebra Ventures announced the launch of its second tech fund dedicated to investing in startups with a focus on Egypt and the MENA region.
Algebra stated that the $90 million fund is aiming for a first close in Q3 2021, however has not disclosed when it will begin drawing on the fund.
They explained that the new fund will focus on investing in Egyptian FinTech, Agritech, logistics and healthcare startups, as well as looking at startups in other MENA countries, by continuing cooperation with founders with high capabilities to fill specific gaps in the market.
“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,” said Karim Hussein, Managing Partner at Algebra Ventures.
“I am also encouraged by the significant steps taken by the government to facilitate the growth of tech-enabled businesses in Egypt,” he added.
The company’s first $54 million fund received backing from Egyptian American Enterprise Fund (EAEF), the European Bank for Reconstruction and Development, the International Finance Corporation, Cisco and family offices.
The company added in a statement, Tuesday that Algebra has succeeded within 4 years of launching its first fund worth $ 54 million in investing in 21 startups, and has also supported entrepreneurs with distinguished qualifications who have established innovative pioneering companies in the Egyptian and regional market.
Tarek Assaad, Managing Partner at Algebra Ventures stated that he was “grateful for the LPs of fund I, specifically EAEF, EBRD, and IFC who supported us back when there was no venture capital to speak of in Egypt.”
“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, the sophistication of investors, track record of entrepreneurs are all pointing to unparalleled growth moving forward,” he added.