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Cairo-based venture capital firm Algebra Ventures has announced the launch of its second fund worth $90-million. The fund is dedicated to investing in startups in Egypt and the MEA region.
The VC is reportedly targeting its first closing in the third quarter of 2021 and the fund is focused on investing in the following sectors; fintech, logistics, healthtech, and agritech.
Algebra Ventures has launched a second fund worth $90-million
Karim Hussein, Managing Partner at Algebra Ventures explains that there is untapped potential in the tech startup space in Egypt and that the VC aims to support its growth with the new fund.
“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.”
Founded in 2016, Algebra Ventures is focused on investing in entrepreneurs and startups in the tech space that are driving transformation in Egypt and the MEA region.
According to the Egypt-based VC, it has invested in 21 startups since its launch and its portfolio of Series A investments is the largest in the country. As a result of its investments, Algebra Ventures claims that it has, directly and indirectly, assisted in creating over 20 000 jobs.
Tarek Assaad, Managing Partner at Algebra Ventures comments on the rapid growth in the tech space in Egypt.
“I am 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, sophistication of investors, track record of entrepreneurs are all pointing to unparalleled growth moving forward.”
Featured image: Tarek Assaad, Managing Partner at Algebra Ventures (Supplied).