Egyptian tech-focussed VC Algebra Ventures raises $100M in first close of its second fund

Algebra Ventures team
Image credits: Algebra Ventures

Algebra Ventures, a leading venture capital fund, has finalised a $100 million first close of its second Egypt-dedicated fund. It exceeds the target of $90 million and is the biggest fund to date.

This 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.

To invest $15M in African startups

Algebra Ventures plans to invest $15M in startups by the end of 2022. It focuses on startups 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.

Algebra’s second fund will explore investment opportunities in East and West Africa, the main focus of the VC remains Egypt. It has already invested in four startups as part of its second fund, including online used-car retailer Sylndr, and is finalising a few more promising investments.

Managing Partner Tarek Assaad said: “Algebra’s investors were among the first believers in the potential of the Egyptian VC market, having invested in our first fund six years ago when there was almost no venture capital to speak of in Egypt. We’re delighted to continue working with returning investors as well as our new LPs who are supporting Algebra’s local and regional growth plans. We have learned from experience that technological innovation, especially in turbulent times, has tremendous potential to change people’s lives and create significant economic value. This is a great time to build companies.”

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.”

Eyes sustainable economic growth in Egypt

Algebra Ventures was founded by Karim Hussein, Tarek Assaad, and Ziad Mokhtar in 2015 in Egypt. The team at the VC manages the fund and brings 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.

Already, Algebra has backed numerous exceptional businesses and category leaders including Trella, Khazna, Mozare3, Shift EV, elmenus, Halan and Yodaw. These are transformative companies with a positive impact.

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